<SEC-DOCUMENT>0001144204-17-053251.txt : 20171019
<SEC-HEADER>0001144204-17-053251.hdr.sgml : 20171019
<ACCEPTANCE-DATETIME>20171019170038
ACCESSION NUMBER:		0001144204-17-053251
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20171019
FILED AS OF DATE:		20171019
DATE AS OF CHANGE:		20171019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBUS MARITIME LTD
		CENTRAL INDEX KEY:			0001499780
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34985
		FILM NUMBER:		171145210

	BUSINESS ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 960 8300

	MAIL ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tv477236_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR<BR>
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of October 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-34985</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Globus Maritime Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>(Translation
of registrant&rsquo;s name into English)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>128 Vouliagmenis Avenue, 3rd Floor, Glyfada,
Athens, Greece, 166 74</B><BR>
(Address of principal executive office)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt"></FONT></P>

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Contained in this Report on Form 6-K </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 19, 2017, Globus Maritime Limited (the &ldquo;Company&rdquo;),
entered into a Share and Warrant Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) pursuant to which it agreed to sell
for $2.5 million an aggregate of 2,500,000 shares of common stock, par value $0.004 per share, of the Company (the &ldquo;Shares&rdquo;)
and a warrant to purchase 12,500,000 shares of common stock of the Company at a price of $1.60 per share (subject to adjustment)
(the &ldquo;Warrant&rdquo;, together with the Shares, the &ldquo;Purchased Securities&rdquo;) to an unrelated investor (the &ldquo;Purchaser&rdquo;)
in a private placement. The Company intends to use the net proceeds from the private placement for general corporate purposes and
working capital including repayment of debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 19, the Company also entered into a registration
rights agreement with the Purchaser providing it with certain rights relating to registration under the Securities Act of the Shares
and the shares of common stock underlying the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Purchased Securities, and the shares of common stock issuable
upon the exercise of the Warrant (the &ldquo;Exercisable Shares&rdquo;, together, the &ldquo;Securities&rdquo;) have not been registered
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and may not be offered or sold in the United States
or to a U.S. person absent a registration statement or exemption from registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Purchase Agreement contains representations and warranties
that are typical for private placements by public companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The representations, warranties and covenants contained in the
Purchase Agreement and the registration rights agreement were made solely for the benefit of the parties to those agreements and
may be subject to limitations agreed upon by the contracting parties. Accordingly, the Purchase Agreement and registration rights
agreement are incorporated herein by reference only to provide investors with information regarding the terms of the Purchase Agreement,
registration rights agreement, and not to provide investors with any other factual information regarding the Company or its business,
and should be read in conjunction with the disclosures in the Company&rsquo;s periodic reports and other filings with the Securities
and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Purchase Agreement, registration
rights agreement, and Purchasers Warrant, does not purport to be complete and is qualified in its entirety by reference to the
full text of those agreements, which are filed as Exhibit 10.1, 10.2, and 10.3, to this Current Report on Form 6-K and incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuances of the Purchased Securities, will be made in accordance
with the Purchase Agreement and pursuant to one or more exemptions from registration under the Securities Act provided by Section
4(a)(2) of the Securities Act and certain rules and regulations promulgated under that section and/or Regulation S promulgated
under the Securities Act. The Purchaser has represented in the Purchase Agreement that it is acquiring the Purchased Securities,
for its own account and not with a view to or for distributing or reselling such Securities or any part thereof. In addition, the
Purchaser has agreed that it will not sell or otherwise dispose of all or any part of its Securities except pursuant to an effective
registration statement under the Securities Act or under an exemption from such registration and in compliance with applicable
federal and state securities laws. The Purchaser has represented that it was not solicited nor did it execute the Purchase Agreement
in the United States.</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibit is filed as part of this Report on Form
6-K:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1*</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share and Warrant Purchase Agreement dated October 19, 2017 between Globus Maritime Limited and &nbsp;the Purchaser listed on Schedule A thereto</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Registration Rights Agreement between Globus Maritime Limited and the Purchaser dated October 19, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrant issued to United Capital Investments Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A copy of an announcement of Globus Maritime Limited</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>THIS REPORT ON FORM 6-K
IS HEREBY INCORPORATED BY REFERENCE INTO THE COMPANY&rsquo;S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-217282) FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 13, 2017, AS AMENDED MAY 17, 2017 AND DECLARED EFFECTIVE MAY 30, 2017.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: October 19, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>GLOBUS MARITIME LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President, Chief Executive Officer and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv477236_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARE AND WARRANT PURCHASE AGREEMENT</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBUS MARITIME LIMITED</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE PURCHASERS NAMED ON SCHEDULE A
HERETO</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">TABLE OF CONTENTS</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article I DEFINITIONS &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 14%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 1.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article II AGREEMENT TO SELL AND PURCHASE &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Sale and Purchase</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mutual Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Each Purchaser&rsquo;s Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Company&rsquo;s Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Company Deliveries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Purchaser Deliveries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Discounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 2.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Nature of Purchasers&rsquo; Obligations and Rights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article III REPRESENTATIONS AND WARRANTIES OF
    THE COMPANY &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Outstanding Shares; Capitalization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Permits to Conduct Operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Conflict</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Approvals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Periodic Reports; Financial Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Due Authorization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Valid Issuance; No Preemptive Rights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Litigation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Registration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Integration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No General Solicitation or General Advertising; No Directed Selling Efforts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Certain Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Offering Materials</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Absence of Certain Changes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Undisclosed Events, Liabilities, Developments or Circumstances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.17</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Sarbanes-Oxley Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.18</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Tax Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.19</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Internal Accounting and Disclosure Controls</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.20</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Off Balance Sheet Arrangements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.21</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Investment Company Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.22</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manipulation of Price</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.23</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">U.S. Real Property Holding Corporation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.24</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Bank Holding Company Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.25</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Shell Company Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; width: 14%"><FONT STYLE="font-size: 10pt">Section 3.26</FONT></TD>
    <TD STYLE="width: 79%"><FONT STYLE="font-size: 10pt">Management</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.27</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Share Option Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.28</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Disagreements with Accountants and Lawyers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.29</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Additional Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.30</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Public Utility Holding Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.31</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Federal Power Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.32</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 3.33</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Bad Actor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article IV REPRESENTATIONS AND WARRANTIES OF THE
    PURCHASERS &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>22</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorization, Enforceability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Breach</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Certain Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Side Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nature of Purchaser</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Restricted Securities; Affiliate Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Legend</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Offshore Transaction</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trading Activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No General Solicitation or General Advertising; No Directed Selling Efforts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Broker-Dealer Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Transfer or Resale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Distribution Compliance Period</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Offering Materials</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 4.17</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Prohibited Transactions; No Short Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article V COVENANTS &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>26</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Taking of Necessary Action</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Other Actions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Existing Registration Rights Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pledge of Securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Disclosure of Transactions and Other Material Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reservation of Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">FAST Compliance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Directed Selling Efforts; General Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Integration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Transfer Agent Instructions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Legends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Removal of Legends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 5.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Failure to Timely Deliver; Buy-In</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; width: 14%"><FONT STYLE="font-size: 10pt">Section 5.16</FONT></TD>
    <TD STYLE="width: 79%"><FONT STYLE="font-size: 10pt">Regulation S Resale</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article VI MISCELLANEOUS &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>32</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 79%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Interpretation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Survival of Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Waiver; Modifications in Writing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Binding Effect</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Communications</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Governing Law; Jurisdiction; Jury Trial</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Execution in Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recapitalization, Exchanges, Etc. Affecting the Common Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Third Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Withdrawal Right</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Payment Set Aside; Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Severability; Maximum Payment Amounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Section 6.17</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Judgment Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Schedule A &mdash; List of the Purchasers
and Commitment Amounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Schedule B &mdash; Notice and Contact
Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Exhibit A &mdash; Form of Registration
Rights Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Exhibit B &mdash; Form of Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARE AND WARRANT PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This SHARE AND WARRANT
PURCHASE AGREEMENT, effective as of October 19, 2017 (this &ldquo;<B>Agreement</B>&rdquo;), is among Globus Maritime Limited,
a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), and one or more purchasers listed on <U>Schedule A</U> hereof
(each a &ldquo;<B>Purchaser</B>&rdquo; and collectively, the &ldquo;<B>Purchasers</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires to issue and sell to the Purchasers, and the Purchasers desire to purchase from the Company, the Purchased Securities
(as defined below), in accordance with the provisions of this Agreement in reliance on the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act (as defined below), Regulation S and/or another exemption from the registration
requirements of the Securities Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and certain of the Purchasers will enter into a registration rights agreement (the &ldquo;<B>Registration Rights Agreement</B>&rdquo;),
substantially in the form attached hereto as <U>Exhibit A</U>, pursuant to which the Company will provide certain Purchasers with
certain registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and each of the Purchasers, severally and not jointly, hereby agree as
follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
I<BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>6-K Filing</B>&rdquo;
has the meaning specified in <U>Section 5.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term &ldquo;control&rdquo; means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agreement</B>&rdquo;
has the meaning set forth in the introductory paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>BHCA</B>&rdquo;
has the meaning specified in <U>Section 3.24</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; means a day other than (i) a Saturday or Sunday or (ii) any day on which banks located in New York, New York, U.S.A.
are authorized or obligated to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Closing</B>&rdquo;
has the meaning specified in <U>Section 2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Closing
Date</B>&rdquo; has the meaning specified in <U>Section 2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Shares</B>&rdquo;
means the common shares, par value US$0.004 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company</B>&rdquo;
has the meaning set forth in the introductory paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company
Entities</B>&rdquo; and each a &ldquo;<B>Company Entity</B>&rdquo; means the Company and each of the Company&rsquo;s Subsidiaries,
other than those Subsidiaries which, individually or in the aggregate, would not constitute a &ldquo;significant subsidiary&rdquo;
as defined in Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company
SEC Documents</B>&rdquo; means the Company&rsquo;s annual report on Form 20-F relating to the year ended December 31, 2016, and
all of the Company&rsquo;s filings with the Commission thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Rate</B>&rdquo; has the meaning specified in <U>Section 6.15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exercisable
Shares</B>&rdquo; means the Common Shares that may be issued pursuant to, and in accordance with, a properly exercised Warrant,
subject to and upon the terms and conditions contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Existing
Registration Rights Agreement</B>&rdquo; means that certain Registration Rights Agreement by and among the Company and the shareholder
named therein, dated as of November 23, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Federal
Reserve</B>&rdquo; has the meaning specified in <U>Section 3.24</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Financial
Statements</B>&rdquo; has the meaning specified in <U>Section 3.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Governmental
Authority</B>&rdquo; means, with respect to a particular Person, any country, state, county, city and political subdivision in
which such Person or such Person&rsquo;s Property is located or that exercises valid jurisdiction over any such Person or such
Person&rsquo;s Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authority that exercises valid jurisdiction over any such Person or such Person&rsquo;s Property. Unless otherwise specified,
all references to Governmental Authority herein with respect to the Company mean a Governmental Authority having jurisdiction
over the Company, its Subsidiaries or any of their respective Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>IFRS</B>&rdquo;
means international financial reporting standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Judgment
Conversion Date</B>&rdquo; has the meaning specified in <U>Section 6.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Judgment
Currency</B>&rdquo; has the meaning specified in <U>Section 6.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Law</B>&rdquo;
means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation binding upon or applicable to the Company and the Purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Lien</B>&rdquo;
means any mortgage, claim, encumbrance, pledge, lien (statutory or otherwise), security agreement, conditional sale or trust receipt
or a lease, consignment or bailment, preference or priority or other encumbrance upon or with respect to any property of any kind;
provided, however, that any charter or services contracts to which the Company&rsquo;s vessels are subject shall not be deemed
&ldquo;Liens.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Material
Adverse Effect</B>&rdquo; means any change or effect that is, or, based on the facts and circumstances, would be reasonably likely
to be materially adverse on the business, properties, assets, liabilities, operations (including results thereof), condition (financial
or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, except for any changes, events,
circumstances, conditions or effects that arise out of, result from or are attributable to: (i) changes in any laws, or in the
construction of any laws, or interpretations thereof or any new laws (including tax laws and environmental laws) adopted or approved
by any Governmental Authority; (ii) any changes in generally accepted accounted principles, international financial reporting
standards or interpretations thereof; (iii) changes in general regulatory or political conditions, including regulatory policy
or in the political or regulatory climate generally or in any specific region, including any acts of war or terrorist activities
or changes imposed by a Governmental Authority associated with national security; (iv) changes in general national, regional or
local economic or financial conditions; (v) changes in conditions or developments generally applicable to a market or industry
in which the Company and the Subsidiaries operate; (vi) changes in any financial, debt, credit, capital or banking markets or
conditions (including any disruption thereof); (vii) any change in the market price or trading volume of any securities or indebtedness
of the Company; (viii) changes in interest, currency or exchange rates or the price of any commodity, security or market index;
(ix) natural disasters, calamities, &ldquo;acts of god&rdquo; or other &ldquo;force majeure&rdquo; events affecting national,
regional, state or local matters; (x) weather conditions or customer use patterns; (xi) any effects or conditions proximately
caused by, or resulting from, the announcement or performance of this Agreement or the transactions contemplated hereby (including
any related loss of customers, suppliers, officers or employees or other commercial relationships or any action taken or requirements
imposed by any Governmental Authority in connection with the transactions contemplated hereby); or (xii) any action or omission
of the Company taken in compliance with or as required by this Agreement or at the written request or consent of the Purchasers,
contemplated by this Agreement or otherwise required by Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Operative
Documents</B>&rdquo; means, collectively, this Agreement, the Warrant, the Registration Rights Agreement and any amendments, supplements,
continuations or modifications thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other form of entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Press Release</B>&rdquo;
has the meaning specified in <U>Section 5.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Property</B>&rdquo;
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchase
Price</B>&rdquo; means, with respect to a particular Purchaser, the amount set forth opposite such Purchaser&rsquo;s name under
the column titled &ldquo;Purchase Price&rdquo; set forth on <U>Schedule A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchased
Securities</B>&rdquo; means, with respect to a particular Purchaser, the number of Common Shares and Warrants set forth opposite
such Purchaser&rsquo;s name as set forth on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchased
Shares</B>&rdquo; means, with respect to a particular Purchaser, the number of Common Shares set forth opposite such Purchaser&rsquo;s
name under the column titled &ldquo;Common Shares&rdquo; set forth on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchaser
Trading Affiliates</B>&rdquo; has the meaning specified in <U>Section 4.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchasers</B>&rdquo;
has the meaning set forth in the introductory paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Exemptions</B>&rdquo; means the rules and regulations of the Commission promulgated under the Securities Act by which securities
may be sold without filing a registration statement, including &sect;&sect;3-4 of the Securities Act, Regulation A, Regulation
D, Rule 701, Regulation S, Rule 144, and Rule 144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Rights Agreement</B>&rdquo; has the meaning set forth in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Required
Holders</B>&rdquo; has the meaning specified in <U>Section 6.3(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rule 144</B>&rdquo;
means Rule 144 promulgated under the Securities Act (or a successor rule thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo;
means the Purchased Shares, the Warrants and the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Short Sales</B>&rdquo;
means, without limitation, all &ldquo;short sales&rdquo; as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, &ldquo;put equivalent positions&rdquo;
(as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means, as to any Person, any corporation or other entity of which: (i)&nbsp;such Person or a Subsidiary of such Person is a general
partner or manager; (ii)&nbsp;at least a majority of the outstanding equity interest having by the terms thereof ordinary voting
power to elect a majority of the board of directors or similar governing body of such corporation or other entity (irrespective
of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have
or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled
by such Person or one or more of its Subsidiaries; or (iii)&nbsp;any corporation or other entity as to which such Person consolidates
for accounting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transaction</B>&rdquo;
has the meaning specified in <U>Section 4.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transfer
Agent</B>&rdquo; has the meaning specified in <U>Section 2.6(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S. Dollars</B>&rdquo;
has the meaning specified in <U>Section 6.15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant</B>&rdquo;
means a warrant to purchase Common Shares in the form attached hereto as <U>Exhibit B</U>, and issued pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant
Shares</B>&rdquo; means the Common Shares issuable upon exercise of any Warrant.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
II<BR>
<BR>
AGREEMENT TO SELL AND PURCHASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
and Purchase</U>. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each Purchaser and
each Purchaser hereby agrees, severally and not jointly, to purchase from the Company, its respective Purchased Securities, and
each Purchaser agrees, severally and not jointly, to pay to the Company the Purchase Price for the Purchased Shares and the relevant
Warrants. The obligations of each Purchaser under this Agreement are independent of the obligations of each other Purchaser, and
the failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser or by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.
Subject to the terms and conditions hereof, the consummation of the purchase and sale of the Purchased Securities hereunder (the
&ldquo;<B>Closing</B>&rdquo;) shall take place at 10:00 a.m., New York time, on the first (1st) Business Day on which the conditions
to the Closing set forth in Sections 2.3, 2.4 and 2.5 below are satisfied or waived (or such other date as is mutually agreed
to by the Company and each Purchaser) at the offices of at the offices of the Company or at such other location or on such other
date as mutually agreed by the parties hereto (the &ldquo;<B>Closing Date</B>&rdquo;). The parties hereto agree that the Closing
may occur via delivery of facsimiles or other electronic transmission of this Agreement and other closing deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutual
Conditions</U>. The respective obligations of each party hereto to consummate the purchase and issuance and sale of the Purchased
Securities shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all
of which may be waived by a party hereto on behalf of itself in writing, in whole or in part, to the extent permitted by Law):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction
that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions
contemplated hereby or makes the transactions contemplated hereby illegal; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq
shall have communicated (which may be oral) that its review of the transactions contemplated by this Agreement is complete or
that it is no longer reviewing the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Each
Purchaser&rsquo;s Conditions</U>. Each Purchaser&rsquo;s obligation to consummate the purchase of the Purchased Securities shall
be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be
waived by a particular Purchaser on behalf of itself in writing with respect to its Purchased Securities, in whole or in part,
to the extent permitted by applicable Law):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be
performed and complied with by the Company on or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The representations and warranties of the Company contained in this Agreement that are qualified by materiality or a Material
Adverse Effect shall be true and correct in all respects when made and as of the Closing Date as if made on and as of the Closing
Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct
as of such date only) and (ii) all other representations and warranties of the Company shall be true and correct in all material
respects as of the Closing Date as if made on and as of the Closing Date (except that any such representations and warranties
made as of a specific date shall be required to be true and correct in all material respects as of such date only);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the date of execution of this Agreement, no Material Adverse Effect has occurred; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have delivered, or caused to be delivered, to such Purchaser at the Closing, the Company&rsquo;s closing deliveries
described in <U>Section 2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By acceptance of the
Purchased Securities, each Purchaser shall be deemed to have represented to the Company that such Purchaser has performed and
complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by
it on or prior to the Closing Date; and the representations and warranties of such Purchaser contained in this Agreement that
are qualified by materiality are true and correct as of the Closing Date (except that any such representations and warranties
made as of a specific date shall be required to be true and correct as of such date only) and all other representations and warranties
of such Purchaser are true and correct in all material respects as of the Closing Date (except that any such representations and
warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Company&rsquo;s Conditions</U>. The obligation of the Company to consummate the sale of the Purchased Securities to a Purchaser
shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such
Purchaser (any or all of which may be waived by the Company in writing, in whole or in part, to the extent permitted by Law):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true
and correct when made and as of the Closing Date (except that any such representations and warranties made as of a specific date
shall be required to be true and correct as of such date only) and (ii) all other representations and warranties of such Purchaser
shall be true and correct in all material respects as of the Closing Date (except that any such representations of such Purchaser
made as of a specific date shall be required to be true and correct in all material respects as of such date only); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Purchaser shall have delivered, or caused to be delivered, to the Company at the Closing such Purchaser&rsquo;s closing deliveries
described in <U>Section 2.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Deliveries</U>. At the Closing, subject to the terms and conditions hereof, the Company will deliver, or cause to be delivered,
to each Purchaser (any or all of which may be waived by a particular Purchaser on behalf of itself, in whole or in part, to the
extent permitted by applicable Law):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchased Shares by electronic delivery to each Purchaser&rsquo;s designated book-entry account with Computershare (it being understood
that the Purchased Shares shall be issued only after receipt by the Company of the full Purchase Price);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
opinion of Watson Farley &amp; Williams LLP, the Company&rsquo;s counsel, dated as of the Closing Date, in the form reasonably
acceptable to such Purchaser (it being understood that such opinion shall be issued after the issuance of the Purchased Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
scan of a certified copy of the Articles of Incorporation as certified by the Registrar of Corporations of the Republic of the
Marshall Islands within ten (10) days of the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Irrevocable Transfer Agent Instructions, in the form reasonably acceptable to such Purchaser, which instructions shall
have been delivered to the transfer agent of the Company (the &ldquo;<B>Transfer Agent</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
letter from the Company&rsquo;s transfer agent certifying the number of Common Shares outstanding on the Closing Date immediately
prior to the Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate, in the form acceptable to such Purchaser, executed by the Secretary of the Company and dated as of the Closing Date,
as to (i) the resolutions with respect to the transactions contemplated hereby adopted by the Company's in a form reasonably acceptable
to such Purchaser, (ii) the Articles of Incorporation of the Company and (iii) the Bylaws of the Company as in effect at the Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate duly executed by the Chief Executive Officer of the Company, dated as of the Closing Date certifying that each and
every representation and warranty of the Company that are qualified by materiality or Material Adverse Effect shall be true and
correct as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date) and that each and every other representation and
warranty of the Company shall be true and correct in all material respects as of the Closing Date as though originally made at
that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all
material respects as of such specific date) and the Company shall have performed, satisfied and complied in all respects with
the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the
Closing Date and as to such other matters as may be reasonably requested by such Purchaser in the form acceptable to such Purchaser;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
scan of a certificate of the Registrar of Corporations of the Republic of the Marshall Islands, dated a recent date, to the effect
that the Company is in good standing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Warrant for the relevant number of Common Shares as indicated on <U>Schedule A</U> executed by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Registration Rights Agreement executed by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
cross-receipt executed by the Company and delivered to each Purchaser certifying that it has received the Purchase Price from
such Purchaser as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchaser
Deliveries</U>. At the Closing, subject to the terms and conditions hereof, each Purchaser will deliver, cause to be delivered,
or shall have delivered to the Company (unless waived by the Company):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the Purchase Price to the Company by wire transfer of immediately available funds to an account or accounts designated by the
Company in writing at least two Business Days prior to the Closing Date (which bank accounts shall include the Company&rsquo;s
service providers including lawyers, financial advisers and accountants, as applicable);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Registration Rights Agreement executed by each Purchaser party thereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
cross-receipt executed by such Purchaser and delivered to the Company certifying that it has received each of the Purchased Shares
and Warrant as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discounts</U>.
The payment by a Purchaser of any and all amounts pursuant to this Agreement shall be without discount or any other right of setoff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Nature of Purchasers&rsquo; Obligations and Rights</U>. The obligations of each Purchaser under the Operative Documents are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Operative Document. Nothing contained herein or in any other Operative Document,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as, and the Company
acknowledges that the Purchasers do not so constitute, a partnership, an association, a joint venture or any other kind of group
or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group or entity, and the Company
shall not assert any such claim with respect to such obligations or the transactions contemplated by the Operative Documents or
any matters, and the Company acknowledges that the Purchasers are not acting in concert or as a group, and the Company shall not
assert any such claim, with respect to such obligations or the transactions contemplated by the Operative Documents. The decision
of each Purchaser to purchase Securities pursuant to the Operative Documents has been made by such Purchaser independently of
any other Purchaser. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with
such Purchaser making its investment hereunder and that no other Purchaser will be acting as agent of such Purchaser in connection
with monitoring such Purchaser&rsquo;s investment in the Purchased Securities or enforcing its rights under the Operative Documents.
The Company and each Purchaser confirms that each Purchaser has independently participated with the Company in the negotiation
of the transaction contemplated hereby with the advice of its own counsel and advisors. 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 any other Operative
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such
purpose. The use of a single agreement to effectuate the purchase and sale of the Purchased Securities contemplated hereby was
solely in the control of the Company, not the action or decision of any Purchaser, and was done solely for the convenience of
the Company and not because it was required or requested to do so by any Purchaser. It is expressly understood and agreed that
each provision contained in this Agreement and in each other Operative 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.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
III<BR>
<BR>
REPRESENTATIONS AND WARRANTIES OF THE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company represents
and warrants to each Purchaser as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outstanding
Shares; Capitalization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this Agreement, prior to the sale of the Purchased Securities and issuance of the Purchased Shares as contemplated
hereby, the Company has 28,145,085 issued and outstanding Common Shares, no issued and outstanding Series A preferred shares,
and no issued and outstanding Class B shares. The Company has issued warrants entitling their holders to the purchase an aggregate
of 32,380,017 Common Shares at a price of $1.60 per Common Share, of which 507,000 Common Shares have been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of such issued and outstanding Common Shares were duly authorized and have been validly issued and are fully paid and nonassessable.
There are currently no Common Shares that are reserved for issuance pursuant to Convertible Securities (as defined below) (other
than the Warrants and, warrants issued in February 2017). As of the date hereof, to the knowledge of the Company, based on public
filings, the Persons who are &ldquo;affiliates&rdquo; (as defined in Rule 405 of the Securities Act and calculated based on the
assumption that only executive officers, directors and holders of at least 10% of the Company&rsquo;s issued and outstanding Common
Share are &ldquo;affiliates&rdquo; without conceding that any such Persons are &ldquo;affiliates&rdquo; for purposes of federal
securities laws) of the Company are the current executive officers and directors of the Company and Mr. Georgios Feidakis and
his Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Company SEC Documents: (A) none of the Company&rsquo;s shares, interests or share capital is subject to preemptive
rights or any other similar rights or Liens suffered or permitted by the Company; (B) except for warrants issued in February 2017,
there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or share capital of the
Company, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become
bound to issue additional shares, interests or share capital of the Company or any of its Subsidiaries or options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or share capital of the Company or any of its Subsidiaries; (C) there
are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any
of their securities under the Securities Act (except pursuant to the Existing Registration Rights Agreement, the Registration
Rights Agreement, and the registration rights agreement dated February 9, 2017); (D) there are no outstanding securities or instruments
of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of
the Company or any of its Subsidiaries, other than as set forth in the Certificate of Designation, Preferences and Rights of Series
A Preferred Stock; (E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities; and (F) neither the Company nor any Subsidiary has any share appreciation rights or &ldquo;phantom
share&rdquo; plans or agreements or any similar plan or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
The Company owns, directly or indirectly, the equity interests of the Subsidiaries as described in the Company SEC Documents,
other than Elysium Maritime Limited (which has been dissolved). Such equity interests have been duly authorized and validly issued
in accordance with the organizational documents of each Subsidiary, and are fully paid (to the extent required under such organizational
documents) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of
formation of the applicable Subsidiary and the relevant organizational documents); and the Company owns such equity interests
free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed in or referred
to in the Company SEC Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permits
to Conduct Operations</U>. Each <FONT STYLE="font-family: Times New Roman, Times, Serif">of the Company Entities has been duly
domesticated, incorporated or formed, as the case may be, and is validly existing as a corporation in good standing under the
Laws of its jurisdiction of domestication or incorporation or formation, as applicable, and has the full corporate power and authority,
and to the Company&rsquo;s knowledge has all governmental licenses, authorizations, consents and approvals, necessary to own,
lease or hold its Properties and assets and to conduct the businesses in which it is engaged, and is duly registered or qualified
to do business and in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of Property
or the conduct of its business requires such qualification, except where the failure to so register or qualify would not reasonably
be expected to </FONT>a Material Adverse Effect on <FONT STYLE="font-family: Times New Roman, Times, Serif">the condition (financial
or other), results of operations, shareholders&rsquo; equity, Properties, business, assets or prospects of the Company Entities
taken as a whole, the ability of the Company to meet its obligations under the Operative Documents or the ability of the Company
to consummate the transactions under any Operative Document on a timely basis,</FONT> and unless otherwise disclosed in the Company
SEC Documents neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or
modification of any such certificate, authorization or permit, except where such potential revocation or modification would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The execution and delivery of this
Agreement and the other Operative Documents by the Company, and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Purchased Shares and the issuance of the Warrants and the
reservation for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have been duly authorized
by the Company&rsquo;s board of directors and (other than the filing with the Commission of one or more registration statements
in accordance with the requirements of the Registration Rights Agreement) no further filing, consent or authorization is required
by the Company, its board of directors or its shareholders is required, except as disclosed in Section 2.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflict</U>. <FONT STYLE="font-family: Times New Roman, Times, Serif">None of (i) the offering, issuance and sale by the Company
of the Purchased Securities and the application of the proceeds therefrom, (ii) the execution, delivery and performance of the
Operative Documents by the Company, or (iii) the consummation of the transactions contemplated hereby or thereby, conflicts or
will conflict with, or results or will result in a breach or violation of or imposition of any Lien upon any Property or assets
of the Company Entities pursuant to, (A) the formation or governing documents of any of the Company Entities, (B)&nbsp;any Law
applicable to any of the Company Entities or injunction of any court or governmental agency or body to which any of the Company
Entities</FONT> of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having
jurisdiction over any of the Company Entities or any of their Properties, (C) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries
is a party, or (D) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation,
foreign, federal and state securities laws and regulations and the rules and regulations of Nasdaq, except with respect to clauses
(B), (C) and (D) above, for such conflict, breach, violation or default that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approvals</U>.
Except as required by the Commission in connection with the Company&rsquo;s obligations under the Registration Rights Agreement,
to our knowledge, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing,
declaration, qualification or registration with, any Governmental Authority or any other Person is required in connection with
the execution, delivery or performance by the Company of any of the Operative Documents to which it is a party or the Company&rsquo;s
issuance and sale of the Purchased Securities, except (i) as may be required under the state securities or &ldquo;Blue Sky&rdquo;
Laws, (ii) where the failure to receive such authorization, consent, approval, waiver, license, qualification or written exemption
or to make such filing, declaration, qualification or registration would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect, or (iii) any notifications or applications to Nasdaq and receipt of confirmation that
Nasdaq has completed its review.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Periodic
Reports; Financial Statements</U>. During the two years prior to the date hereof, the Company has timely filed all reports, schedules,
forms, statements and other documents required to be filed by it with the Commission pursuant to the reporting requirements of
the Exchange Act for companies with similar characteristics, including size and foreign private issuer status of, the Company.
The Company SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included
therein, at the time filed (or in the case of registration statements, solely on the dates of effectiveness) (except to the extent
corrected by a subsequent Company SEC Document) (a) did 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, not misleading, and (b)&nbsp;fairly present (subject in the case of unaudited statements to normal
and recurring audit adjustments) in all material respects the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended.
The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances
known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of
Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its
financial statements or otherwise. No other information provided by or on behalf of the Company to any of the Purchasers which
is not included in the Company SEC Documents contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein not misleading, in the light of the circumstance under which they are or were
made. The Company is not currently contemplating to amend or restate any of the financial statements (including, without limitation,
any notes or any letter of the independent accountants of the Company with respect thereto) included in the Company SEC Documents
(the &ldquo;<B>Financial Statements</B>&rdquo;), nor is the Company currently aware of facts or circumstances which would require
the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to
be in compliance with IFRS and the rules and regulations of the Commission. The Company has not been informed in writing by its
independent accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is
any need for the Company to amend or restate any of the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due
Authorization</U>. Each of the Operative Documents has been duly and validly authorized, and constitutes, or will constitute,
the legal, valid and binding obligations of the Company, enforceable in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors&rsquo;
rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valid
Issuance; No Preemptive Rights</U>. Each of (i) the Purchased Shares to be issued and sold pursuant to this Agreement have been,
and, (ii) upon the due exercise of Warrant, the Exercisable Shares shall be, duly authorized in accordance with the articles of
incorporation of the Company and, when issued and delivered after full payment therefor has been received, will be validly issued,
fully paid and non-assessable and free from all preemptive or similar rights. As of the Closing, the Company shall have reserved
from its duly authorized share capital not less than 100% of the maximum number of Warrant Shares initially issuable upon exercise
of the Warrants (without taking into account any limitations on the exercise of the Warrants set forth therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U>.
As of the date hereof, except as described in the Company SEC Documents, there are no legal or governmental proceedings pending
to which any Company Entity is a party or to which any Property or asset of any Company Entity is subject that could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or which challenges the validity of any of the
Operative Documents or the right of the Company to enter into any of the Operative Documents or to consummate the transactions
contemplated hereby and thereby and, to the knowledge of the Company, no such proceedings are threatened by Governmental Authorities
or others. No director, officer or employee of the Company or any of its subsidiaries has willfully violated 18 U.S.C. &sect;1519
or engaged in spoliation in reasonable anticipation of litigation. Without limitation of the foregoing, 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,
any of its Subsidiaries or any current director or officer of the Company or any of its Subsidiaries. After reasonable inquiry
of its employees, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Registration</U>. Assuming the accuracy of the representations and warranties of each Purchaser contained in this Agreement, the
issuance and sale of the Purchased Securities pursuant to this Agreement is exempt from registration requirements of the Securities
Act, and neither the Company nor, to the knowledge of the Company, any authorized representative acting on its behalf, has taken
or will take any action hereafter that would cause the loss of such exemption. The Company and any person acting on his behalf
have complied and will comply with the &ldquo;offering restrictions&rdquo; requirements of Regulation S under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Integration</U>. Neither the Company nor any of its Affiliates have, directly or indirectly through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any &ldquo;security&rdquo; (as defined in the Securities
Act) that is or will be integrated with the sale of the Purchased Securities in a manner that would require registration under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
General Solicitation or General Advertising; No Directed Selling Efforts</U>. Neither the Company nor any Person acting on behalf
of the Company has offered or sold any of the Purchased Securities by any form of general solicitation or general advertising
(within the meaning of Regulation D promulgated under the Securities Act, and including (1) any advertisement, article, notice
or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet;
and (2) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) nor has it
seen or been aware of any activity that, to its knowledge, constitutes general solicitation or general advertising. Neither the
Company nor any Person acting on behalf of the Company has engaged in any &ldquo;directed selling efforts&rdquo; (as defined in
Regulation S under the Securities Act) in the United States in respect of the Purchased Securities, which would include any activities
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of the Purchased Securities, including placing an advertisement in a publication with a general circulation
in the United States, nor has it seen or been aware of any activity that, to its knowledge, constitutes directed selling efforts
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Fees</U>. There are no fees or commissions are or will be payable by the Company to brokers, finders, or investment bankers with
respect to the sale and purchase of any of the Purchased Securities or the issuance of the Exercisable Shares or the consummation
of the transaction contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offering
Materials</U>. Neither the Company nor any agents of the Company provided to potential purchasers any offering materials or other
documents in connection with offer and sale of the Purchased Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Certain Changes</U>. Since the date of the Company&rsquo;s most recent audited financial statements contained in a Form 20-F,
except as otherwise provided in the Company SEC Documents, there has been no material adverse change and no material adverse development
in the business, assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise) or
prospects of the Company or any of its Subsidiaries. Since the date of the Company&rsquo;s most recent audited financial statements
contained in a Form 20-F, except as otherwise provided in the Company SEC Documents, (i) the Company has not declared or paid
any dividends, (ii) neither the Company nor any of its Subsidiaries has sold any assets, individually or in the aggregate, outside
of the ordinary course of business or (iii) neither the Company nor any of its Subsidiaries has made any capital expenditures,
individually or in the aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries
has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership,
liquidation or winding up, nor does the Company or any Subsidiary have any knowledge that any of their respective creditors intend
to initiate involuntary bankruptcy proceedings. Neither the Company nor any of its Subsidiaries has engaged in any business or
in any transaction, and is not about to engage in any business or in any transaction, for which the Company&rsquo;s or such Subsidiary&rsquo;s
remaining assets constitute unreasonably small capital with which to conduct the business in which it is engaged as such business
is now conducted and is proposed to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Undisclosed Events, Liabilities, Developments or Circumstances</U>. No event, liability, development or circumstance has occurred
or exists, or is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective
businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise),
that could have a Material Adverse Effect, other than an event, liability, development or circumstance for which the Purchaser
is aware exists or is reasonably expected to exist or occur, including the current and future state of the drybulk shipping market
and operational risks of a shipping company including offhire, arrests, casualties, and damage to ships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Act</U>. The Company and each Subsidiary is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of
2002, as amended, and any and all applicable rules and regulations promulgated by the Commission thereunder for companies that
are similar size and type of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Status</U>. The Company and each of its Subsidiaries (a) has timely made or filed all material foreign, federal and state income
and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject, (b) has timely
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, except those being contested in good faith and (c) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due in writing to the Company or applicable Subsidiary by the taxing
authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal
Accounting and Disclosure Controls</U>. The Company and each of its Subsidiaries maintains internal control over financial reporting
(as such term is defined in Rule 13a-15(f) under the Exchange Act) that is effective to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, including that (i) transactions are executed in accordance with management&rsquo;s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles and to maintain asset and liability accountability, (iii) access to assets or incurrence
of liabilities is permitted only in accordance with management&rsquo;s general or specific authorization and (iv) the recorded
accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate
action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) under the Exchange Act) that are effective in ensuring that information required to be disclosed by the Company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms of the Commission, including, without limitation, controls and procedures designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act
is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer or officers and its
principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Neither the
Company nor any of its Subsidiaries has received any written notice or correspondence from any accountant, Governmental Authority
or other Person relating to any potential material weakness or significant deficiency in any part of the internal controls over
financial reporting of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Off
Balance Sheet Arrangements</U>. There is no transaction, arrangement, or other relationship between the Company or any of its
Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its Exchange
Act filings and is not so disclosed, unless it would not reasonably likely have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Status</U>. The Company is not, and upon consummation of the sale of the Purchased Securities will not be, required to
