<SEC-DOCUMENT>0001140361-22-021963.txt : 20220606
<SEC-HEADER>0001140361-22-021963.hdr.sgml : 20220606
<ACCEPTANCE-DATETIME>20220606131430
ACCESSION NUMBER:		0001140361-22-021963
CONFORMED SUBMISSION TYPE:	20FR12B
PUBLIC DOCUMENT COUNT:		22
FILED AS OF DATE:		20220606
DATE AS OF CHANGE:		20220606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United Maritime Corp
		CENTRAL INDEX KEY:			0001912847
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20FR12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41413
		FILM NUMBER:		22997416

	BUSINESS ADDRESS:	
		STREET 1:		154 VOULIAGMENIS AVENUE
		CITY:			GLYFADA
		STATE:			J3
		ZIP:			166 74
		BUSINESS PHONE:		30 2130181507

	MAIL ADDRESS:	
		STREET 1:		154 VOULIAGMENIS AVENUE
		CITY:			GLYFADA
		STATE:			J3
		ZIP:			166 74
</SEC-HEADER>
<DOCUMENT>
<TYPE>20FR12B
<SEQUENCE>1
<FILENAME>ny20004194x3_20fr12b.htm
<DESCRIPTION>20FR12B
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="ny20004194x3_20fr12b_100-regcov_pg1"><!--Anchor--></a><p style="padding-top: 20pt;text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="page-content"><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.9pt; font-weight: bold; margin-top: -18.75pt; text-align: center;">As filed with the Securities and Exchange Commission on June 6, 2022</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 11pt; font-weight: bold; margin-top: 13.5pt; text-align: center;">UNITED STATES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 11pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 11pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 9pt;">WASHINGTON, DC 20549</font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13pt; font-weight: bold; margin-top: 3.5pt; text-align: center;">FORM 20-F</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 2.5pt; margin-left: 0pt; text-align: left;">(Mark One)</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 1pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#x2612;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;"><font style="font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">OR</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 1pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">For the fiscal year ended <font style="font-weight: bold;"><u>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</u></font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">OR</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 1pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">OR</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 1pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">Date of event requiring this shell company report: Not applicable</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 1pt; text-align: center;">For the transition period from <u>&#8195;&#8195;&#8195;&#8195;&#8195;</u> to <u>&#8195;&#8195;&#8195;&#8195;&#8195;</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">Commission file number: [<u>&#8195;&#8195;</u>]</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 3pt; text-align: center;">United Maritime Corporation</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">(Exact name of Registrant as specified in its charter)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 5pt; text-align: center;">(Not Applicable)</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">(Translation of Registrant&#8217;s name into English)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 5pt; text-align: center;">Republic of the Marshall Islands</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">(Jurisdiction of incorporation or organization)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 5pt; text-align: center;">154 Vouliagmenis Avenue<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">166 74 Glyfada<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">Greece</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">(Address of principal executive offices)<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 5pt; text-align: center;">Stamatios Tsantanis, Chairman &amp; Chief Executive Officer<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">United Maritime Corporation<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">154 Vouliagmenis Avenue<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">166 74 Glyfada<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">Greece<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">Telephone: +30 2130181507<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">Facsimile: +30 2109638404</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; text-align: center;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 4pt; margin-left: 0pt; text-align: left;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 31.85%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Title of class</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Trading Symbol(s)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Name of exchange on which <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">registered</div></td></tr><tr><td style="width: 31.85%; vertical-align: top; padding-top: 3.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-indent: -8pt; text-align: justify;">Shares of common stock, par value $0.0001, including the Preferred Stock Purchase Rights</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: top; padding-top: 3.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">USEA</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: top; padding-top: 3.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">The Nasdaq Stock Market LLC</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">Securities registered or to be registered pursuant to Section 12(g) of the Act: None</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report: Not applicable.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. <font style="font-size: 1pt;">&#8201;</font>&#x2610; Yes &#x2612; No</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. <font style="font-size: 1pt;">&#8201;</font>&#x2610; Yes <font style="font-size: 1pt;">&#8201;</font>&#x2610; No</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. <font style="font-size: 1pt;">&#8201;</font>&#x2610; Yes <font style="font-size: 1pt;">&#8201;</font>&#x2610; No</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). <font style="font-size: 1pt;">&#8201;</font>&#x2610; Yes <font style="font-size: 1pt;">&#8201;</font>&#x2610; No</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 2pt; margin-left: 0pt; text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 33.33%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Large accelerated filer <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 31.11%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accelerated filer <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 31.11%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-accelerated filer &#x2612;</div></td></tr><tr><td style="width: 33.33%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.11%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.11%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Emerging growth company &#x2612;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&#160;5, 2012.