register as an investment company as such term is defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manipulation
of Price</U>. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Purchased Securities,
or (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Purchased Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S.
Real Property Holding Corporation</U>. The Company is not and has never been, a U.S. real property holding corporation within
the meaning of Section&nbsp;897 of the U.S. Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bank
Holding Company Act</U>. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of 1956, as
amended (the &ldquo;<B>BHCA</B>&rdquo;) and to regulation by the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal
Reserve</B>&rdquo;). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shell
Company Status</U>. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Management</U>.
Except as set forth in <U>Schedule 3.26</U> hereto, during the past five year period, no current or former officer or director
or, to the knowledge of the Company, no current ten percent (10%) or greater shareholder of the Company or any of its Subsidiaries
has been the subject of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent
or similar officer for such Person, or any partnership in which such person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation or business association of which such person was an executive
officer at or within two years before the time of the filing of such petition or such appointment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engaging
in any particular type of business practice; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
finding by a court of competent jurisdiction in a civil action or by the Commission or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the Commission or any other authority has not been
subsequently reversed, suspended or vacated; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share
Option Plans</U>. Each share option granted by the Company was granted (i) in accordance with the terms of the applicable share
option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common Share on the
date such share option would be considered granted under IFRS and applicable law. No share option granted under the Company&rsquo;s
share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or practice
of the Company to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with,
the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial
results or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disagreements with Accountants and Lawyers</U>. There are no material disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Additional Agreements</U>. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Operative Documents other than as specified in the Operative Documents or as contemplated herein or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public
Utility Holding Act</U>. None of the Company nor any of its Subsidiaries is a &ldquo;holding company,&rdquo; or an &ldquo;affiliate&rdquo;
of a &ldquo;holding company,&rdquo; as such terms are defined in the Public Utility Holding Act of 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Federal
Power Act</U>. None of the Company nor any of its Subsidiaries is subject to regulation as a &ldquo;public utility&rdquo; under
the Federal Power Act, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure</U>.
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 constitutes or could reasonably be expected to constitute material, non-public information
concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by or referenced
in this Agreement and the other Operative Documents. The Company understands and confirms that each of the Purchasers will rely
on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Purchasers
regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules
to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries 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 the light of the circumstances under which they were made, not misleading. Each press release issued by the Company or any
of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at the time of release 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 the light of the circumstances under which they are made, not misleading. No event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has
not been so publicly disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bad
Actor</U>. The Company, its officers, directors and its beneficial owners of 20% or more of the Company&rsquo;s outstanding voting
equity securities, calculated on the basis of voting power is not subject to any of the &ldquo;Bad Actor&rdquo; disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act, except for an event covered by Rule 506(d)(2) or (d)(3) under
the Securities Act. The Company has exercised reasonable care to determine whether any officer, director or beneficial owner is
subject to a Disqualification Event. The purchase of the Purchased Securities or the exercise of the Warrant by any Purchaser
will not subject the Company to any disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act. There
are no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred before September
23, 2013.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IV<BR>
<BR>
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Purchaser, severally
and not jointly, hereby represents and warrants to the Company that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existence</U>.
Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization,
with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently
conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization,
Enforceability</U>. Such Purchaser has all necessary corporate, limited liability company, partnership or similar power and authority
to execute, deliver and perform its obligations under the Operative Documents and to consummate the transactions contemplated
thereby, and the execution, delivery and performance by such Purchaser of the Operative Documents has been duly authorized by
all necessary action on the part of such Purchaser; and the Operative Documents will constitute the legal, valid and binding obligations
of such Purchaser, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer and similar laws affecting creditors&rsquo; rights generally or by general principles of equity, including
principles of commercial reasonableness, fair dealing and good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Breach</U>. The execution, delivery and performance of the Operative Documents by such Purchaser and the consummation by such
Purchaser of the transactions contemplated hereby and thereby does not and will not (a) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser
is a party or by which such Purchaser is bound or to which any of the Property or assets of such Purchaser is subject, (b)&nbsp;conflict
with or result in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any statute,
order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property
or assets of such Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults
as would not prevent the consummation of the transactions contemplated by the Operative Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Fees</U>. No fees or commissions are or will be payable by such Purchaser to brokers, finders, or investment bankers with respect
to the purchase of any of the Purchased Securities or the issuance of the Exercisable Shares or the consummation of the transaction
contemplated by this Agreement or the other Operative Documents. Such Purchaser agrees that it will indemnify and hold harmless
the Company from and against any and all claims, demands, or liabilities for broker&rsquo;s, finder&rsquo;s, placement, or other
similar fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased Securities or the issuance
of the Exercisable Shares or the consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Side Agreements</U>. There are no other agreements by, among or between such Purchaser and any of its Affiliates, on the one hand,
and the Company or any of its Subsidiaries, on the other hand, with respect to the transactions contemplated hereby other than
the Operative Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment</U>.
The Purchased Securities are being acquired for such Purchaser&rsquo;s own account, not as a nominee or agent, and with no present
intention of distributing the Purchased Securities or the Exercisable Shares or any part thereof, and such Purchaser has no present
intention of selling or granting any participation in or otherwise distributing the same. Such Purchaser was not formed for the
purpose of acquiring any of the Purchased Securities or the Exercisable Shares. If such Purchaser should in the future decide
to dispose of any of the Purchased Securities or the Exercisable Shares, such Purchaser understands and agrees (a)&nbsp;that it
may do so only in compliance with the Securities Act and applicable state or other securities laws, as then in effect, including
a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption
from the Securities Act, and (b)&nbsp;that stop-transfer instructions to that effect will be in effect with respect to such securities.
Such Purchaser further understands and agrees that there is no public trading market for the Warrant purchased hereunder, that
none is expected to develop, and that the Warrant must be held indefinitely unless and until it is duly exercised and the Exercisable
Shares are registered under the Securities Act or an exemption from registration is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nature
of Purchaser</U>. Such Purchaser represents and warrants to, and covenants and agrees with, the Company that, (a) it is an &ldquo;accredited
investor&rdquo; within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act, (b)
by reason of its business and financial experience it has such knowledge, sophistication and experience in making similar investments
and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment
in the Purchased Securities and the Exercisable Shares, (c) was advised by the Company to obtain United States counsel, either
obtained United States counsel or had a full and fair opportunity and the means to obtain United States counsel, (d) is able to
bear the economic risk of such investment and is able to afford a complete loss of such investment and (e) it was provided access
to all information regarding the Company and its business as the Purchaser desired, and was offered the opportunity to ask questions
of management of the Company and to receive any documents and information on the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Securities; Affiliate Status</U>. Such Purchaser understands that the Purchased Securities and the Exercisable Shares may be characterized
as &ldquo;restricted securities&rdquo; under the Securities Act inasmuch as they are being acquired from the Company in a transaction
not involving a public offering and that under such Laws and applicable regulations such securities may be resold (i) without
registration under the Securities Act only in certain limited circumstances or (ii) if such resale is registered under the Securities
Act. In this connection, such Purchaser represents that it is a sophisticated party knowledgeable with respect to Registration
Exemptions. Such Purchaser (i) acknowledges that after the Closing and/or after issuance of the Exercisable Shares, such Purchaser
may be deemed an &ldquo;affiliate&rdquo; of the Company under the Securities Act, (ii) acknowledges understanding the additional
restrictions under the Securities Act applicable to affiliates of the Company, and (iii) either (a) confirms having discussed
such restrictions with United States securities counsel or (b) acknowledges that it both the means and a full and fair opportunity
to obtain United States securities counsel and discuss such restrictions prior to entering into any Operative Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legend</U>.
Such Purchaser understands that any certificates or statements evidencing any Purchased Securities or the Exercisable Shares may
bear a legend in the substantially the form set forth in Section 5.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offshore
Transaction</U>. At the time such Purchaser received the offer to purchase the Purchased Securities it was not in the United States.
Such Purchaser is not a U.S. person (as defined in Regulation S promulgated under the Securities Act) and is not acquiring the
Securities for the account or benefit of any U.S. person. Such Purchaser is not a part of an identifiable group of U.S. citizens
abroad, such as members of the U.S. armed forces serving overseas. Such Purchaser&rsquo;s receipt and execution of each of the
Operative Documents, and any other agreement relating hereto or thereto, has occurred or will occur outside the United States.
Such Purchaser understands and acknowledges that the offering and sale of the Purchased Securities are not being, and will not
be, made, directly or indirectly, in or into, or by the use of the mails or any means or instrumentality (including telephonically
or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trading
Activities</U>. Such Purchaser&rsquo;s trading activities, if any, with respect to the Common Shares will be in compliance with
all applicable state and federal securities laws, rules and regulations and the rules and regulations of the Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
General Solicitation or General Advertising; No Directed Selling Efforts</U>. Such Purchaser is not aware of any form of general
solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in respect of the
Purchased Securities, including (1) any advertisement, article, notice or other communication published in any newspaper, magazine,
or similar media or broadcast over television, radio, or the internet; and (2) any seminar or meeting whose attendees have been
invited by any general solicitation or general advertising). Such Purchaser is not aware of any form of &ldquo;directed selling
efforts&rdquo; (as defined in Regulation S under the Securities Act) in the United States in respect of the Purchased Securities,
which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of,
conditioning the market in the United States for the resale of the Purchased Securities, including placing an advertisement in
a publication with a general circulation in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Broker-Dealer
Status</U>. Such Purchaser is not a broker dealer registered under Section 15(a) of the Exchange Act, or a member of Financial
Industry Regulatory Authority, Inc. or an entity engaged in the business of being a broker-dealer. The Purchaser is not a distributor
as such term is defined in Regulation S promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
or Resale</U>. Such Purchaser understands that except as provided in the Registration Rights Agreement: (i) the Securities have
not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder, (B) such Purchaser shall have delivered to the Company
(if requested by the Company) an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Purchased
Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration,
and whether such Securities are thereafter freely tradable without restriction, it being understood that the Securities will not
be unrestricted if resold pursuant to Regulation S, or (C) such Purchaser provides the Company with reasonable assurance that
such Securities can be sold, assigned or transferred pursuant to Rule 144; (ii) any sale of the Securities made in reliance on
Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of
the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the
rules and regulations of the Commission promulgated thereunder; and (iii) neither the Company nor any other Person is under any
obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions
of any exemption thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distribution
Compliance Period</U>. Such Purchaser acknowledges and understands that all offers and sales of the Purchased Securities, the
Warrant or Exercisable Shares prior to the expiration of the 40-day period commencing the day after the Closing Date shall be
made only in accordance with the provisions of Regulation S promulgated under the Securities Act, pursuant to registration of
the securities under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities
Act. Such Purchaser further represents and warrants and agrees that the offer or resale of the Purchased Securities or Exercisable
Shares by such Purchaser, if made prior to the expiration of the 40-day period commencing the day after the Closing Date, shall
not be made to a U.S. person (as defined in Regulation S promulgated under the Securities Act) or for the account or benefit of
a U.S. person (other than a distributor). Such Purchaser understands that when it exercises the Warrant it may be required to
provide written certification that it is not a U.S. person and the warrant is not being exercised on behalf of a U.S. person,
and retain restricted status or a written opinion of counsel to the effect that the Warrant and the Exercisable Shares have been
registered under the Securities Act or are exempt from registration thereunder, and whether such Exercisable Shares are freely
tradable without restriction, it being understood that Exercisable Shares will not be unrestricted if only resold pursuant to
Regulation S.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offering
Materials</U>. Such Purchaser did not receive from the Company or its agent any offering materials or other documents in connection
with offers and sales of the Purchased Securities. Such Purchaser conducted its own due diligence on the Company and was afforded:
(i) the opportunity to ask such questions as it deemed necessary of, and to receive answers from, representatives of the Company
concerning the terms and conditions contained herein and the merits and risks of investing in the Company, (ii) access to information
about the Company and its subsidiaries and their respective financial condition, results of operations, business, properties,
vessels, management and prospects sufficient to enable you to evaluate the investment, and (iii) the opportunity to obtain such
additional information that the Company possesses or can acquire that is necessary to make an informed investment decision with
respect to the investment and has received all the information requested in connection with your decision to obtain the Purchased
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prohibited
Transactions; No Short Sales</U>. Such Purchaser has not, directly or indirectly, and no Person acting on behalf of or pursuant
to any understanding with such Purchaser which had knowledge of the transactions contemplated hereby and that (i) has or shares
discretion relating to such Purchaser&rsquo;s investments and trading or information concerning such Purchaser&rsquo;s investments
or (ii) is subject to such Purchaser&rsquo;s review or input concerning such Person&rsquo;s investments or trading (the foregoing,
&ldquo;<B>Purchaser Trading Affiliates</B>&rdquo;), has engaged in any purchases or sales of any securities, including any derivatives,
of the Company (including, without limitation, any Short Sales involving any of the Company&rsquo;s securities) (a &ldquo;<B>Transaction</B>&rdquo;)
since the time that such Purchaser was first contacted by the Company regarding the investment in the Company contemplated herein.
Such Purchaser covenants that neither it nor any Purchaser Trading Affiliate will engage, directly or indirectly, in any Transactions
prior to the time the transactions contemplated by this Agreement are publicly disclosed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
V<BR>
<BR>
COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taking
of Necessary Action</U>. Each of the parties hereto shall use its reasonable best efforts promptly to take or cause to be taken
all action and promptly to do or cause to be done all things necessary, proper or advisable under Law to consummate and make effective
the transactions contemplated by this Agreement. The Company shall submit a Listing of Additional Shares Notification with the
Nasdaq to list the Purchased Shares and Exercisable Shares. The Company makes no representation, warranty or covenant relating
to its ability to obtain or maintain any listing of its securities on any stock exchange, including any markets on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Actions</U>. Until the earlier of two years from the date hereof and the date on which the Purchasers shall have sold all of the
Registrable Securities, the Company shall timely file all reports required to be filed with the Commission pursuant to the Exchange
Act, and the Company shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange
Act or the rules and regulations thereunder would no longer require or otherwise permit such termination. The Company shall pay
all fees and expenses in connection with satisfying its obligations under this Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>. The Company shall use the collective proceeds from the sale of the Purchased Securities for general corporate
purposes and working capital (including repayment of debt).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Registration Rights Agreement</U>. The Company is a party to the Existing Registration Rights Agreement and the registration rights
agreement dated February 9, 2017, which may contain rights that are senior to the rights contained in the Registration Rights
Agreement, and each Purchaser covenants not to supersede or attempt to circumvent any provision of the Existing Registration Rights
Agreement or the registration rights agreement dated February 9, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees</U>.
The Company shall be responsible for the payment of any placement agent&rsquo;s fees, financial advisory fees, transfer agent
fees, Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) fees or broker&rsquo;s commissions (other than for Persons engaged by
any Purchaser) relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold each Purchaser
harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys&rsquo; fees and out-of-pocket
expenses) arising in connection with any claim relating to any such payment. Except as otherwise set forth in the Operative Documents,
each party to this Agreement shall bear its own expenses in connection with the sale of the Purchased Securities to the Purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge
of Securities</U>. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that
the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities, to the extent permitted by applicable Law. The pledge of Securities shall not be deemed to
be a transfer, sale or assignment of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required
to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any
other Operative Document; <U>provided </U>that an Investor and its pledgee shall be required to comply with the provisions hereof
in order to effect a sale, transfer or assignment of Securities to such pledgee, or if the pledgee attempts to exercise its rights
over collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
of Transactions and Other Material Information</U>. The Company shall on or before the fourth Business Day after the date of this
Agreement, issue a press release (the &ldquo;<B>Press Release</B>&rdquo;) disclosing all the material terms of the transactions
contemplated by the Operative Documents. On or before the fourth Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 6-K describing all the material terms of the transactions contemplated by the Operative Documents
in the form required by the Exchange Act and attaching all the material Operative Documents (including, without limitation, this
Agreement (and all schedules to this Agreement) the form of the Warrants and the form of the Registration Rights Agreement) (including
all attachments, the &ldquo;<B>6-K Filing</B>&rdquo;). From and after the filing of the 6-K Filing, the Company shall have disclosed
all material, non-public information (if any) provided to any of the Purchasers by the Company or any of its Subsidiaries or any
of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Operative
Documents. In addition, effective upon the filing of the 6-K Filing, 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, affiliates, employees or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agents, on the
one hand, and any of the Purchasers or any of their affiliates, on the other hand, shall terminate. To the extent that the Company
delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and
agrees that such Purchaser shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of,
such material, non-public information, subject to applicable Law. Subject to the foregoing, neither the Company, its Subsidiaries
nor any Purchaser shall issue any press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, the Company shall be entitled, without the prior approval of any Purchaser, to make the Press Release
and any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K
Filing and contemporaneously therewith and (ii) as is required by applicable Law (provided that in the case of clause (i) each
Purchaser shall be consulted by the Company in connection with any such press release or other public disclosure prior to its
release). Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would
otherwise be true, the Company expressly acknowledges and agrees that no Purchaser shall have (unless expressly agreed to by a
particular Purchaser after the date hereof (it being understood and agreed that no Purchaser may bind any other Purchaser with
respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public
information regarding the Company or any of its Subsidiaries. Each Purchaser acknowledges that it fully understands the Law relating
to trading on securities while in possession of material non-public information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares</U>. So long as any of the Warrants remain outstanding, the Company shall take all action necessary to at all times
have authorized, and reserved for the purpose of issuance, no less than 100% of the maximum number of Warrant Shares issuable
upon exercise of all the Warrants then outstanding (without regard to any limitations on the exercise of the Warrants set forth
therein) (collectively, the &ldquo;<B>Required Reserve Amount</B>&rdquo;); provided that at no time shall the number of Common
Shares reserved pursuant to this Section 5.8 be reduced other than proportionally in connection with any exercise of Warrants
or reverse stock splits or similar combinations. If at any time the number of Common Shares authorized and reserved for issuance
is not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize
and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize
additional shares to meet the Company's obligations pursuant to the Operative Documents, in the case of an insufficient number
of authorized shares, obtain shareholder approval of an increase in such authorized number of shares, and voting the management
shares of the Company in favor of an increase in the authorized shares of the Company to ensure that the number of authorized
shares is sufficient to meet the Required Reserve Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FAST
Compliance</U>. While any Warrants remain outstanding, the Company shall maintain a transfer agent that participates in the DTC
Fast Automated Securities Transfer Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Directed
Selling Efforts; General Solicitation</U>. None of the Company, any of its affiliates (as defined in Rule 501(b) under the Securities
Act) or any person acting on behalf of the Company or such affiliate will engage in any &ldquo;directed selling efforts&rdquo;
(as defined in Regulation S under the Securities Act) in the United States in respect of the Purchased Securities, nor will any
of them solicit any offer to buy or offer or sell the Purchased Securities by means of any form of general solicitation or general
advertising within the meaning of Regulation&nbsp;D, including: (i) any advertisement, article, notice or other communication
published in any newspaper, magazine or similar medium or broadcast over television or radio; and (ii) any seminar or meeting
whose attendees have been invited by any general solicitation or general advertising.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>.
None of the Company, any of its affiliates (as defined in Rule 501(b) under the Securities Act), or any person acting on behalf
of the Company or such affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) which will be integrated with the sale of the Purchased Securities in a manner which
would require the registration of the Purchased Securities under the Securities Act or require shareholder approval under the
rules and regulations of the Principal Market and the Company will take all action that is appropriate or necessary to assure
that its offerings of other securities will not be integrated for purposes of the Securities Act or the rules and regulations
of the Principal Market, with the issuance of Securities contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
Agent Instructions</U>. If a Purchaser effects a sale, assignment or transfer of the Purchased Securities in accordance with this
Agreement and applicable securities Laws, the Company shall not prohibit the transfer. In the event that such sale, assignment
or transfer involves Purchased Shares or Warrant Shares sold, assigned or transferred pursuant to an effective registration statement
or in compliance with Rule 144, the transfer agent shall issue such shares to such Purchaser, assignee or transferee (as the case
may be) without any restrictive legend in accordance with Section&nbsp;5.13 below. The Company acknowledges that a breach by it
of its obligations hereunder will cause irreparable harm to a Purchaser. Accordingly, the Company acknowledges that the remedy
at law for a breach of its obligations under this Section&nbsp;5.12 may be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Section 5.12, that a Purchaser shall be entitled, in addition to all
other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer,