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: justify;">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 11.11%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">U.S. GAAP &#x2612;</div></td><td class="gutter" style="width: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 64.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">International Financial Reporting Standards as issued by the International Accounting Standards Board <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div></td><td class="gutter" style="width: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.11%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Other <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 57.78%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; text-align: center;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><font style="font-size: 8pt;"> Item 17</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 40%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><font style="font-size: 8pt;"> Item 18</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 1pt; margin-left: 0pt; text-align: left;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 57.78%; text-align: center; vertical-align: top; padding-top: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; text-align: center;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><font style="font-size: 8pt;"> Yes</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt;">&#8203;</td><td style="width: 40%; text-align: left; vertical-align: bottom; padding-top: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8pt;">&#x2610;</font><font style="font-size: 8pt;"> No</font></div></td></tr></table></div></div><div class="block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_101-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS</div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 12.82%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 79.49%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.13%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td colspan="4" style="width: 93.59%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tP1">PART I</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tP1"><font style="padding-left: 5pt;">5</font></a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI1">ITEM 1.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI1">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS<font style="padding-left: 0.04pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI1"><font style="padding-left: 5pt;">5</font></a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI2">ITEM 2.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI2">OFFER STATISTICS AND EXPECTED TIMETABLE<font style="padding-left: 3.54pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI2"><font style="padding-left: 5pt;">5</font></a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI3">ITEM 3.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI3">KEY INFORMATION<font style="padding-left: 2.13pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI3"><font style="padding-left: 5pt;">5</font></a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI4">ITEM 4.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI4">INFORMATION ON THE COMPANY<font style="padding-left: 2.88pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI4">38</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI4A">ITEM 4A.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI4A">UNRESOLVED STAFF COMMENTS<font style="padding-left: 1.25pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI4A">52</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI5">ITEM 5.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI5">OPERATING AND FINANCIAL REVIEW AND PROSPECTS<font style="padding-left: 2.89pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI5">53</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI6">ITEM 6.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI6">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES<font style="padding-left: 0.2pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI6">63</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI7">ITEM 7.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI7">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS<font style="padding-left: 2.75pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI7">66</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI8">ITEM 8.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI8">FINANCIAL INFORMATION<font style="padding-left: 3.8pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI8">67</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI9">ITEM 9.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI9">THE OFFER AND LISTING<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI9">68</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI10">ITEM 10.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI10">ADDITIONAL INFORMATION<font style="padding-left: 0.48pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI10">69</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI11">ITEM 11.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI11">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK<font style="padding-left: 4.89pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI11">88</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI12">ITEM 12.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI12">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES<font style="padding-left: 0.69pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI12">88</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td colspan="4" style="width: 93.59%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tP2">PART II</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tP2">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI13">ITEM 13.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI13">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES<font style="padding-left: 3.74pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI13">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI14">ITEM 14.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tI14">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI14">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI15">ITEM 15.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI15">CONTROLS AND PROCEDURES<font style="padding-left: 3.97pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI15">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16A">ITEM 16A.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16A">AUDIT COMMITTEE FINANCIAL EXPERT<font style="padding-left: 3.49pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16A">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16B">ITEM 16B.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16B">CODE OF ETHICS<font style="padding-left: 2.86pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16B">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16C">ITEM 16C.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16C">PRINCIPAL ACCOUNTANT FEES AND SERVICES<font style="padding-left: 2.61pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16C">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16D">ITEM 16D.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16D">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES<font style="padding-left: 2.42pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16D">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16E">ITEM 16E.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tI16E">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS<font style="padding-left: 0.06pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16E">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16F">ITEM 16F.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16F">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT<font style="padding-left: 1.53pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16F">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16G">ITEM 16G.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16G">CORPORATE GOVERNANCE<font style="padding-left: 3.97pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16G">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16H">ITEM 16H.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16H">MINE SAFETY DISCLOSURE<font style="padding-left: 3.24pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16H">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI16I">ITEM 16I.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tI16I">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS<font style="padding-left: 0.63pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI16I">89</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td colspan="4" style="width: 93.59%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tP3">PART III</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tP3">90</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI17">ITEM 17.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI17">FINANCIAL STATEMENTS<font style="padding-left: 4.59pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI17">90</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI18">ITEM 18.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI18">FINANCIAL STATEMENTS<font style="padding-left: 4.59pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI18">90</a></div></td></tr><tr><td style="width: 12.82%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI19">ITEM 19.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI19">EXHIBITS<font style="padding-left: 3.96pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;"><a href="#tI19">90</a></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">i<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_102-fls_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This registration statement on Form 20-F contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The forward-looking statements in this registration statement are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully in &#8220;Item 3. Key Information&#8212;D.&#160;Risk&#160;Factors.&#8221; Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in seaborne and other transportation patterns;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in the number of newbuildings under construction in the dry bulk shipping industry;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the useful lives and the value of our vessel and other vessels we may acquire and the related impact on our compliance with loan covenants;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the aging of our fleet and increases in operating costs;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in our ability to complete future, pending or recent acquisitions or dispositions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to achieve successful utilization of our expanded fleet;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures, acquisitions and other general corporate activities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our dependence on our Parent, Seanergy Maritime Holdings Corp. and our third-party managers to operate our business; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessel initially comprising our fleet and other vessels we may acquire;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loss of our customers, charters or vessel and other vessels we may acquire;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">damage to our vessel and other vessels we may acquire;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_102-fls_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">potential liability from future litigation and incidents involving our vessel and other vessels we may acquire;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our future operating or financial results;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">acts of terrorism and other hostilities, pandemics or other calamities (including, without limitation, the worldwide novel coronavirus, or COVID-19, outbreak);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">risks associated with the length and severity of the ongoing COVID-19 outbreak, including its effects on demand for dry bulk products, crew changes and the transportation thereof;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in global and regional economic and political conditions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">general domestic and international political conditions or events, including &#8220;trade wars&#8221; and the war between Russia and Ukraine;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the marine transportation industry; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">other factors discussed in &#8220;Item 3. Key Information&#8212;D. Risk Factors.