without the necessity of showing economic loss and without any bond or other security being required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legends</U>.
Each Purchaser understands that the Purchased Securities have been issued (or will be issued in the case of the Warrant Shares)
pursuant to an exemption from registration or qualification under the Securities Act and applicable state securities laws, and
except as set forth below, the Purchased Securities shall bear any legend as required by the &ldquo;blue sky&rdquo; laws of any
state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of
such Purchased Securities):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">[NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED [OR EXERCISED] (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER
(IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Removal
of Legends</U>. Certificates or book entry statements or other documents evidencing Securities shall not be required to contain
the legend set forth in Section 5.13 above or any other legend (i) while a registration statement covering the resale of such
Securities is effective under the Securities Act, (ii) following any sale of such Securities pursuant to Rule 144 (assuming the
transferor is not an affiliate of the Company and it provides the Company with reasonable assurances that such Securities are
eligible for such sale under Rule 144, including by providing an appropriate representation letter relating to Rule 144 that contains,
among other things, the Purchaser&rsquo;s non-affiliate status and length of time in which it has held Securities and lack of
material non-public information), (iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 without
manner of sale or volume limitations irrespective of whether the Company is a reporting company (provided that such Purchaser
is not an affiliate of the Company and it provides the Company with reasonable assurances that such Securities are eligible for
such sale, assignment or transfer under Rule 144 for a company that is non-reporting issuer, including by providing an appropriate
representation letter relating to Rule 144 that contains, among other things, the Purchaser&rsquo;s non-affiliate status and length
of time in which it has held Securities and lack of material non-public information), or (iv) in connection with a sale, assignment
or other transfer (other than under Rule 144), provided that such Purchaser provides the Company with an opinion of counsel to
such Purchaser, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Purchased Securities
may be made without registration under the applicable requirements of the Securities Act and such shares are unrestricted, it
being understood that the Securities will not be unrestricted if resold pursuant to Regulation S (and no opinion to the contrary
need be accepted). If a legend is not required pursuant to the foregoing, the Company shall no later than five Trading Days following
the delivery by a Purchaser to the Company or the transfer agent (with notice to the Company) of a legended certificate or book
entry statement representing such Securities (endorsed or with share powers attached, signatures guaranteed, and otherwise in
form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries reasonably requested
by the Company from such Purchaser as may be required above in this Section 5.14 or to evidence compliance with this Section 5.14,
as directed by such Purchaser, either: (A) provided that the Company&rsquo;s transfer agent is participating in the DTC Fast Automated
Securities Transfer Program and such Securities are Purchased Shares or Warrant Shares, credit the aggregate number of Common
Shares to which such Purchaser shall be entitled to such Purchaser&rsquo;s or its designee&rsquo;s balance account with DTC through
its Deposit/Withdrawal at Custodian system or (B) if the Company&rsquo;s transfer agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver (via reputable overnight courier) to such Purchaser, a certificate or book entry
statement representing such Securities or proof that the uncertificated Securities are free from all restrictive and other legends,
registered in the name of such Purchaser or its designee (the date by which such credit is so required to be made to the balance
account of such Purchaser&rsquo;s or such Purchaser&rsquo;s designee with DTC or such certificate or statement or proof is required
to be delivered to such Purchaser pursuant to the foregoing is referred to herein as the &ldquo;<B>Required Delivery Date</B>&rdquo;,
and the date such Common Shares are actually delivered without restrictive legend to such Purchaser or such Purchaser&rsquo;s
designee with DTC, as applicable, the &ldquo;<B>Share Delivery Date</B>&rdquo;). The Company shall be responsible for any transfer
agent fees or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities
in accordance herewith. Each Purchaser agrees that if any Securities were unlegended due to an effective registration statement
covering the sale of such Securities no longer being effective, and such Securities are not eligible to be sold, assigned or transferred
under Rule 144 without manner of sale or volume limitations irrespective of whether the Company is a reporting company, then the
Purchaser shall return the Securities to direct, book entry notation and any certificates or statements shall bear a legend as
required by the &ldquo;blue sky&rdquo; laws of any state and a restrictive legend in substantially the form contained in Section
5.13 (and a stop-transfer order may be placed against transfer of such Securities).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failure
to Timely Deliver; Buy-In</U>. If on or prior to the Required Delivery Date the Company shall fail to issue and deliver to a Purchaser
proof that the uncertificated Securities are free from all restrictive and other legends or a certificate or book entry statement
and register such Common Shares on the Company's share register or, if the Transfer Agent is participating in the DTC Fast Automated
Securities Transfer Program, credit the balance account of such Purchaser or such Purchaser&rsquo;s designee with DTC for the
number of Common Shares to which such Purchaser submitted for legend removal by such Purchaser pursuant to Section 5.14 above
(and is so entitled to removal), and if on or after such Trading Day such Purchaser purchases (in an open market transaction or
otherwise) Common Shares to deliver in satisfaction of a sale by such Purchaser of Common Shares submitted for legend removal
by such Purchaser pursuant to Section 5.14 above that the Purchaser anticipated receiving from the Company (a &ldquo;<B>Buy-In</B>&rdquo;),
then the Company shall, within five Trading Days after such Purchaser&rsquo;s request and in the Company&rsquo;s discretion, either
(i) pay cash to such Purchaser in an amount equal to such Purchaser&rsquo;s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any), for the Common Shares so purchased (the &ldquo;<B>Buy-In Price</B>&rdquo;), at which
point the Company&rsquo;s obligation to so deliver such certificate or book entry statement (and to issue such unlegended Common
Shares) or credit such Purchaser&rsquo;s balance account shall terminate and such shares shall be cancelled, or (ii) promptly
honor its obligation to so deliver to such Purchaser a certificate or certificates or book entry statements representing such
Common Shares or credit the balance account of such Purchaser or such Purchaser&rsquo;s designee with DTC representing such number
of Common Shares that would have been so delivered if the Company timely complied with its obligations hereunder and pay cash
to such Purchaser in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Purchased Shares or Warrant Shares (as the case may be) that the Company was required to deliver to such Purchaser by the Required
Delivery Date multiplied by (B) the sale price per Common Share that the Purchaser agreed to sell and for which unrestricted Common
Shares the Purchaser anticipated receiving from the Company. Nothing shall limit such Purchaser&rsquo;s right to pursue any other
remedies available to it hereunder, in equity, such as a decree of specific performance and/or injunctive relief with respect
to the Company&rsquo;s failure to timely deliver certificates or book entry statements representing Common Shares (or to electronically
deliver such Common Shares) as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, this Section
5.15 shall not apply to the applicable Purchaser the extent the Company has already paid such amounts in full to such Purchaser
pursuant to an analogous sections of the Warrant held by such Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulation
S Resale</U>. Notwithstanding anything to the contrary in Section 5.14, if (I) any Purchaser
after 40 days after the date the Purchaser receives Purchased Shares, but prior to the time that the Purchased Shares are freely
tradable without volume or manner of sale restrictions pursuant to Rule 144 (i) sells Purchased Shares in an &ldquo;offshore transaction&rdquo;
(as defined in Rule 902 promulgated under the Securities Act), (ii) does not offer the Purchased Shares to any person in the United
States (and does not offer or sell to identifiable groups of U.S. citizens abroad, such as members of the U.S. armed forces serving
overseas), or to a U.S. person (as defined by Regulation S) or to an Affiliate of the Purchaser, (iii) at the time the buy order
is originated, the buyer is outside the United States, and the Purchaser and any person acting on its behalf reasonably believe
that the buyer is outside the United States, (iv) does not make, nor does any Affiliate or any person acting on their behalf make,
any &ldquo;directed selling efforts&rdquo; in the United States, (v) is not a distributor, an Affiliate of a distributor or the
Company, or reselling on their behalf, nor an Affiliate of the Company (nor was it an Affiliate of the Company within the previous
three months), (vi) the Purchaser is not aware of any material nonpublic information regarding the Company or its subsidiaries,
and (vii) the Purchaser provides to the Company and its agents certifications of the foregoing along with a certification that
the Purchaser is not selling to circumvent the provisions of the Securities Act or any other applicable securities Laws, and (II)
the buyer of such Purchased Shares certifies that (w) it did not purchase the Purchased Shares after, nor is it aware of, any
directed selling efforts relating to the Purchased Shares, (x) it is not any of the following: (a) located in the United States
(b) a U.S. person, (c) part of an identifiable group of U.S. citizens abroad, such as members of the U.S. armed forces serving
overseas, (d) acting on behalf of a U.S. person or any person in the United States, and (e) an Affiliate of the Purchaser or the
Company or acting on behalf of an Affiliate of the Purchaser, (f) aware of any material nonpublic information regarding the Company
or its subsidiaries, (g) a distributor, an affiliate of a distributor, or acting on behalf of a distributor, (h) an affiliate
of the Company or acting on behalf of an Affiliate of the Company or on behalf of any director or officer of the Company, (i)
it undertakes to comply with the Securities Act when it resells such securities, if applicable, (j) it will not beneficially own
(as such term is used by Rule 13d-3 of the Securities Exchange Act of 1934) 10% or more of the securities of the Company after
the purchase of such securities, and will not be an affiliate (as such term is used by Rule 144 promulgated under the Securities
Act) of the Company after such purchase, (y) it was outside the United States when it received the offer to purchase and when
it purchased the Purchased Shares from the relevant Purchaser and (z) the purchase of the Purchased Shares is not for the purposes
of circumventing the Securities Act or any other applicable securities Laws, and (III) the Company receives, from counsel reasonably
acceptable to the Company, a written opinion that the Purchased Shares are not restricted under applicable securities Laws and
may be freely traded or sold in any market (including in the United States), then the Company shall deliver, after receipt of
the foregoing certifications and opinion and the relevant transfer documents, to the buyer of the Purchased Shares, uncertificated
Purchased Shares that are free from all restrictive and other legends, registered in the name of such buyer.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VI<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
Article, Section, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents,
contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented
and otherwise modified from time to time, unless otherwise specified. The word &ldquo;including&rdquo; shall mean &ldquo;including
but not limited to.&rdquo; Whenever any party hereto has an obligation under this Agreement, the expense of complying with that
obligation shall be an expense of such party unless otherwise specified. Whenever any determination, consent or approval is to
be made or given by a Purchaser, such action shall be in such Purchaser&rsquo;s sole discretion unless otherwise specified in
this Agreement. This Agreement has have been reviewed and negotiated by sophisticated parties with access to and in consultation
with legal counsel and shall not be construed against the drafter. Any reference in this Agreement to stock certificates shall
mean at the option of the Company, and may be satisfied by, a book entry notation of stock of the Company or other proof that
uncertificated shares have been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Provisions</U>. The representations and warranties set forth in this Agreement shall survive the Closing for a period of 24
months following the Closing Date regardless of any investigation made by or on behalf of the Company or any Purchaser provided
that the representations and warranties set forth in Sections 3.1, 3.3-3.5, 3.7, 3.8, 3.10, 3.11, 3.12, 3.14, 3.21, 3.25 and 3.32
shall survive indefinitely. The covenants made in this Agreement shall survive the Closing of the transactions described herein
and remain operative and in full force and effect regardless of acceptance of any of the Purchased Securities and payment therefor
until full compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Waiver; Modifications in Writing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to a party hereto at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement, the other Operative Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein supersede all other prior oral or written agreements between the Purchasers, the Company, its affiliates and
Persons acting on their behalf, including, without limitation, any transactions by any Purchaser with respect to the Purchased
Securities, and the other matters contained herein and therein, and this Agreement, the other Operative Documents, the schedules
and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding of
the parties hereto solely with respect to the matters covered herein and therein; provided, however, nothing contained in this
Agreement or any other Operative Document shall (or shall be deemed to) (i) have any effect on any agreements any Purchaser has
entered into with, or any instruments any Purchaser has received from, the Company or any of its Subsidiaries prior to the date
hereof with respect to any prior investment made by such Purchaser in the Company or (ii) waive, alter, modify or amend in any
respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Purchaser or any other
Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and
any Purchaser, or any instruments any Purchaser received from the Company and/or any of its Subsidiaries prior to the date hereof,
and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein,
neither the Company nor any Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters.
For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than
by an instrument in writing signed by the Company and the Required Holders (as defined below), and any amendment to any provision
of this Agreement made in conformity with the provisions of this Section 6.3 shall be binding on all Purchasers and holders of
Securities, as applicable; provided that no such amendment shall be effective to the extent that it (A) applies to less than all
of the holders of the Purchased Securities then outstanding or (B) imposes any obligation or liability on any Purchaser without
such Purchaser&rsquo;s prior written consent (which may be granted or withheld in such Purchaser&rsquo;s sole discretion). No
waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that
the Required Holders may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity
with the provisions of this Section 6.3 shall be binding on all Purchasers and holders of Securities, as applicable, provided
that no such waiver shall be effective to the extent that it (1) applies to less than all of the holders of the Purchased Securities
then outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on any Purchaser
without such Purchaser&rsquo;s prior written consent (which may be granted or withheld in such Purchaser&rsquo;s sole discretion).
No consideration (other than reimbursement of legal fees) shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of any of the Operative Documents unless the same consideration also is offered to all of the
parties to the Operative Documents, all holders of the Warrants (as the case may be). The Company has not, directly or indirectly,
made any agreements with any Purchasers relating to the terms or conditions of the transactions contemplated by the Operative
Documents except as set forth in the Operative Documents or as otherwise disclosed to the Purchasers. &ldquo;<B>Required Holders</B>&rdquo;
means (I) prior to the Closing Date, each Purchaser entitled to purchase Purchased Securities at the Closing and (II) on or after
the Closing Date, holders of a majority of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
Effect</U>. This Agreement shall be binding upon the Company, each Purchaser, and their respective successors and permitted assigns.
Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon
any Person other than the parties to this Agreement and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Communications</U>.
All notices and demands provided for hereunder shall be in writing and shall be given by mail, facsimile, air courier guaranteeing
overnight delivery or personal delivery to the following addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to any Purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">To the respective address listed
on Schedule B hereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Globus Maritime Limited<BR>
c/o Globus Shipmanagement Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Athens Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Athanasios Feidakis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: +30 210 9608359</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy to (which shall not constitute notice):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Watson Farley &amp; Williams LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">250 West 55<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Steven Hollander<BR>
Facsimile: +1-212-922-1512</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other address as the Company
or a Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt requested, or regular
mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing
overnight delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 81pt">Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Jurisdiction; Jury Trial</U>. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each Purchaser and the Company 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, 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 brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. 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 to such party at the address for such 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. Nothing contained herein shall
be deemed or operate to preclude any Purchaser from bringing suit or taking other legal action against the Company in any other
jurisdiction to collect on the Company&rsquo;s obligations to such Purchaser or to enforce a judgment or other court ruling in
favor of such Purchaser. <B>THE COMPANY AND EACH PURCHASER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. </B>To the extent that the Company, or any of
its properties, assets or revenues may have or may hereafter become entitled to any right of immunity in any such court in which
proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted by law and hereby consents
to such relief and enforcement as provided in this Agreement and the other Operative Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Required Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
in Counterparts</U>. This Agreement may be executed in two or more identical counterparts, all of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page 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 signature page were an original
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing by (i)&nbsp;the written
notice of the Purchasers, upon a breach in any material respect by the Company of any covenant or agreement set forth in this
Agreement or (ii)&nbsp;written notice by the Company to the Purchasers upon a breach in any material respect by any Purchaser
of any covenant or agreement set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing if a statute,
rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any Governmental
Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently
prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement
illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
party hereto may terminate this Agreement (for itself only) if the Closing shall not have occurred within seven Business Days
after the condition set forth in Section 2.3(b) has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
termination of this Agreement shall not remove or excuse any liability on the part of any party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recapitalization,
Exchanges, Etc. Affecting the Common Shares</U>. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation,
sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Common Shares, and
shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and
prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third Party Beneficiaries</U>. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
Each Purchaser shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company
recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Operative
Documents, any remedy at law would inadequate relief to the Purchasers. The Company therefore agrees that the Purchasers shall
be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any
court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or
other security. The remedies provided in this Agreement and the other Operative Documents shall be cumulative and in addition
to all other remedies available under this Agreement and the other Operative Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawal
Right</U>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Operative
Documents, whenever any Purchaser exercises a right, election, demand or option under an Operative Document (other than the Registration
Rights Agreement) and the Company or any Subsidiary 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
or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without prejudice to its
future actions and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Set Aside; Currency</U>. To the extent that the Company makes a payment or payments to any Purchaser hereunder or pursuant to
any of the other Operative Documents or any of the Purchasers enforce or exercise their rights hereunder or 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, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred
to in this Agreement and the other Operative Documents are in United States Dollars (&ldquo;<B>U.S. Dollars</B>&rdquo;), and all
amounts owing under this Agreement and all other Operative Documents shall be paid in U.S. Dollars. All amounts denominated in
other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the
date of calculation. &ldquo;<B>Exchange Rate</B>&rdquo; means, in relation to any amount of currency to be converted into U.S.
Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date
of calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability;
Maximum Payment Amounts</U>. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or
unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Agreement. The parties hereto will endeavor
in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything
to the contrary contained in this Agreement or any other Operative Document (and without implication that the following is required
or applicable), it is the intention of the parties hereto that in no event shall amounts and value paid by the Company, or payable
to or received by any of the Purchasers, under the Operative Documents exceed amounts permitted under any applicable law. Accordingly,
if any obligation to pay, payment made to any Purchaser, or collection by any Purchaser pursuant the Operative Documents is finally
judicially determined to be contrary to any such applicable Law, such obligation to pay, payment or collection shall be deemed
to have been made by mutual mistake of such Purchaser, the Company and its Subsidiaries and such amount shall be deemed to have
been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
by the applicable Law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of
such Purchaser, the amount of interest or any other amounts which would constitute unlawful amounts required to be paid or actually
paid to such Purchaser under the Operative Documents. For greater certainty, to the extent that any interest, charges, fees, expenses
or other amounts required to be paid to or received by such Purchaser under any of the Operative Documents or related thereto
are held to be within the meaning of &ldquo;interest&rdquo; or another applicable term to otherwise be violative of applicable
Law, such amounts shall be pro-rated over the period of time to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Judgment
Currency</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Operative
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section&nbsp;6.17 referred to as the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in U.S. Dollars under this
Agreement, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section&nbsp;6.17(i)(2) being hereinafter referred to as the &ldquo;<B>Judgment
Conversion Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
in the case of any proceeding in the court of any jurisdiction referred to in Section&nbsp;6.17(i)(2) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay the amount that is necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased with the amount
of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Agreement or any other Operative Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
this Agreement shall be effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -27pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>GLOBUS MARITIME LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Athanasios Feidakis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Athanasios Feidakis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page to Share and Warrant
Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify; text-indent: -27pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>PURCHASER:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>UNITED CAPITAL INVESTMENTS CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Victor Restis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 42%">Victor Restis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;</TD>
    <TD>Director &amp; President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Purchaser hereby agrees that the Maximum Percentage (as
defined in the Warrant) for such Purchaser (and not any other Purchaser) shall be:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that the above is left blank, the provisions
of the Warrant shall apply, and the maximum percentage ownership shall be 9.99%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page to Share and Warrant
Purchase Agreement</I></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A &ndash; List of the Purchasers
and Commitment Amounts&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Purchaser</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Common<BR> Shares</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Warrants to<BR> Purchase<BR> Common<BR> Shares</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Purchase Price*</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: justify">United Capital Investments Corp.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">2,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">12,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">2,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The Purchase Price for each Purchaser for each Common Share
and a warrant to purchase five Common Shares is $1.00. Therefore, to compute the Purchase Price for a particular Purchaser, multiply
the number of Common Shares listed next to the name of such Purchaser by $1.00.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Schedule A to Share and Warrant Purchase
Agreement</I></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule B &ndash; Notice and Contact
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>United Capital Investments Corp. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">c/o</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">Kostis Kinigakis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">11, Poseidonos Av.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">16777, Elliniko</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">Athens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Exhibit A to Share and Warrant Purchase
Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A &ndash; Form of Registration
Rights Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Exhibit A to Share and Warrant Purchase
Agreement</I></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Exhibit B to Share and Warrant Purchase
Agreement</I></P>