&#8221;</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_102-fls_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">EXPLANATORY NOTE</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">The Spin-Off</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are currently a wholly-owned subsidiary of Seanergy Maritime Holdings Corp. (the &#8220;Parent&#8221;), a public company incorporated under the laws of the Republic of the Marshall Islands. The Parent will contribute one of its vessel-owning subsidiaries (the &#8220;United Maritime Predecessor&#8221;), together with $5.0 million in working capital, to us and will distribute all of our issued and outstanding common shares, par value $0.0001 (including the related preferred stock purchase rights, the &#8220;Common Shares&#8221;), to the Parent&#8217;s shareholders (the &#8220;Spin-Off&#8221;).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Spin-Off will be pro rata to the shareholders of the Parent, including holders of the Parent&#8217;s outstanding common shares and Series B preferred shares, so that such holders will maintain the same proportionate interest in the Parent and in us both immediately before and immediately after the Spin-Off. In connection with the Spin-Off, the Parent will therefore distribute 40,000 of our Series B preferred shares, par value $0.0001 (the &#8220;Series B Preferred Shares&#8221;) to the holder of all of the Parent&#8217;s issued and outstanding Series B preferred shares, who is our Chairman and Chief Executive Officer, Stamatios Tsantanis. The Series B Preferred Shares will have substantially the same terms, including voting rights, as the Parent&#8217;s Series B preferred shares. While the Common Shares hold one vote per share, the Series B Preferred Shares hold 25,000 votes per share, subject to the limitation that no holder of Series B Preferred Shares may exercise voting rights pursuant to any Series B Preferred Shares that would result in the total number of votes such holder is entitled to vote on any matter submitted to a vote of shareholders to exceed 49.99% of the total number of votes eligible to be cast on such matter. The Series B Preferred Shares will have no substantial economic rights but will, immediately following the Spin-Off, entitle our Chairman and Chief Executive Officer to exercise voting power equal to 49.99% of the total number of votes entitled to vote on any matter submitted to a vote of our shareholders. Please see &#8220;Item 10.A. Share Capital &#8211; Series B Preferred Stock.&#8221; The Parent will not distribute the Series B Preferred Shares to its common shareholders in connection with the Spin-Off and the Series B Preferred Shares are not transferable without the prior approval of our board of directors. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Immediately prior to the Spin-Off, in exchange for the contribution of the United Maritime Predecessor and working capital to us, the Parent will receive all of our issued and outstanding Common Shares and 5,000 of our Series C Convertible Preferred Shares (the &#8220;Series C Preferred Shares&#8221;), which will have a cumulative preferred dividend accruing at the rate of 6.5% per annum which may be paid in cash or, at our election, in kind, and will contain a liquidation preference equal to their stated value of $1,000 per share and will be convertible into common shares at the holder&#8217;s option commencing upon the first anniversary of the original issue date, at a conversion price equal to the lesser of $9.00 and the 10-trading-day trailing VWAP of our common shares, subject to certain anti-dilution and other customary adjustments. We do not intend to list the Series C Preferred Shares on any securities exchange or other trading market, and therefore do not expect an established trading market for the Series C Preferred Shares to develop. Additionally, we have entered into an agreement with the Parent pursuant to which the Parent will have a right of first refusal with respect to any opportunity available to us to sell, acquire or charter-in any Capesize vessel as well as with respect to chartering opportunities, other than short-term charters available to us for Capesize vessels. In addition, we will have a right of first offer with respect to any vessel sales by the Parent. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">United Maritime Corporation (&#8220;the Company&#8221;) was incorporated by the Parent under the laws of the Republic of the Marshall Islands on January&#160;20, 2022 to serve as the holding company of the United Maritime Predecessor in connection with the Spin-Off. The Parent will contribute the United Maritime Predecessor to us prior to the Spin-Off, and, as the sole shareholder of the Company, intends to distribute all of the Company's common shares to its shareholders on a pro rata basis as soon as practicable after the effectiveness of this registration statement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders of common shares of the Parent will receive one of our common shares for every 118 shares of Parent&#8217;s common stock owned at the close of business on the record date for the distribution declared by the Parent&#8217;s board of directors. Fractional common shares will not be distributed. Instead, the distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing rates promptly after our common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under this registration statement on Form 20-F, the Company is applying to register its common shares under Section&#160;12(b) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). We have applied to have our common shares listed on the Nasdaq Capital Market under the ticker symbol &#8220;USEA&#8221;. Upon consummation of the Spin-Off and the successful listing of our common shares on the Nasdaq Capital Market, we and Parent will be </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_102-fls_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">independent publicly traded companies with separate boards of directors and management, although, at the time of the Spin-Off, certain of the directors and officers of the Parent will hold similar positions at the Company.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The financial statements presented in this registration statement are carve-out financial statements of the Parent&#8217;s consolidated historical financial statements. The carve-out financial statements in this registration statement include audited carve-out financial statements of the United Maritime Predecessor for the fiscal years ended December&#160;31, 2021, 2020 and 2019. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless otherwise indicated or required by the context in this registration statement, the Company&#8217;s disclosure assumes that the consummation of the Spin-Off has occurred. Although we may not acquire the United Maritime Predecessor until shortly before the Spin-Off, the operating and other statistical information with respect to our business is presented as of and for the twelve-month periods ended December&#160;31, 2021, 2020 and 2019, unless otherwise indicated, as if the Company owned such businesses as of such date.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_103-part1_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tP1"><!--Anchor--></a>PART I</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless the context otherwise requires, as used in this registration statement, the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to United Maritime Corporation and any or all of its subsidiaries, and &#8220;United Maritime Corporation&#8221; refers only to United Maritime Corporation and not to its subsidiaries. References in this registration statement to &#8220;Parent&#8221; refer to Seanergy Maritime Holdings Corp.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We use the term deadweight tons, or &#8220;dwt,&#8221; in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;U.S. $&#8221; and &#8220;$&#8221; in this registration statement are to the lawful currency of the United States of America.<font style="font-style: normal;"> </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 10pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI1"><!--Anchor--></a>ITEM 1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.&#8195;Directors and Senior Management</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For information regarding our directors and senior management, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;A. Directors and Senior Management.&#8221;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">B.&#8195;Advisers</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our U.S. and Marshall Islands legal counsel is Watson Farley &amp; Williams LLP. 250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, New York, New York 10019.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">C.&#8195;Auditors</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our auditors are Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 10pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI2"><!--Anchor--></a>ITEM 2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">OFFER STATISTICS AND EXPECTED TIMETABLE</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 10pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI3"><!--Anchor--></a>ITEM 3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">KEY INFORMATION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.<font style="font-weight: normal;">&#8195;[Reserved]</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">B.<font style="font-weight: normal;">&#8195;Capitalization and Indebtedness</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following table sets forth our capitalization and indebtedness as of December&#160;31, 2021:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">on an actual basis; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on an as adjusted basis, to give effect to the repayment of two installments totaling $550,000 under our New EnTrust Facility.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There have been no significant changes since December&#160;31, 2021 through June&#160;3, 2022, other than the adjustments described above. The financial data included herein has been prepared in accordance with U.S. GAAP. This table should be read in conjunction with &#8220;Item 5. Operating and Financial Review and Prospects&#8221;, the annual audited carve-out financial statements and other information provided in this registration statement.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 69.23%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(All figures in U.S. dollars, except for share amounts)</div></td><td class="gutter" style="width: 1.42%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.42%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.54%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December&#160;31, <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(audited)</div></td><td class="gutter" style="width: 1.42%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.42%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As Adjusted<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited)</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Debt<br></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Secured long-term debt, (net of deferred finance costs of $119,256) <font style="padding-left: 1.45pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 50pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 50pt;">5,380,744</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 49.45pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 1pt solid #000000; min-width: 49.45pt;">&#8203;</font><font style="border-bottom: 1pt solid #000000; min-width: 49.45pt;">4,830,744</font></div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total debt<font style="font-weight: normal;"> </font><font style="font-weight: normal; padding-left: 4.1pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.01pt; text-align: left;">$<font style="padding-left: 5pt;">5,380,744</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 4.45pt;">&#8203;</font>4,830,744</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent equity<br></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent investment <font style="padding-left: 0.41pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.01pt; text-align: left;">$<font style="padding-left: 5pt;">7,868,678</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 4.45pt;">&#8203;</font>7,868,678</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated deficit <font style="padding-left: 0.98pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 50pt;">$</font><font style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; min-width: 50pt;">(</font><font style="border-bottom: 1pt solid #000000; min-width: 50pt;">828,300</font><font style="border-bottom: 1pt solid #000000; min-width: 50pt;"></font><font style="min-width: 50pt;">)</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 49.45pt;">$</font><font style="padding-left: 8.62pt; border-bottom: 1pt solid #000000; min-width: 49.45pt;">(828,300</font><font style="min-width: 49.45pt;">)</font></div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 3.75pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent equity, net<font style="font-weight: normal;"> </font><font style="font-weight: normal; padding-left: 0.87pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.01pt; text-align: left;">$<font style="padding-left: 5pt;">7,040,378</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.75pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 4.45pt;">&#8203;</font>7,040,378</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 69.23%; text-align: left; vertical-align: bottom; padding-top: 2.5pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total capitalization<font style="font-weight: normal; padding-left: 3.55pt;"></font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.54%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 50pt;">$12,421,122</font></div></td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.42%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.5pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 49.45pt;">$11,871,122</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_103-part1_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">C.