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


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tv477236_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This REGISTRATION
RIGHTS AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) is made and entered into as of October 19, 2017 among Globus Maritime Limited,
a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), and the persons set forth on Schedule A to this Agreement (the
&ldquo;<B>Investor</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, this Agreement
is made in connection with the entry into the Share and Warrant Purchase Agreement (the &ldquo;<B>Purchase Agreement</B>&rdquo;),
October 19, 2017 between the Company and the Investors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
has agreed to provide the Investors with certain registration rights with respect to its shares of Common Stock (as hereinafter
defined) for the benefit of the Investors pursuant to the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify"><B><U>Certain Definitions</U></B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the
terms defined elsewhere in this Agreement, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>2016 Registration
Rights Agreement</B>&rdquo; means that certain registration rights agreement dated November 23, 2016 between the Company and Firment
Trading Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>2017 Registration
Rights Agreement</B>&rdquo; means that certain registration rights agreement dated February 9, 2017 between the Company and the
purchasers named therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
of any Person means any other Person which directly or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Stock</B>&rdquo;
means shares of common stock, par value $0.004 per share, of the Company, including common stock issuable upon conversion of other
securities or issuable in exchange for or with respect to the common stock, par value $0.004 per share, of the Company by way of
a stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, exchange, merger,
consolidation or other reorganization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Control</B>,&rdquo;
including the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with,&rdquo; means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether
through the ownership of voting shares, by contract or otherwise. A person who is the owner of 20% or more of the outstanding voting
shares of any corporation, limited liability company, partnership, unincorporated association or other entity shall be presumed,
for purposes of this Agreement, to have control of such entity, in the absence of proof by a preponderance of the evidence to the
contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting shares, in good
faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one
or more owners who do not individually or as a group have control of such entity.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Demand Registration</B>&rdquo;
has the meaning set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Dissolution</B>&rdquo;
has the meaning set forth in Section 7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Effectiveness
Period</B>&rdquo; has the meaning set forth in Section 2(g) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Governmental
Entity</B>&rdquo; means any national, federal, state, municipal, local, territorial, foreign or other government or any department,
commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral
body or public or private tribunal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Holder</B>&rdquo;
means any Person that owns Registrable Shares, including the Investors, their Affiliates and such successors and permitted assigns
as acquire Registrable Shares, directly or indirectly, from such Person. For purposes of this Agreement, the Company may deem and
treat the registered holder of Registrable Shares as the Holder and absolute owner thereof, and the Company shall not be affected
by any notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Initiating
Holders</B>&rdquo; has the meaning set forth in Section 2(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Losses</B>&rdquo;
has the meaning set forth in Section 8(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Majority
Holders</B>&rdquo; means the Holders of a majority of the Registrable Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated or unincorporated
organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Piggyback
Registration</B>&rdquo; has the meaning set forth in Section 4(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Prospectus</B>&rdquo;
means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Shares covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus or prospectuses.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registrable
Shares</B>&rdquo; means shares of Common Stock issued by the Company pursuant to the Purchase Agreement held by an Investor or
any Affiliate of an Investor, shares of Common Stock receivable upon the conversion or exercise of securities or loans or debt
of the Company issued pursuant to the Purchase Agreement held by an Investor or any Affiliate of an Investor, or any shares of
any successor or acquiror of the Company issued in exchange or substitution for any of the foregoing in connection with any acquisition,
merger, combination or similar transaction involving the Company or any successor of the Company; <I>provided</I>, <I>however</I>,
that Registrable Shares shall not include any securities sold by a Person to the public either pursuant to a Registration Statement
or Rule 144 or any securities that may be sold pursuant to Rule 144 without restriction or limitation on volume or manner of sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Expenses</B>&rdquo; has the meaning set forth in Section 6(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Statement</B>&rdquo; means any registration statement of the Company which covers any of the Registrable Shares pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference in such Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SEC</B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Shelf Registration</B>&rdquo;
has the meaning set forth in Section 3(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Suspension
Notice</B>&rdquo; has the meaning set forth in Section 5(f) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Underwritten
Offering</B>&rdquo; means a registration in which securities of the Company are sold to underwriters for reoffering to the public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Withdrawn
Demand Registration</B>&rdquo; has the meaning set forth in Section 2(g) hereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify"><B><U>Demand Registration</U></B>. Subject to Section 10(l):</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Request Registration</U>. Subject to Section 2(d) hereof, at any time commencing one hundred eighty (180) days after the date
hereof, any Holder or Holders collectively holding in the aggregate a majority of the then outstanding Registrable Shares (&ldquo;<B>Initiating
Holders</B>&rdquo;) shall have the right to require the Company to register under the Securities Act (&ldquo;<B>Demand Registration</B>&rdquo;)
all or part of the Registrable Shares; <I>provided</I>, <I>however</I>, that each Demand Registration be for Registrable Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Within ten (10) days
after receipt of any such request for Demand Registration, the Company shall give written notice of such request to all other Holders
of Registrable Shares and shall, subject to the provisions of Section 2(d) hereof, include in such registration all such Registrable
Shares with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the
receipt of the Company&rsquo;s notice.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Demand Registrations</U>. Subject to the provisions of Section 2(a), the Holders shall collectively be entitled to request an
aggregate of one (1) Demand Registrations in any one twelve (12) month period and a maximum of two (2) Demand Registrations in
total. A registration shall not count as one of the permitted Demand Registrations (i) until it has become effective, (ii) if the
Initiating Holders requesting such registration are not able to have registered and sold at least 50% of the Registrable Shares
requested by such Initiating Holders to be included in such registration or (iii) in the case of a Demand Registration that would
be the last permitted Demand Registration requested hereunder, if the Initiating Holders requesting such registration are not able
to have registered and sold all of the Registrable Shares requested to be included by such Initiating Holders in such registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Securities Included in Registration Statement</U>. If any requested registration made pursuant to Section 2(a) involves an Underwritten
Offering and the managing underwriters of the requested Demand Registration advise the Company in writing that in their opinion
the number of Registrable Shares proposed to be included in any such registration exceeds the number of securities which can be
sold in such offering without having an adverse affect on such offering, including the price at which such Registrable Shares can
be sold, the Company shall include in such registration only the number of Registrable Shares which in the reasonable opinion of
such managing underwriters can be sold without having the adverse effect referred to above. If the number of shares which can be
sold without having the adverse effect referred to above is less than the number of Registrable Shares proposed to be registered,
the amount of Registrable Shares to be so sold shall be allocated pro rata among the Holders of Registrable Shares desiring to
participate in such registration on the basis of the amount of such Registrable Shares initially proposed to be registered by such
Holders. If the number of shares which can be sold exceeds the number of Registrable Shares proposed to be sold, such excess shall
be allocated pro rata among the other holders of securities, if any, desiring to participate in such registration based on the
amount of such securities initially requested to be registered by such holders or as such holders may otherwise agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Restrictions on Demand Registrations</U>. The Company shall not be obligated to effect any Demand Registration within three
(3) months after the termination of an offering under a previous Demand Registration or within three (3) months after the effectiveness
of a previous registration under which the Initiating Holder had piggyback rights pursuant to Section 4 hereof where the Initiating
Holder was permitted to register and sell 50% or more of the Registrable Shares requested to be included therein. The Company may
postpone for up to ninety (90) days the filing or the effectiveness of a Registration Statement for a Demand Registration if (i)
the Company&rsquo;s board of directors reasonably determines that a Demand Registration would reasonably be expected to materially
and adversely affect an offering of securities of the Company, the preparation of which had then been commenced, (ii) the Company
is in possession of material non-public information the disclosure of which during the period specified in such notice the Company&rsquo;s
board of directors reasonably believes would not be in the best interests of the Company, (iii) the Company, in its good faith
judgment, determines that any registration of Registrable Shares should not be made or continued because it would materially interfere
with any material financing, acquisition, corporate reorganization or merger or other transactions or events involving the Company
or any of its subsidiaries or (iv) such Demand Registration would render the Company unable to comply with the requirements of
applicable securities laws; <I>provided</I>, <I>however</I>, that in the event described above, the Initiating Holders requesting
such Demand Registration shall be entitled to withdraw such request prior to its effective date and, if such request is withdrawn,
such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall provide written notice
to the Initiating Holders requesting such Demand Registration of (i) any postponement or withdrawal of the filing or effectiveness
of a Registration Statement pursuant to this Section 2(d), (ii) the Company&rsquo;s decision to file or seek effectiveness of such
Registration Statement following such withdrawal or postponement and (iii) the effectiveness of such Registration Statement. The
Company may defer the filing of a particular Registration Statement pursuant to this Section 2(d) only once during any twelve (12)
month period.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawal
by Holders</U>. Any Holder requesting a Demand Registration will be permitted to withdraw in good faith all or part of the Registrable
Shares from such Demand Registration at any time prior to the date the Commission declares effective the Registration Statement
relating to such Demand Registration, in which event the Company will promptly amend or, if applicable, terminate or withdraw the
related Registration Statement; <I>provided</I>, <I>however</I>, that if the Holder requesting a Demand Registration pursuant to
this Section 2(e) withdraws from such registration, such registration shall count as a Demand Registration unless such Holder pays
all of the out-of-pocket expenses of the Company in connection with such registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selection
of Underwriters</U>. &#9;If any of the Registrable Shares covered by a Demand Registration are to be sold in an Underwritten Offering,
the Initiating Holders shall have the right, but not the obligation, to select the managing underwriter(s) to administer the offering
subject to the approval of the Company, which approval shall not be unreasonably withheld or delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Effective Period of Demand Registrations</U>. The Company will use its reasonable efforts to comply with all necessary provisions
of the federal securities laws in order to keep each Registration Statement relating to a Demand Registration effective for a period
of (i) in the case of an Underwritten Offering, three (3) months from its effectiveness date, or (ii) in any other case, the lesser
of three (3) months or such shorter period as will terminate when all Registrable Shares covered by such Registration Statement
have been sold pursuant to such Registration Statement (the &ldquo;<B>Effectiveness Period</B>&rdquo;). If the Company shall withdraw
any Demand Registration pursuant to Section 2(d) (a &ldquo;<B>Withdrawn Demand Registration</B>&rdquo;), the Initiating Holders
of the Registrable Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled to a
replacement Demand Registration which (subject to the provisions of this Section 2) the Company shall use its reasonable efforts
to keep effective for a period commencing on the effective date of such Demand Registration and ending on the earlier to occur
of the date (i) in the case of an Underwritten Offering, three (3) months from its effectiveness date, or (ii) in any other case,
the lesser of three (3) months or such shorter period as will terminate when all Registrable Shares covered by such Registration
Statement have been sold pursuant to such Registration Statement.</P>

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


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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify"><B><U>Shelf Registration</U></B>. Subject to Section 10(l):</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such time as the Company is able to use Form F-3 under the Securities Act (or any successor or similar form) for sales of Registrable
Shares by a Holder, at the request of one or more Holders, the Company shall use its reasonable efforts to effect, as expeditiously
as possible, the registration under the Securities Act of any number of Registrable Shares for which it receives requests in accordance
with Section 2(a) (the &ldquo;<B>Shelf Registration</B>&rdquo;). The Company shall use its reasonable efforts to cause such Registration
Statement to become effective as promptly as practicable and maintain the effectiveness of such Registration Statement (subject
to the terms and conditions herein) for a period ending on the earliest of (i) three (3) years following the date on which such
Registration Statement first becomes effective (but one (1) year if the Company is not able to continue to use Form F-3 under the
Securities Act (or any successor or similar form)), (ii) the date on which all Registrable Shares covered by such Registration
Statement have been sold, and the distribution contemplated thereby has been completed, and (iii) the date on which all Registrable
Shares covered by such Registration Statement have become freely saleable pursuant to Rule 144 without restriction or limitation
on volume or manner of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement pursuant to this Section 3 shall, to the extent possible under applicable law, be effected to permit
sales on a continuous basis pursuant to Rule 415 under the Securities Act. Any sale pursuant to the Shelf Registration pursuant
to this Section 3 may or may not be underwritten; <I>provided</I>, <I>however</I>, that (i) Holders may request any underwritten
takedown only to be effected as a Demand Registration (in which event, unless such Demand Registration would not require representatives
of the Company to meet with prospective purchasers of the Company&rsquo;s securities, a Demand Registration must be available thereunder
and the number of Demand Registrations available shall be reduced by one, subject to Section 2(b)) or (ii) Holders may request
an unlimited number of underwritten takedowns to be effected in accordance with the terms of Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a request for a Shelf Registration pursuant to Section 3(a), the Company shall give written notice of the proposed
filing of the Registration Statement in connection therewith to all Holders of Registrable Shares, offering to each such Holder
the opportunity to have any or all of the Registrable Shares held by such Holder included in such registration statement. Each
Holder of Registrable Shares desiring to have its Registrable Shares registered under this Section 3(c) shall so advise the Company
in writing within fifteen (15) days after the date of such notice from the Company (which request shall set forth the amount of
Registrable Shares for which registration is requested), and the Company shall include in such Registration Statement all such
Registrable Shares so requested to be included therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number, percentage, fraction or kind of shares referred to in this Section 3 shall be appropriately adjusted for any stock
dividend, stock split, reverse stock split, combination, recapitalization, reclassification, merger or consolidation, exchange
or distribution in respect of the shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, and any other holder of the Company&rsquo;s securities who has registration rights, may include its securities in
any Shelf Registration effected pursuant to this Section 3.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify"><B><U>Piggyback Registration</U></B>. Subject to Section
10(l):</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Piggyback</U>. If at any time commencing one hundred eighty (180) days following the date hereof, the Company proposes to register
any of its shares of common stock, par value $0.004 per share, under the Securities Act (other than a registration statement on
Form S-8 or on Form F-4 or any similar successor forms thereto or a registration statement covering an offering of convertible
securities), whether for its own account or for the account of one or more shareholders of the Company, and the registration form
to be used may be used for any registration of Registrable Shares (a &ldquo;<B>Piggyback Registration</B>&rdquo;), the Company
shall give prompt written notice to each Holder of Registrable Shares of its intention to effect such a registration and, subject
to Sections 4(b) and 4(c), shall include in such registration all Registrable Shares with respect to which the Company has received
written requests for inclusion therein within fifteen (15) days after the effectiveness of the Company&rsquo;s notice, <I>provided</I>,
<I>however</I>, that the Company shall not be required to register any Registrable Shares pursuant to this Section 4(a) that are
eligible for sale pursuant to Rule 144 without restriction or limitation on volume or manner of sale. The Company may postpone
or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority
on Primary Registrations</U>. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and
the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, the
Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, securities requested
to be included in such registration by the holders of securities pursuant to the 2016 Registration Rights Agreement, (iii) third,
securities requested to be included in such registration by the holders of securities pursuant to the 2017 Registration Rights
Agreement, (iv) fourth, the Registrable Shares requested to be included therein by the Holders, pro rata among the Holders of such
Registrable Shares on the basis of the number of shares requested to be registered by such Holders, and (v) fifth, other securities
requested to be included in such registration pro rata among the holders of such securities on the basis of the number of shares
requested to be registered by such holders or as such holders may otherwise agree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority
on Secondary Registrations</U>. If a Piggyback Registration is an underwritten secondary registration on behalf of a holder of
the Company&rsquo;s securities, and the managing underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number which can be sold in such offering without having an
adverse effect on such offering, the Company shall include in such registration (i) first, the securities requested to be included
therein by the holders requesting such registration and the securities requested to be included in such registration pursuant to
the 2016 Registration Rights Agreement, pro rata among the holders of such securities on the basis of the number of shares requested
to be registered by such holders, and (ii) second, other securities requested to be included in such registration pro rata among
the holders (including the Holders) of such securities on the basis of the number of shares requested to be registered by such
holders or as such holders may otherwise agree.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selection
of Underwriters</U>. If any Piggyback Registration is an underwritten primary offering, the Company shall have the right, but not
the obligation, to select the managing underwriter or underwriters to administer any such offering. If the Piggyback Registration
is an underwritten secondary offering, the holders of a majority (in value) of the securities to be included in such offering shall
have the right, but not the obligation, to select the managing underwriter or underwriters to administer any such offering subject
to the approval of the Company, which approval shall not be unreasonably withheld or delayed; provided that, if holders of a majority
(in value) do not select such managing underwriter or underwriters within (15) days after the effectiveness of the Company&rsquo;s
notice contemplated by Section 4(a), the Company shall have the right, but not the obligation, to select such managing underwriter
or underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Registrations</U>. If the Company has previously filed a Registration Statement with respect to Registrable Shares, and if such
previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any
other registration at the request of any holder or holders of such Registrable Shares, until a period of at least ninety (90) days
has elapsed from the effectiveness of the previous registration.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><B><U>Registration Procedures</U></B>. Subject to Section
10(l):</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Holders request that any Registrable Shares be registered pursuant to this Agreement, the Company shall use its reasonable
efforts to effect the registration and the sale of such Registrable Shares in accordance with the intended methods of disposition
thereof, and pursuant thereto the Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare
and file with the SEC a Registration Statement with respect to such Registrable Shares and use its reasonable efforts to cause
such Registration Statement to become effective as soon as practicable thereafter; and before filing a Registration Statement or
Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Shares covered by such Registration
Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated
by reference in the Prospectus and, if requested by such Holders, the exhibits incorporated by reference, and such Holders shall
have the opportunity to object to any information pertaining to such Holders that is contained therein and the Company will make
the corrections reasonably requested by such Holders with respect to such information prior to filing any Registration Statement
or amendment thereto or any Prospectus or any supplement thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC such amendments (including, without limitation, post effective amendments) and supplements to such
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective for a period of not less than 90 days (or such shorter period agreed in this Agreement), in the case of a Demand Registration
or such shorter period as is necessary to complete the distribution of the securities covered by such Registration Statement and
comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
furnish to each seller of Registrable Shares such number of copies of such Registration Statement, each amendment and supplement
thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents
as such seller may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
use its reasonable efforts to register or qualify such Registrable Shares under such other securities or &ldquo;blue sky&rdquo;
laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Shares owned by such
seller; <I>provided</I>, <I>however</I>, that the Company will not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph 5(a)(iv), (B) subject itself to taxation in any such
jurisdiction, or (C) consent to general service of process in any such jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
promptly notify each seller of such Registrable Shares, at any time when a Prospectus relating thereto is required to be delivered
under the Securities Act, of the occurrence of any event as a result of which the Prospectus included in such Registration Statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and,
at the request of any such seller, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of such Registrable Shares, such Prospectus shall not contain an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in the case of an Underwritten Offering, enter into such customary agreements (including underwriting agreements in customary form
with customary indemnification provisions reasonably acceptable to the Company) and take all such other actions as the Holders
of a majority of the Registrable Shares being sold or the underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Shares and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel
to the Company in customary form, covering such matters as are customarily covered by opinions for an underwritten public offering
as the underwriters may request and addressed to the underwriters and the sellers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
make available for reasonable inspection during normal business hours by any seller of Registrable Shares, any underwriter participating
in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller
or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company&rsquo;s
officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or agent in connection with such Registration Statement, subject to any confidentiality and other restrictions
which the Company reasonably deems necessary;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable efforts to cause all such Registrable Shares to be listed on the principal securities exchange on which securities
of the same class issued by the Company are then listed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if requested, cause to be delivered, immediately prior to the effectiveness of the Registration Statement (and, in the case of
an Underwritten Offering, at the time of delivery of any Registrable Shares sold to the underwriters pursuant thereto), letters
from the Company&rsquo;s independent certified public accountants addressed to each underwriter, if any, stating that such accountants
are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by
the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered
by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten public
offerings, as the case may be;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make generally available to its shareholders a consolidated earnings statement (which need not be audited) for the twelve (12)
months beginning after the effective date of a Registration Statement as soon as reasonably practicable after the end of such period,
which earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly notify each seller of Registrable Shares and the underwriter or underwriters, if any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
when the Registration Statement, the Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement
has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any written comments of the SEC or of any written request by the SEC for amendments or supplements to the Registration Statement
or Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop
order suspending the effectiveness of the Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Shares for
sale under the applicable securities or &ldquo;blue sky&rdquo; laws of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall use its reasonable efforts to ensure that no Registration Statement (including any amendments or supplements thereto
and Prospectuses contained therein) shall 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 (except, with respect to any Holder, for an untrue
statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in reliance on
and in conformity with written information furnished to the Company by or on behalf of such Holder specifically for use therein).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall make available to each Holder whose Registrable Shares are included in a Registration Statement (i) promptly
after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of each Registration
Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment or supplement thereto, each
letter written by or on behalf of the Company to the SEC or the staff of the SEC (or other governmental agency or self-regulatory
body or other body having jurisdiction, including any domestic or foreign securities exchange), and each item of correspondence
from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body having jurisdiction, including
any domestic or foreign securities exchange), in each case relating to such Registration Statement (other than any portion thereof
which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus,
including a preliminary Prospectus, and all amendments and supplements thereto and such other documents as such Holder may reasonably
request in order to facilitate the disposition of the Registrable Shares owned by such Holder. The Company will promptly notify
each Holder of the effectiveness of each Registration Statement or any post-effective amendment. The Company will promptly respond
to any and all comments received from the SEC, with a view towards causing each Registration Statement or any amendment thereto
to be declared effective by the SEC as soon as reasonably practicable and shall file an acceleration request as soon as reasonably
practicable following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that
any such Registration Statement or any amendment thereto will not be subject to review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities
Act or the Exchange Act, the Company shall take reasonable efforts to file all reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders
may reasonably request, to the extent required to enable such Holders to be eligible to sell Registrable Shares pursuant to Rule
144 (or any similar rule then in effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company may require each seller of Registrable Shares as to which any registration is being effected to furnish in writing
to the Company any other information regarding such seller and the distribution of such securities as the Company may from time
to time reasonably request in writing, including, but not limited to, a shareholder questionnaire that may include a certified
statement as to the number of shares of Common Stock beneficially owned by each Holder and the natural persons thereof that have
voting and dispositive control over the Registrable Shares.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
seller of Registrable Shares agrees by having its shares treated as Registrable Shares hereunder that, upon notice that the Prospectus
included in such Registration Statement (or any document incorporated therein) contains an untrue statement of a material fact
or omits any material fact necessary to make the statements therein not misleading or that such Prospectus or Registration Statement
(or any document incorporated therein) must be amended or supplemented for any other reason (a &ldquo;<B>Suspension Notice</B>&rdquo;),
such seller will forthwith immediately discontinue disposition of Registrable Shares for a reasonable length of time not to exceed
sixty (60) days until such seller is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished
with a supplemented or amended Prospectus as contemplated by Section 5(a)(v) hereof, and, if so directed by the Company, such seller
will deliver to the Company (at the Company&rsquo;s expense) all copies, other than permanent file copies then in such seller&rsquo;s
possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice; <I>provided</I>,
<I>however</I>, that such postponement of sales of Registrable Shares by the Holders shall not exceed ninety (90) days in the aggregate
in any one (1) year. If the Company shall give any notice to suspend the disposition of Registrable Shares pursuant to a Prospectus,
the Company shall extend the period of time during which the Company is required to maintain the Registration Statement effective
pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to
and including the date such seller either is advised by the Company that the use of the Prospectus may be resumed or receives the
copies of the supplemented or amended Prospectus contemplated by Section 5(a)(v). In any event, the Company shall not be entitled
to deliver more than three (3) Suspension Notices in any one (1) year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify"><B><U>Registration Expenses</U></B>. Subject to Section
10(l):</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
expenses incident to the Company&rsquo;s performance of or compliance with this Agreement, including, without limitation, all registration
and filing fees, fees and expenses of compliance with securities or &ldquo;blue sky&rdquo; laws, listing application fees, printing
expenses, transfer agent&rsquo;s and registrar&rsquo;s fees, cost of distributing Prospectuses in preliminary and final form as
well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants
and other Persons retained by the Company (all such expenses being herein called &ldquo;<B>Registration Expenses</B>&rdquo;) (but
not including any underwriting discounts or commissions attributable to the sale of Registrable Shares, any taxes of any kind (including,
without limitation, transfer taxes) with respect to any disposition, sale or transfer of Registrable Shares, or fees and expenses
of more than one counsel representing the Holders of Registrable Shares), shall be borne by the Company. In addition, the Company
shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance which
the Company may elect to obtain and the expenses and fees for listing the securities to be registered on each securities exchange
on which they are to be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with each registration initiated hereunder (whether a Demand Registration or a Piggyback Registration), the Company
shall reimburse the Holders covered by such registration or sale for the reasonable fees and reasonable disbursements of one law
firm, plus local counsel as necessary, chosen by the Holders of a majority of the Registrable Shares included in such registration
or sale.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Company to bear the expenses described in Section 6(a) and to reimburse the Holders for the expenses described
in Section 6(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is
withdrawn or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur;
<I>provided</I>, <I>however</I>, that Registration Expenses for any supplements or amendments to a Registration Statement or Prospectus
resulting from a misstatement furnished to the Company by or on behalf of a Holder shall be borne by such Holder. If any Registration
Statement for a Demand Registration is withdrawn solely at the request of a Holder of Registrable Shares (unless withdrawn following
postponement of filing by the Company in accordance with Sections 2(d)(i) or (ii)) and such request is the second or subsequent
such withdrawal request by any Holder complied with by the Company, then at the election of the requesting Holder, either such
Holder shall bear the Registration Expenses for such Registration Statement, or the number of Demand Registrations available to
such Holder shall be reduced by one.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify"><B><U>Distribution of Rights upon Dissolution of an Investor</U></B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If at any time after
the execution date of this Agreement, an Investor ceases to exist for any reason as a legal entity (a &ldquo;<B>Dissolution</B>&rdquo;)
and prior to such Dissolution such Investor distributed its shares in the Company to its members or if such Investor has otherwise
distributed such shares to its members, then such members shall have the same rights and obligations under this Agreement as granted
to such Investor as if such Dissolution had not occurred, provided that, such members shall promptly notify the Company of the
Dissolution in accordance with provisions of Section 10(a).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD STYLE="text-align: justify"><B><U>Indemnification</U></B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall indemnify, to the fullest extent permitted by law, each Holder, each underwriter for such Holder, their respective
officers, directors and Affiliates and each Person who controls such Holder or underwriter (within the meaning of the Securities
Act) against all losses, claims, damages, liabilities and expenses (collectively, &ldquo;<B>Losses</B>&rdquo;), arising out of
or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading or any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or applicable &ldquo;blue sky&rdquo; laws, except insofar as the same are made in reliance
and in conformity with information relating to such Holder furnished in writing to the Company by such or on behalf of such Holder
expressly for use therein or caused by such Holder&rsquo;s failure to deliver to such Holder&rsquo;s immediate purchaser a copy
of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable law
to be so delivered).</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any Registration Statement in which a Holder of Registrable Shares is participating, each such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors,
Affiliates, and each Person who controls the Company (within the meaning of the Securities Act) against all Losses arising out
of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or
preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are made
in reliance and in conformity with information relating to such Holder furnished in writing to the Company by or on behalf of such
Holder expressly for use therein or caused by such Holder&rsquo;s failure to deliver to such Holder&rsquo;s immediate purchaser
a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable
law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same; <I>provided</I>,
<I>however</I>, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability
of each such Holder shall be in proportion to and limited to the net amount received by such Holder from the sale of Registrable
Shares pursuant to such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification; <I>provided</I>, <I>however</I>, that the failure to notify the indemnifying party shall
not relieve the indemnifying party from any liability that it may have under this Section 8 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <I>provided</I>, further,
that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have
to an indemnified party otherwise than under this Section 8 and (ii) unless, in an opinion of indemnified party&rsquo;s counsel,
that a conflict of interest between such indemnified and indemnifying parties exists with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent
(but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one
or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available
to another indemnified party with respect to such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive
the transfer of securities.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the indemnification provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held by
a court to be unavailable or unenforceable in respect of any Losses referred to herein, then each applicable indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified Person as a
result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and of the indemnified party on the other in connection with the statements or omissions which result in such Losses as well as
any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified
Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, and by such party&rsquo;s relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than
the amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been
obligated to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had been available
under the circumstances.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="text-align: justify"><B><U>Participation in Underwritten Offerings</U></B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No Person may participate
in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person&rsquo;s securities on the
basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements
and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">10.</TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand
delivered or mailed postage prepaid by registered or certified mail or by facsimile transmission (with immediate telephone confirmation
thereafter),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">if to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">c/o Globus Shipmanagement Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">128 Vouliagmenis Avenue, 3rd
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">166 74 Glyfada Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Attention: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Fax: +30 2210 960 8300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">with copies (which shall not
constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Watson Farley &amp; Williams LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">250 West 55<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Attention: Steven Hollander<BR>
Facsimile: +1-212-922-1512</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">if to any Investor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">to the respective address set
forth on Schedule A hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If to a transferee
Holder, to the address of such Holder set forth in the transfer documentation provided to the Company or at such other address
as such party each may specify by written notice to the others, and each such notice, request, consent and other communication
shall for all purposes of the Agreement be treated as being effective or having been given when delivered personally or upon receipt
of facsimile confirmation if transmitted by facsimile, or, if sent by mail, at the earlier of its receipt or seventy two (72) hours
after the same has been deposited in a regularly maintained receptacle for the deposit of incoming mail, addressed and postage
prepaid as aforesaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns, it being understood that subsequent Holders of the Registrable Shares are intended
third party beneficiaries of this Agreement. Any purported assignment of rights under this Agreement to a Person other than an
Investor, a successor of an Investor or Affiliate of an Investor shall be void unless made in a duly-executed writing signed by
the assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
Any controversy, dispute or claim arising out of or in connection with this Agreement (including, without limitation, the existence,
validity, interpretation or breach hereof and any claim based on contract, tort of statute) shall be finally settled under the
Rules of Arbitration of the International Chamber of Commerce arbitration by three arbitrators appointed in accordance with the
said Rules. Each of the parties hereto consents to process being served by the other party hereto in any suit, action, proceeding
or arbitration by the mailing of a copy thereof in accordance with the provisions of Section 10(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties hereto had signed
the same document. All counterparts shall be construed together and shall constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions</U>.
The headings and other captions in this Agreement are for convenience and reference only; they are not part of this Agreement and
shall not be used in interpreting, construing or enforcing any provision of this Agreement. Facsimile or electronic (including
PDF) signatures shall be as effective as original signatures.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto
as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Majority
Holders; <I>provided</I>, <I>however</I>, that without a Holder&rsquo;s written consent no such amendment, modification, supplement
or waiver shall affect adversely such Holder&rsquo;s rights hereunder in a discriminatory manner inconsistent with its adverse
effects on rights of other Holders hereunder (other than as reflected by the different number of shares held by such Holder); and
<I>provided</I>, further, that the consent or agreement of the Company shall be required with regard to any termination, amendment,
modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the Company&rsquo;s obligations
hereunder. This Agreement cannot be changed, modified, discharged or terminated by oral agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Aggregation
of Shares</U>. All Registrable Shares held by or acquired by any Affiliated Persons will be aggregated together for the purpose
of determining the availability of any rights under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Performance</U>. In the event of a breach by a party hereto of its obligations under this Agreement, each other party hereto, in
addition to being entitled to exercise all rights granted by law, including recovery of damages, may be entitled to specific performance
of its rights under this Agreement. Each party hereto agrees that monetary damages may not be adequate compensation for any loss
incurred by reason of a breach by it of any provision of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it will waive the defense that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Provisions</U>. If at any time the Common Stock is not trading on either or both of Nasdaq and the New York Stock Exchange or
the Company has received a notice of deficiency from a relevant stock exchange on which its Common Stock then trades, or is aware
that it is not in compliance with the continued listing requirements of a relevant stock exchange on which its Common Stock then
trades, then the provisions of Sections 2, 3, 4, 5 and 6 of this Agreement shall not apply whatsoever during such time and shall
be inoperative. It is understood, for the avoidance of doubt, that nothing in this Agreement shall require the Company to register
under the Securities Act or the Exchange Act any class of securities with the Commission if and to the extent the Common Shares
are not at such time (i) registered pursuant to the Exchange Act and (ii) trading on either or both of Nasdaq and the New York
Stock Exchange.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement of the parties hereto relating to the matters contained herein,
superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations
of Holders</U>. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other
Holder, and no Holder shall be responsible in any way for performance of the obligations of any other Holder under this Agreement.
Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as, and
the Company acknowledges that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind
of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by this Agreement. The Company acknowledges that each Holder shall be entitled
to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it
shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. Notwithstanding
anything to the contrary in this Section 10(n), it is expressly understood and acknowledged by the Holders that Section 2(a) of
this Agreement requires the Holder or Holders collectively holding in the aggregate a majority of the then outstanding Registrable
Shares held by Holders to collectively demand registration and Section 10(i) requires amendments of this Agreement only upon prior
written consent of the Majority Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signature Page Follows</I>]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized persons as of the date first indicated
above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; line-height: 12pt; width: 4%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 12pt; width: 42%"><FONT STYLE="font-size: 10pt">Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>Signature Page
to Registration Rights Agreement</I></P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt"><B>UNITED CAPITAL INVESTMENTS CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; line-height: 12pt">/s/&nbsp;<FONT STYLE="font-size: 10pt">Victor
    Restis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; line-height: 12pt; width: 4%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 12pt; width: 42%"><FONT STYLE="font-size: 10pt">Victor Restis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-size: 10pt">Director &amp; President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>Signature Page
to Registration Rights Agreement</I></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investors&rsquo; Names and Addresses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>United Capital Investments Corp.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">11, Poseidonos Av.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">16777, Elliniko</P>