<font style="font-weight: normal;">&#8195;Reasons for the Offer and Use of Proceeds</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">D.<font style="font-weight: normal;">&#8195;Risk Factors</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Some of the following risks relate principally to the industry in which we operate and others relate to our business in general or our common stock. If any of the following risks occur, our business, financial condition, operating results and cash flows could be materially adversely affected and the trading price of our securities could decline.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Summary of Risk Factors </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings &#8220;Risks Relating to Our Industry,&#8221; &#8220;Risks Relating to Our Company&#8221;, &#8220;Risks Relating to Our Common Shares&#8221; and &#8220;Risks Relating to the Spin-Off&#8221; should be carefully considered, together with other information in this Registration Statement on Form&#160;20-F and our other filings with the Securities and Exchange Commission, before making an investment decision regarding our common stock.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 20pt; text-align: left;">Risks Relating to Our Industry</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Charter hire rates for dry bulk vessels are cyclical and volatile and the dry bulk market remains </font><font style="font-style: italic;">significantly below its historic high. This may adversely affect our earnings, revenue and profitability and </font><font style="font-style: italic;">our ability to comply with our loan covenants or covenants in other financing agreements.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Outbreaks of epidemic and pandemic diseases, including COVID-19, and </font><font style="font-style: italic;">any relevant </font><font style="font-style: italic;">governmental </font><font style="font-style: italic;">responses thereto could adversely affect our business, results of operations or financial condition.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We anticipate that our fleet will be mostly dependent on spot or index-linked charters and any decrease in </font><font style="font-style: italic;">spot charter rates or indexes in the future may adversely affect our earnings.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">An over-supply of dry bulk vessel capacity may depress the current charter rates and, in turn, adversely </font><font style="font-style: italic;">affect our profitability</font>.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">If economic conditions throughout the world decline, it will negatively impact our results of operations, </font><font style="font-style: italic;">financial condition and cash flows, and could cause the market price of our common shares to decline.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Terrorist attacks and international hostilities could affect our business, results of operations, cash flows </font><font style="font-style: italic;">and financial condition.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Risks associated with operating ocean-going vessels could affect our business and reputation, which could </font><font style="font-style: italic;">adversely affect our revenues and expenses.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Rising fuel prices may adversely affect our profits.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our revenues are subject to seasonal fluctuations, which could affect our operating results and ability to </font><font style="font-style: italic;">service our debt or pay dividends.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Climate change and greenhouse gas restrictions may be imposed.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Increased scrutiny of environmental, social and governance matters may impact our business and </font><font style="font-style: italic;">reputation.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our vessel and other vessels we may acquire may call on ports located in or may operate in countries that </font><font style="font-style: italic;">are subject to restrictions </font><font style="font-style: italic;">or sanctions </font><font style="font-style: italic;">imposed by the United States, the European Union or other </font><font style="font-style: italic;">governments that could result in fines or other penalties imposed on us and may adversely affect our </font><font style="font-style: italic;">reputation and the market price of our common stock.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Sulfur regulations to reduce air pollution from ships have required retrofitting of vessels and may cause us </font><font style="font-style: italic;">to incur significant costs.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We are subject to regulation and liability under environmental laws that could require significant </font><font style="font-style: italic;">expenditures and affect our cash flows and net income.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Increased inspection procedures, tighter import and export controls and new security regulations could </font><font style="font-style: italic;">increase costs and disrupt our business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Acts of piracy on ocean-going vessels have increased in frequency, which could adversely affect our </font><font style="font-style: italic;">business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">The operation of dry bulk vessels has particular operational risks.