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

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

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


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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv477236_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-variant: normal; text-transform: uppercase"><B>E</B></FONT><B><FONT STYLE="font-variant: normal">xhibit
<FONT STYLE="text-transform: uppercase">10.3</FONT></FONT></B></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: normal; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: normal; text-transform: uppercase">NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED OR EXERCISED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE
COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT. THE NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION </FONT><FONT STYLE="font-variant: normal">1(a)
<FONT STYLE="text-transform: uppercase">OF THIS WARRANT.</FONT></FONT></P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Globus Maritime Limited</P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrant To Purchase Common
Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant No.: 7</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date of Issuance: October 19, 2017 (&ldquo;<B>Issuance
Date</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Globus Maritime Limited,
a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, UNITED CAPITAL INVESTMENTS CORP., the registered holder hereof or
its permitted assigns (the &ldquo;<B>Holder</B>&rdquo;), is entitled, subject to the terms set forth below, to purchase from the
Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Shares (including
any Warrants to Purchase Common Shares issued in exchange, transfer or replacement hereof, the &ldquo;<B>Warrant</B>&rdquo;),
at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined
below), 12,500,000 (subject to adjustment as provided herein) fully paid and non-assessable Common Shares (as defined below) (the
&ldquo;<B>Warrant Shares</B>&rdquo;). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section&nbsp;16. This Warrant is to Purchase Common Shares (the &ldquo;<B>SPA Warrants</B>&rdquo;) issued pursuant
to Section&nbsp;2.6(i) of that certain Share and Warrant Purchase Agreement, dated as of October 19, 2017 (the &ldquo;<B>Subscription
Date</B>&rdquo;), by and among the Company and the investor (the &ldquo;<B>Buyers</B>&rdquo;) referred to therein, as amended
from time to time (the &ldquo;<B>Securities Purchase Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>EXERCISE
OF WARRANT.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mechanics
of Exercise</U>. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section&nbsp;1(f)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date, in whole or in
part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as <B><U>Exhibit
A</U></B> (along with all documents and opinions required or requested to be delivered as described herein and therein,
including Section 1(h), the &ldquo;<B>Exercise Notice</B>&rdquo;), of the Holder&rsquo;s election to exercise this Warrant.
Within one Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of
an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to
which this Warrant was so exercised (the &ldquo;<B>Aggregate Exercise Price</B>&rdquo;) in cash or via wire transfer of
immediately available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made
pursuant to a Cashless Exercise (as defined in Section&nbsp;1(d)). The Holder shall not be required to deliver the original
of this Warrant in order to effect an exercise hereunder. </FONT> Execution and delivery of an Exercise Notice with respect
to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of
an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of
this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the third full Trading
Day following the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile or
electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as <B><U>Exhibit&nbsp;B</U></B>,
to the Holder and the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;). On or before the fifth full
Trading Day following the date on which the Company has received such Exercise Notice, so long as the Holder delivers the
Aggregate Exercise Price (or notice of a Cashless Exercise along with an appropriate representation letter of the Holder
relating to Rule 144, including its non-affiliate status and length of time in which it has held this Warrant and lack of
material non-public information (the &ldquo;<B>Rule 144 Representation Letter</B>&rdquo;)) on or prior to the first
Trading Day following the date of which the Company has received the Exercise Notice, the Company shall (X) provided that the
Transfer Agent is participating in The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) Fast Automated Securities Transfer
Program, and the Warrant Shares are subject to an effective resale registration statement in favor of the Holder or, if
exercised via Cashless Exercise, can be immediately sold or transferred by the Holder pursuant to Rule 144 without
restrictions on volume or manner of sale irrespective of whether the Company is a reporting company, upon the request of the
Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y)
otherwise, issue and deliver (via reputable overnight courier) to the address as specified in the Exercise Notice, a
certificate or book entry notification, registered in the name of the Holder or its designee, for the number of Warrant
Shares to which the Holder shall be entitled pursuant to such exercise, which Warrant Shares shall contain such legends as
may be required pursuant to applicable law and the Securities Purchase Agreement. If this Warrant is submitted in connection
with any exercise pursuant to this Section&nbsp;1(a) and the number of Warrant Shares represented by this Warrant submitted
for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the
Holder, the Company shall as soon as practicable and at its own expense issue and deliver to the Holder (or its designee) a
new Warrant (in accordance with Section&nbsp;6(d)) representing the right to purchase the number of Warrant Shares
purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to
which this Warrant is exercised. No fractional Common Shares are to be issued upon the exercise of this Warrant, but rather
the number of Common Shares to be issued shall be rounded down to the nearest whole number. The Company shall pay any and all
transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the
Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares to the Holder upon exercise
of this Warrant. Notwithstanding the foregoing, the Company&rsquo;s failure to deliver Warrant Shares to the Holder on or
prior to the later of (i) five full Trading Days after receipt of the applicable Exercise Notice and (ii) three full Trading
Days after the Company&rsquo;s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise along with the
Rule 144 Representation Letter (such later date, the &ldquo;<B>Share Delivery Date</B>&rdquo;)) shall not be deemed to be a
breach of this Warrant. Notwithstanding anything to the contrary contained in this Warrant or the Registration Rights
Agreement, after the effective date of the Registration Statement (as defined in the Registration Rights Agreement), the
Company shall cause the Transfer Agent to deliver unlegended Common Shares to the Holder (or its designee) in connection with
any sale of Registrable Securities (as defined in the Registration Rights Agreement) with respect to which the Holder has
entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration
Statement to the extent applicable, and for which the Holder has not yet settled. From the Issuance Date through and
including the Expiration Date, the Company shall maintain a transfer agent that participates in the DTC&rsquo;s Fast
Automated Securities Transfer Program. If an Exercise Notice is not accompanied by all relevant documents and opinions
required to be included therein, including documentation necessary to ensure compliance with applicable securities laws, it
shall be automatically deemed, without any further action, as if such Exercise Notice had not been sent by the Holder, and
the Company shall not be required to issue any Common Shares relating thereto or take any other action. The Holder agrees
that if any Warrant Shares were unlegended due to an effective registration statement covering the sale of such Warrant
Shares no longer being effective, and such Warrant Shares are not eligible to be sold, assigned or transferred under Rule 144
without manner of sale or volume limitations irrespective of whether the Company is a reporting company, then the Holder
shall return the Warrant Shares to direct, book entry notation and any certificates or statements shall bear a legend as
required by the &ldquo;blue sky&rdquo; laws of any state and a restrictive legend in substantially the form contained in the
Securities Purchase Agreement (and a stop-transfer order may be placed against transfer of such Securities).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exercise
Price</U>. For purposes of this Warrant, &ldquo;<B>Exercise Price</B>&rdquo; means $1.60, subject to adjustment as provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Company&rsquo;s
Failure to Timely Deliver Securities</U>. If on or prior to the Share Delivery Date the Company shall fail to issue and deliver
to the Holder (or its designee) a certificate or book entry statement and register such Common Shares on the Company&rsquo;s share
register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program and the Warrant Shares
are subject to an effective resale registration statement in favor of the Holder or, if exercised via Cashless Exercise, can be
immediately sold or transferred by the Holder pursuant to Rule 144 without restrictions on volume or manner of sale irrespective
of whether the Company is a reporting company, the Transfer Agent shall fail to credit the balance account of the Holder or the
Holder&rsquo;s designee with DTC for the number of Common Shares to which the Holder is entitled upon the Holder&rsquo;s exercise
hereunder, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Common Shares
to deliver in satisfaction of a sale by the Holder of Common Shares issuable upon such exercise that the Holder anticipated receiving
from the Company, then the Company shall, within five Trading Days after the Holder&rsquo;s request promptly honor its obligation
to so issue and deliver to the Holder a certificate or certificates or book entry statement representing such Warrant Shares or
credit the balance account of such Holder or such Holder&rsquo;s designee, as applicable, with DTC for the number of Warrant Shares
to which the Holder is entitled upon the Holder&rsquo;s exercise hereunder (as the case may be) and pay cash to the Holder in
an amount equal to the excess (if any) of an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the Common Shares so purchased over the product of (A) such number of Common Shares
multiplied by (B) the sale price per Common Share that the Holder agreed to sell and for which Common Shares the Holder anticipated
receiving from the Company. Nothing shall limit the Holder&rsquo;s right to pursue any other remedies available to it hereunder
in equity, such as a decree of specific performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely
deliver certificates representing Common Shares (or to electronically deliver such Common Shares or deliver book entry statements)
upon the exercise of this Warrant as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, this
Section 1(c) shall not apply to the Holder to the extent the Company has already paid such amounts in full to such Holder pursuant
to an analogous sections of the Securities Purchase Agreement.</FONT></P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Cashless
Exercise</U>. This Section 1(d) shall not apply, and has no force and effect, until six months after the Issuance Date. Notwithstanding
anything contained herein to the contrary (other than Section&nbsp;1(f) below and the first sentence of this Section 1(d)), if
a registration statement covering the resale of the Warrant Shares that are subject to the Exercise Notice is not available for
the resale of such unavailable Warrant Shares and the Warrant Shares are not otherwise eligible to be sold, assigned or transferred
without manner of sale or volume limitations, then the Holder may, in its sole discretion, exercise this Warrant in whole or in
part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of
the Aggregate Exercise Price, elect instead to receive upon such exercise the &ldquo;Net Number&rdquo; of Common Shares determined
according to the following formula (a &ldquo;<B>Cashless Exercise</B>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Net Number = <U>(A x B) - (A
x C)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">For purposes of the foregoing
formula:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A= the total number of shares with respect
to which this Warrant is then being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B = the quotient of (x) the sum
of the VWAP of the Common Shares of each of the twenty (20) Trading Days ending at the close of business on the Principal Market
(or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange
or securities market on which such security is then traded) immediately prior to the time of exercise as set forth in the applicable
Exercise Notice, divided by (y) twenty (20).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">C = the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of Rule
144(d) promulgated under the Securities Act, as in effect on the date hereof, it is intended that the Warrant Shares issued in
a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be
deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company shall issue
Warrant Shares with a legend as provided in the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Disputes</U>.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant
Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares
that are not disputed and resolve such dispute in accordance with Section&nbsp;10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Limitations
on Exercises</U>. Notwithstanding anything to the contrary herein, the Company shall not effect the exercise of any portion of
this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions
of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect
to such exercise, the Holder together with the other Attribution Parties to which the Company is aware holds securities of the
Company collectively would beneficially own in excess of 4.99% or such other percentage as specified in the Securities Purchase
Agreement (the &ldquo;<B>Maximum Percentage</B>&rdquo;) of the number of Common Shares outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of Common Shares beneficially owned by the Holder
and the other Attribution Parties shall include the number of Common Shares held by the Holder and all other Attribution Parties
plus the number of Common Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude Common Shares which would be issuable upon (A) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes
or convertible preferred shares or warrants, including other SPA Warrants) beneficially owned by the Holder or any other Attribution
Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes
of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes
of this Warrant, in determining the number of outstanding Common Shares the Holder may acquire upon the exercise of this Warrant
without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding Common Shares as reflected in (x) the
Company&rsquo;s most recent Annual Report on Form 20-F, Current Report on Form 6-K or other public filing with the Securities
and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice
by the Company or the Transfer Agent, if any, setting forth the number of Common Shares outstanding (the &ldquo;<B>Reported Outstanding
Share Number</B>&rdquo;). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding
Common Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number
of Common Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder&rsquo;s beneficial
ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of
a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase
is reduced, the &ldquo;<B>Reduction Shares</B>&rdquo;) and (ii) as soon as reasonably practicable, the Company shall return to
the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within three Business Days confirm orally and in writing or by electronic mail 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 and any
other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance
of Common Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed
to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Common Shares (as determined
under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder&rsquo;s and the other Attribution Parties&rsquo;
aggregate beneficial ownership exceeds the Maximum Percentage (the &ldquo;<B>Excess Shares</B>&rdquo;) shall be deemed null and
void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon
as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the
Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder
may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% (unless there
is a higher percentage specified in the Securities Purchase Agreement, in which case such higher percentage shall prevail) as
specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first
(61<SUP>st</SUP>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to
the Holder and the other Attribution Parties and not to any other holder of SPA Warrants that is</FONT> not an Attribution Party
of the Holder. For purposes of clarity, the Common Shares issuable pursuant to the terms of this Warrant in excess of the Maximum
Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d)
or Rule 16a-1(a)(1) of the 1934 Act. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph or any portion
of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section
1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained
in this paragraph may not be waived and shall apply to a successor holder of this Warrant.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Reservation
of Shares</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Required
Reserve Amount</U>. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under
this Warrant a number of Common Shares at least equal to 100% of the maximum number of Common Shares as shall be necessary to
satisfy the Company&rsquo;s obligation to issue Common Shares under the SPA Warrants then outstanding (without regard to any limitations
on exercise) (the &ldquo;<B>Required Reserve Amount</B>&rdquo;); provided that at no time shall the number of Common Shares reserved
pursuant to this Section 1(g)(i) be reduced other than proportionally in connection with any exercise or redemption of SPA Warrants
or such other event covered by Section 2(a) below. The Required Reserve Amount (including, without limitation, each increase in
the number of shares so reserved) shall be allocated pro rata among the holders of the SPA Warrants based on number of Common
Shares issuable upon exercise of SPA Warrants held by each holder on the Closing Date (as defined in the Securities Purchase Agreement)
(without regard to any limitations on exercise) or increase in the number of reserved shares, as the case may be (the &ldquo;<B>Authorized
Share Allocation</B>&rdquo;). In the event that a holder shall sell or otherwise transfer any of such holder&rsquo;s SPA Warrants,
each transferee shall be allocated a pro rata portion of such holder&rsquo;s Authorized Share Allocation. Any Common Shares reserved
and allocated to any Person which ceases to hold any SPA Warrants shall be allocated to the remaining holders of SPA Warrants,
pro rata based on the number of Common Shares issuable upon exercise of the SPA Warrants then held by such holders (without regard
to any limitations on exercise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Insufficient
Authorized Shares</U>. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the
SPA Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved Common Shares to satisfy
its obligation to reserve the Required Reserve Amount (an &ldquo;<B>Authorized Share Failure</B>&rdquo;), then the Company shall
immediately take all action necessary to increase the Company&rsquo;s authorized Common Shares to an amount sufficient to allow
the Company to reserve the Required Reserve Amount for all the SPA Warrants then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall call a meeting of its shareholders
for the approval of an increase in the number of authorized Common Shares. In connection with such meeting, the Company shall
provide each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders&rsquo; approval of
such increase in authorized Common Shares and to cause its board of directors to recommend to the shareholders that they approve
such proposal. </FONT></P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Restrictions
on Exercise</U>. Notwithstanding anything hereon to the contrary, this Warrant may not be exercised if the issuance of the Warrant
Shares upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations.
Without limiting the generality of the foregoing, the Company may reasonably request information and documentation from the Holder,
including the location of exercise of the warrant, to ensure compliance with Regulation S promulgated under the Securities Act
(to the extent that Regulation S is used as the exemption to issue Warrant Shares), or to ensure compliance with any other exemption
of the registration requirements of the Securities Act utilized by the Holder, and the Holder shall promptly comply with any such
request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time
as set forth in this Section&nbsp;2.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
Dividends and Splits</U>. If the Company, at any time on or after the Subscription Date, (i) pays a share dividend on one or more
classes of its then outstanding Common Shares or otherwise makes a distribution on any class of share capital that is payable
in Common Shares, (ii) subdivides (by any share split, share dividend, recapitalization or otherwise) one or more classes of its
then outstanding Common Shares into a larger number of shares or (iii) combines (by combination, reverse share split or otherwise)
one or more classes of its then outstanding Common Shares into a smaller number of shares, then in each such case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares outstanding immediately before
such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of
shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event. Simultaneously with any adjustment to the Exercise Price pursuant
to this Section&nbsp;2(a), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number
of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard
to any limitations on exercise contained herein).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Calculations</U>.
All calculations under this Section&nbsp;2 shall be made by rounding to the nearest cent or the nearest 1/100<SUP>th</SUP> of
a share, as applicable. The number of Common Shares outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>No
Other Adjustments</U>. Other than as described in Section 2 (but subject to Section 3), no adjustment need be made for the issuance
of any additional Common Shares, preferred shares convertible into Common Shares, or debt, warrants, options or other instruments
or securities whether or not convertible into or exercisable for Common Shares.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>FUNDAMENTAL
TRANSACTIONS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Fundamental
Transactions</U>. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
in writing all of the obligations of the Company under this Warrant and the other Operative Documents (as defined in the Securities
Purchase Agreement) in accordance with the provisions of this Section&nbsp;3(a) pursuant to written agreements in form and substance
satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements,
if so requested by the Holder, to deliver to each holder of SPA Warrants in exchange for such SPA Warrants a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation,
an adjusted exercise price equal to the value for the Common Shares reflected by the terms of such Fundamental Transaction and
exercisable for a corresponding number of shares of capital stock 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 adjustments to the 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). Upon the consummation of a Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of the applicable
Fundamental Transaction, the provisions of this Warrant referring to the &ldquo;Company&rdquo; 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. Upon consummation of a Fundamental
Transaction in which the Company is not the Successor Entity, the Successor Entity shall deliver to the Holder confirmation that
there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction,
in lieu of the Common Shares (or other securities, cash, assets or other property) issuable upon the exercise of this Warrant
prior to the applicable Fundamental Transaction, such common equity of the Successor Entity (including its parent) which the Holder
would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised
immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant),
as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f)
hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section&nbsp;4(a)
to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any other
rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of Common Shares are entitled
to receive securities or other assets with respect to or in exchange for Common Shares (a &ldquo;<B>Corporate Event</B>&rdquo;),
the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise
of this Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date,
in lieu of the shares of the Common Shares (or other securities, cash, assets or other property) issuable upon the exercise of
the Warrant prior to such Fundamental Transaction, such shares, securities, cash, assets or any other property whatsoever (including
warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of
the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction
(without regard to any limitations on the exercise of this Warrant) only to the extent that the Holder did not have an opportunity
to exercise this Warrant prior to the Fundamental Transaction (it being agreed that if the Company provides the notice in accordance
with Section 7(iii), then the Holder shall automatically be deemed to have an opportunity to exercise this Warrant). </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Application</U>.
The provisions of this Section&nbsp;3 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise
of this Warrant (or any such other warrant)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>NON-CIRCUMVENTION.
</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company hereby covenants and agrees that the
Company will not, by amendment of its Articles of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issuance 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, and will at all times in good faith carry out all the provisions
of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of
the foregoing, the Company (a) shall not increase the par value of any Common Shares receivable upon the exercise of this Warrant
above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and non-assessable Common Shares upon the exercise of this Warrant. Notwithstanding
anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance Date, the Holder is not permitted
to exercise this Warrant in full for any reason (other than pursuant to restrictions set forth in Section 1(f) hereof or applicable
securities laws), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining
such consents or approvals as necessary to permit such exercise into Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>WARRANT
HOLDER NOT DEEMED A STOCKHOLDER</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Except as otherwise
specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or
receive dividends or be deemed the holder of capital stock of the Company for any purpose, nor shall anything contained in this
Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a shareholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares,
reclassification of shares, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or
subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which the Holder is then entitled
to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing
any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section&nbsp;5,
the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company
generally, contemporaneously with the giving thereof to the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>REISSUANCE
OF WARRANTS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Transfer
of Warrant</U>. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section&nbsp;6(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section&nbsp;6(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lost,
Stolen or Mutilated Warrant</U>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section&nbsp;6(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exchangeable
for Multiple Warrants</U>. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section&nbsp;6(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such
portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for
fractional Warrants Shares shall be given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance
of New Warrants</U>. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section&nbsp;6(a)
or Section 6(c), the Warrant Shares designated by the Holder which, when added to the number of Common Shares underlying the other
new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant),
(iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv)
shall have the same rights and conditions as this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>NOTICES.
</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever notice is required to be given under this
Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section&nbsp;6.5 of the Securities Purchase
Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant (other
than the issuance of Common Shares upon exercise in accordance with the terms hereof), including in reasonable detail a description
of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice
to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable
detail the calculation of such adjustment(s), (ii) at least 15 days prior to the date on which the Company closes its books or
takes a record (A) with respect to any dividend or distribution upon the Common Shares, (B) with respect to any grants, issuances
or sales of any Options, Convertible Securities or rights to purchase shares, warrants, securities or other property to holders
of Common Shares (other than issuances of securities to directors, officers, employees or consultants of the Company) or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that
such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder, and
(iii) at least 10 Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, and the
Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees that the Holder
shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors,
employees, affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis of, such material
non-public information. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise
Notice shall be definitive and may not be disputed or challenged by the Company.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>AMENDMENT
AND WAIVER.</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except as otherwise provided herein,
the provisions of this Warrant may be amended or waived and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>SEVERABILITY.
</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any provision of this Warrant is prohibited by
law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise
be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant
so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as
to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not
substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to
that of the prohibited, invalid or unenforceable provision(s).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: none">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: none"><U>GOVERNING
LAW.</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Warrant shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this
Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each of the Holder and the Company 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 to the
Company at the address set forth in Section 6.5 of the Securities Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Each of the Holder and the Company 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 brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing
suit or taking other legal action against the Company in any other jurisdiction to collect on the Company&rsquo;s obligations
to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court
ruling in favor of the Holder. THE COMPANY AND THE HOLDER EACH HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT
OR ANY TRANSACTION CONTEMPLATED HEREBY. To the extent that the Company, or any of its properties, assets or revenues may have
or may hereafter become entitled to any right of immunity in any such court in which proceedings may at any time be commenced,
the Company hereby waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided
in this Warrant.</FONT></FONT></P>

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


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>CONSTRUCTION;
HEADINGS</U></FONT>. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF</U></FONT>. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Operative Documents, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder
of this Warrant shall be entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security. The Company shall provide all information and documentation
to the Holder that is requested by the Holder to enable the Holder to confirm the Company&rsquo;s compliance with the terms and
conditions of this Warrant (including, without limitation, compliance with Section&nbsp;2 hereof). The issuance of shares and
certificates for shares or book entry statements as contemplated hereby upon the exercise of this Warrant shall be made without
charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not
be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any Common
Shares in a name other than the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS</U></FONT>. If this Warrant is placed in the hands of an attorney for collection or
enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts due
under this Warrant or to enforce the provisions of this Warrant, then the Company shall pay the costs incurred by the Holder for
such collection, enforcement or action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>TRANSFER</U></FONT>.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, provided that the Holder
shall provide to the Company and its transfer agent an opinion of counsel that such transfer is exempt from registration under
the Securities Act, and whether (or when) the Warrant or Warrant Shares are freely tradable without restriction, it being understood
that Warrant Shares issued pursuant to Regulation S will generally not be freely tradable unless resale is registered under the
Securities Act or pursuant to Rule 144 or another rule promulgated under the Securities Act, and provided, further, that the transferee
provide to the Company all of the representations and warranties contained in Article IV of the Securities Purchase Agreement
as if the transferee were a party thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>Stock
Certificates</U>. </FONT>Any reference in this Warrant to stock certificates shall mean at the option of the Company, and may
be satisfied by, a book entry notation of stock of the Company or other proof that uncertificated shares have been issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>CERTAIN
DEFINITIONS</U></FONT>. For purposes of this Warrant, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>1934
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that &ldquo;control&rdquo; of a Person means the
power directly or indirectly either to vote 10% or more of the shares having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Approved Share Plan</B>&rdquo; means any employee benefit plan which has been approved by the board of directors of
the Company prior to or subsequent to the date hereof pursuant to which the Company&rsquo;s securities may be issued to any employee,
officer or director for services provided to the Company in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Attribution
Parties</B>&rdquo; means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds,
feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised
by the Holder&rsquo;s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the
Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company&rsquo;s Common Shares would or could
be aggregated with the Holder&rsquo;s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity,
the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Bloomberg</B>&rdquo;
means Bloomberg, L.P. or a successor entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Business
Day</B>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Common
Shares</B>&rdquo; means (i)&nbsp;the Company&rsquo;s common shares, par value $0.004 per share, and (ii) any capital stock into
which such common shares shall have been changed or any capital stock resulting from a reclassification of such common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Convertible
Securities</B>&rdquo; means any shares or other security (other than Options and Excluded Securities) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Excluded
Securities</B>&rdquo; means (i) Common Shares or standard options to purchase Common Shares issued to directors, officers or employees
of the Company for services rendered to the Company in their capacity as such whether or not pursuant to an Approved Share Plan;
(ii) Common Shares issued upon the conversion or exercise of Convertible Securities issued prior to the Subscription Date, provided
that the conversion price of any such Convertible Securities (other than standard options to purchase Common Shares issued pursuant
to an Approved Share Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than
standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) are
amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities
(other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i)
above) are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) the Common Shares issuable
upon exercise of the SPA Warrants and (iv) Common Shares, warrants and Common Shares issuable upon exercise of warrants, in each
case issued as contemplated by Section 2.6(i) of the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Expiration
Date</B>&rdquo; means the date that is the second anniversary of the Issuance Date or, if such date falls on a day other than
a Trading Day or on which trading does not take place on the Principal Market (a &ldquo;<B>Holiday</B>&rdquo;), the next date
that is not a Holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;<B>Fundamental Transaction</B>&rdquo; means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, in a transaction in which the shareholders of the Company prior to such
merger shall not be the shareholders holding a majority of the post-merged Company&rsquo;s securities or (ii) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company to one or more Subject Entities,
or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common Shares
be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders
of at least either (x) 50% of the outstanding Common Shares, (y) 50% of the outstanding Common Shares calculated as if any Common
Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase,
tender or exchange offer were not outstanding; or (z) such number of Common Shares such that all Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the
beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding Common Shares, or (iv) consummate
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the
aggregate, acquire, either (x) at least 50% of the outstanding Common Shares, (y) at least 50% of the outstanding Common Shares
calculated as if any Common Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of Common
Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act)
of at least 50% of the outstanding Common Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in
the aggregate to be or become the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Common
Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization,
recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding Common Shares not held by all such Subject Entities as of the date of this
Warrant calculated as if any Common Shares held by all such Subject Entities were not outstanding, or (y) a percentage of the
aggregate ordinary voting power represented by issued and outstanding Common Shares or other equity securities of the Company
sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other shareholders
of the Company to surrender their Common Shares without approval of the shareholders of the Company or (C) directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering
into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition
in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective
or inconsistent with the intended treatment of such instrument or transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Group</B>&rdquo;
means a &ldquo;group&rdquo; as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Options</B>&rdquo;
means, except for Excluded Securities, any rights, warrants or options to subscribe for or purchase Common Shares or Convertible
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Person</B>&rdquo;
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Principal
Market</B>&rdquo; means the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Registration
Rights Agreement</B>&rdquo; means that certain registration rights agreement, dated as of the Closing Date (as defined in the
Securities Purchase Agreement), by and among the Company and the holders of the SPA Warrants relating to, among other things,
the registration of the resale of the Common Shares issuable pursuant to the Securities Purchase Agreement and upon exercise of
the SPA Warrants, as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Required
Holders</B>&rdquo; means the holders of the SPA Warrants representing at least fifty-one percent (51%) of the aggregate number
of then outstanding SPA Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Subject
Entity</B>&rdquo; means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group, but Subject
Entity shall not include Mr. Georgios Feidakis or any of his Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Successor
Entity</B>&rdquo; means the Person formed by, resulting from or surviving any Fundamental Transaction or the Person with which
such Fundamental Transaction shall have been entered into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Trading
Day</B>&rdquo; means, as applicable, any day on which the Common Shares is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Shares, then on the principal securities exchange or securities market
on which the Common Shares is then traded, provided that &ldquo;Trading Day&rdquo; shall not include any day on which the Common
Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Shares is suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in
advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>VWAP</B>&rdquo;
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg through its &ldquo;HP&rdquo; function (set to weighted average) or, if the foregoing
does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as
reported in the &ldquo;pink sheets&rdquo; by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated
for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. All such determinations shall be appropriately adjusted for any share
dividend, share split, share combination, recapitalization or other similar transaction during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>signature page
follows</I>]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,
</B>the Company has caused this Warrant to Purchase Common Shares to be duly executed as of the Issuance Date set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Globus Maritime Limited </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Athanasios
    Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS</B></FONT><BR>
<FONT STYLE="text-transform: uppercase"><B>WARRANT TO PURCHASE COMMON STOCK</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned holder
hereby elects to exercise the Warrant to Purchase Common Shares No.&nbsp;_______ (the &ldquo;<B>Warrant</B>&rdquo;) of Globus
Maritime Limited, a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;) as specified below. Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Exercise Price</U>. The Holder intends that payment of the Aggregate Exercise Price shall be made as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &ldquo;<U>Cash
    Exercise</U>&rdquo; with respect to _________________ Warrant Shares; and/or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &ldquo;<U>Cashless
    Exercise</U>&rdquo; with respect to _______________ Warrant Shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that
the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the
Holder hereby represents and warrants that this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Exercise Price</U>. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Warrant Shares</U>. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Common Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
here if requesting delivery as a certificate or book entry statement to the following name and to the following address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
    to:</FONT></TD>
    <TD STYLE="width: 80%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check here if requesting delivery by Deposit/Withdrawal
    at Custodian as follows: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
    Participant:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
    Number:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
    Number:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<U>Non-U.S.
Person</U>. By exercise hereof, the Holder certifies that it is not a U.S. person (as defined in Regulation S promulgated under
the Securities Act of 1933) and the Warrant is not being exercised on behalf of a U.S. person.] or [<U>Opinion of Counsel</U>.
An opinion of counsel is enclosed opining that the warrant and the securities delivered upon exercise thereof are exempt from
registration under the Securities Act of 1933, and whether (or when) the Warrant Shares are freely tradable without restriction.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONLY
IF BEING EXERCISED PURSUANT TO REGULATION S: <U>Location of Exercise; Distribution Compliance Period</U>. The Holder certifies
that the Warrant has not been exercised within the United States. The Holder acknowledges and understands that all offers and
sales of the Warrant Shares prior to the expiration of the 40-day period commencing the day after the Warrant Shares are issued
shall be made only in accordance with the provisions of Regulation S promulgated under the Securities Act of 1933, pursuant to
registration of the securities under the Securities Act, or pursuant to an available exemption from the registration requirements
of the Securities Act, it being understood that Warrant Shares issued pursuant to Regulation S will generally not be freely tradable
unless resale is registered under the Securities Act or pursuant to Rule 144. Such Holder further represents and warrants and
agrees that the offer or resale of the Warrant Shares by such Holder, if made prior to the expiration of the 40-day period commencing
the day after the date of issuance, shall not be made to a U.S. person (as defined in Regulation S promulgated under the Securities
Act) or for the account or benefit of a U.S. person (other than a distributor). The Holder understands that the Warrant Shares
are characterized as &ldquo;restricted securities&rdquo; under the Securities Act inasmuch as they are being acquired from the
Company in a transaction not involving a public offering.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONLY
IF BEING EXERCISED PURSUANT TO REGULATION S: <U>Location of Securities</U>. The Holder certifies that the securities delivered
pursuant to the exercise of the Warrant may not be delivered within the United States upon exercise, and has not provided a U.S.
address for any such delivery.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IF
NOT EXERCISED PURSUANT TO RULE 144 OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT: The Warrant Shares are being acquired for
the Holder&rsquo;s own account, not as a nominee or agent, and with no present intention of distributing the Warrant Shares or
any part thereof, and the Holder has no present intention of selling or granting any participation in or otherwise distributing
the same.] The Holder was not formed for the purpose of acquiring any of the Warrant Shares. If the Holder should in the future
decide to dispose of any of the Warrant Shares, the Holder understands and agrees (a) that it may do so only in compliance with
the Securities Act and applicable state or other securities laws, as then in effect, including a sale contemplated by any registration
statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that
stop-transfer instructions to that effect will be in effect with respect to such Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed
investment decision with respect to the Warrant Shares. The Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the Warrant Shares and to obtain additional information and documents
necessary to verify any information furnished to the Holder or to which the Holder had access. The Holder did not receive from
the Company or its agent any offering materials or other documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder understands that the purchase of the Warrant Shares involves substantial risk. The Holder represents and warrants to,
and covenants and agrees with, the Company, that it (i) is an &ldquo;accredited investor&rdquo; within the meaning of Rule 501
of Regulation D promulgated pursuant to the Securities Act, (ii) by reason of its business and financial experience has such knowledge,
sophistication and experience in making similar investments and in business and financial matters generally so as to be capable
of evaluating the merits and risks of the prospective investment in the Warrant Shares, (iii) was advised by the Company to obtain
United States counsel, either obtained United States counsel or had a full and fair opportunity and the means to obtain United
States counsel and (iv) is able to bear the economic risk of such investment, and is able to afford a complete loss of such investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IF NOT EXERCISED BY A NON-AFFILIATE PURSUANT TO RULE 144 AFTER ONE YEAR FROM THE ISSUANCE DATE OR PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT: The Holder understands that the Warrant Shares may be characterized as &ldquo;restricted securities&rdquo; under the
Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such Warrant Shares may be resold (i) without registration under the Securities Act
only in certain limited circumstances or (ii) if such resale is registered under the Securities Act. In this connection, the Holder
represents that it is a sophisticated party knowledgeable with respect to the exemptions from registration under the Securities
Act and applicable state securities laws (including, if available, the rules and regulations promulgated under the Securities
Act by which securities may be sold without filing a registration statement, including but not limited to &sect;&sect;3-4 of the
Securities Act, Regulation D, Regulation S, Rule 144, and Rule 144A).]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder (i) acknowledges that after the issuance of the Warrant Shares, the Holder may be deemed an &ldquo;affiliate&rdquo;
of the Company under the Securities Act, (ii) acknowledges understanding the additional restrictions under the Securities Act
applicable to affiliates of the Company, and (iii) either (a) confirms having discussed such restrictions with United States securities
counsel or (b) acknowledges that it both the means and a full and fair opportunity to obtain United States securities counsel
and discuss such restrictions prior to exercising the relevant Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder is not aware any form of general solicitation or general advertising (within the meaning of Regulation D promulgated
under the Securities Act) or directed selling efforts (as defined in Regulation S) relating to the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder understands that any certificates or statements evidencing any Warrant Shares may bear a legend as provided in the
Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[ONLY IF THE HOLDER WOULD BE AN AFFILIATE OF THE COMPANY AS DEFINED IN RULE 144:] The Holder and its beneficial owners of 20%
or more of the Company&rsquo;s outstanding voting equity securities, calculated on the basis of voting power (each, a &ldquo;Covered
Person&rdquo;) is not subject to any of the &ldquo;Bad Actor&rdquo; disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a &ldquo;Disqualification Event&rdquo;), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3) under the Securities Act. The Holder has exercised reasonable care to determine whether any Covered Person is subject
to a Disqualification Event. The purchase of the Warrant Shares by the Holder will not subject the Company to any Disqualification
Event. There are no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred
before September 23, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holder is not a broker dealer registered under Section 15(a) of the 1934 Act, or a member of Financial Industry Regulatory Authority,
Inc. or an entity engaged in the business of being a broker-dealer. The Holder is not a distributor as such term is defined in
Regulation S promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holder understands that the Warrant Shares are being offered and sold to it in reliance upon specific exemptions from the
registration requirements of the Securities Act, the rules and regulations and state securities laws, and that the Company is
relying upon the truth and accuracy of, and the Holder&rsquo;s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of the Holder to acquire the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holder represents and warrants that the number of Common Shares beneficially owned by the Holder together with the other Attribution
Parties plus the Common Shares requested to be issued pursuant to an Exercise Notice aggregate to a number less than or equal
to the Maximum Percentage.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: _____________ __, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of Registered Holder</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax ID:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of Common Shares in accordance
with the Transfer Agent Instructions dated _________, 201_, from the Company and acknowledged and agreed to by _______________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Globus
    Maritime Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tv477236_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tv477236_ex99-1img1.jpg" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Globus Maritime Closes $2.5 Million
Equity Private Placement </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Athens, Greece, October 19, 2017</B>
Globus Maritime Limited (&quot;Globus&quot;, or the &ldquo;Company&quot;), (NASDAQ: GLBS), a dry bulk shipping company, announced
today that it has signed a share and warrant purchase agreement providing for the issuance, for gross proceeds of $2.5 million,
of an aggregate of 2.5 million shares of common stock, par value $0.004 per share and warrants to purchase 12.5 million shares
of common stock at a price of $1.60 per share, in a private placement to a private investor. The Company intends to use the proceeds
from the sale of common shares and warrants for general corporate purposes and working capital. The private placement closed today.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Georgios Feidakis, Globus&rsquo;s Chairman,
stated: &ldquo;We are pleased by this demonstration of confidence in our company from our new investor, United Capital Investments
Corp., led by Mr. Victor Restis. Mr. Restis has significant experience in shipping and currently runs a fleet of approximately
40 vessels. &nbsp;We continue to be committed to our customers and shareholders and anticipate this transaction will have a positive
impact on the company&rsquo;s growth.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This news release does not constitute an
offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The securities offered have not been registered under the U.S. Securities Act
of 1933, as amended, or any other securities laws and may not be offered or sold in the United States or to a U.S. person absent
registration or an applicable exemption from registration requirements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Globus is an integrated dry bulk shipping
company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of dry bulk vessels
that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus&rsquo;
subsidiaries own and operate five vessels with a total carrying capacity of 300,571 DWT and a weighted average age of 9.3 years
as of June 30, 2017.</P>

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

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

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

<P STYLE="margin: 0pt 0; text-align: justify">This communication contains &ldquo;forward-looking statements&rdquo; (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended). Forward-looking statements provide the Company&rsquo;s current expectations or forecasts
of future events. Forward-looking statements include statements about the Company&rsquo;s expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words
or phrases such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;will&rdquo; or similar words or phrases, or the negatives of those words or phrases, may identify
forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions
that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company&rsquo;s
actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described
in the Company&rsquo;s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect
circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should,
however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange
Commission after the date of this communication.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island,</FONT></TD>
    <TD ROWSPAN="6" STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; vertical-align: middle"><IMG SRC="tv477236_ex99-1img2.jpg" ALT="" STYLE="height: 54px; width: 65px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O. Box 1405, Majuro, Marshall Islands MH 96960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comminucations Address: c/o Globus Shipmanagement Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128 Vouliagmenis Avenue, 3<SUP>rd</SUP> Floor, 166 74 Glyfada, Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    +30 210 9608300, Fax: +30 210 9608359, e-mail: <U>info@globusmaritime.gr</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>www.globusmaritime.gr</U></FONT></TD></TR>
</TABLE>


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

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For further information please contact:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left">Globus Maritime Limited</TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">+30 210 960 8300</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Athanasios Feidakis, CEO, CFO</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>a.g.feidakis@globusmaritime.gr</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Capital Link &ndash; New York</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">+1 212 661 7566</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Nicolas Bornozis</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>globus@capitallink.com</U></TD></TR>
</TABLE>




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

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



<P STYLE="margin: 0"></P>

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