</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">If our vessel and other vessels we may acquire fail to maintain its class certification or fails any annual </font><font style="font-style: italic;">survey, intermediate survey, or special survey, or if any scheduled class survey takes longer or is more </font><font style="font-style: italic;">expensive than anticipated, this could have a material adverse impact on our financial condition and </font><font style="font-style: italic;">results of operations.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Because seafaring employees we employ are covered by industry-wide collective bargaining agreements, </font><font style="font-style: italic;">failure of industry groups to renew those agreements may disrupt our operations and adversely affect our </font><font style="font-style: italic;">earnings.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Maritime claimants could arrest or attach our vessel and other vessels we may acquire, which could </font><font style="font-style: italic;">interrupt our cash flows.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Governments could requisition our vessel and other vessels we may acquire during a period of war or </font><font style="font-style: italic;">emergency, which could negatively impact our business, financial condition, results of operations, and </font><font style="font-style: italic;">available cash.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The shipping industry has inherent operational risks that may not be adequately covered by our insurances. </font><font style="font-style: italic;">Further, because we obtain some of our insurances through protection and indemnity associations, we may </font><font style="font-style: italic;">also be retrospectively subject to calls or premiums in amounts based not only on our own claim records, </font><font style="font-style: italic;">but also on the claim records of all other members of the protection and indemnity associations.</font></div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 20pt; text-align: left;">Risks Relating to Our Company</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The market values of our vessel and other vessels we may acquire may decrease, which could limit the </font><font style="font-style: italic;">amount of funds that we can borrow in the future, trigger breaches of certain financial covenants under any </font><font style="font-style: italic;">future loan agreements and other financing agreements, and we may incur an impairment or, if we sell </font><font style="font-style: italic;">vessels following a decline in their market value, a loss.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our current fleet consists of one Capesize drybulk vessel. Any limitation in the availability or operation of </font><font style="font-style: italic;">this vessel could have a material adverse effect on our business, results of operations and financial </font><font style="font-style: italic;">condition.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">If we fail to manage our planned growth properly, we may not be able to successfully expand our fleet.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Newbuilding projects are subject to risks that could cause delays.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may acquire additional vessels in the future, and if those vessels are not delivered on time or are </font><font style="font-style: italic;">delivered with significant defects, our earnings and financial condition could suffer.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Substantial debt levels could limit our flexibility to obtain additional financing and pursue other business </font><font style="font-style: italic;">opportunities.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our loan agreement contains, and we expect that other future loan agreements and financing arrangements </font><font style="font-style: italic;">will contain, restrictive covenants that may limit our liquidity and corporate activities, which could limit </font><font style="font-style: italic;">our operational flexibility and have an adverse effect on our financial condition and results of operations.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We will depend on officers and directors who are associated with the Parent, which may create conflicts </font><font style="font-style: italic;">of interest.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Purchasing and operating secondhand vessels, such as our current vessel and other vessels we may </font><font style="font-style: italic;">acquire, may result in increased operating costs and vessel off-hire, which could adversely affect our </font><font style="font-style: italic;">financial condition and results of operations.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Increased regulatory oversight, uncertainty relating to</font><font style="font-style: italic;"> the London InterBank Offered Rate, or LIBOR,</font><font style="font-style: italic;"> </font><font style="font-style: italic;">calculation process and phasing out of LIBOR may adversely affect the amounts of interest we pay</font><font style="font-style: italic;"> under </font><font style="font-style: italic;">future debt obligations</font><font style="font-style: italic;">.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The failure of future counterparties to meet their obligations under future charter agreements could cause </font><font style="font-style: italic;">us to suffer losses or otherwise adversely affect our business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Rising crew costs may adversely affect our profits.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may not be able to attract and retain key management personnel and other employees in the shipping </font><font style="font-style: italic;">industry, which may negatively affect the effectiveness of our management and our results of operations.</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our vessel and other vessels we may acquire may suffer damage, and we may face unexpected repair costs, </font><font style="font-style: italic;">which could adversely affect our cash flow and financial condition.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We are exposed to U.S. dollar and foreign currency fluctuations and devaluations that could harm our </font><font style="font-style: italic;">reported revenue and results of operations.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We maintain cash with a limited number of financial institutions including financial institutions that may </font><font style="font-style: italic;">be located in Greece, which will subject us to credit risk.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">In the highly competitive international shipping industry, we may not be able to compete for charters with </font><font style="font-style: italic;">new entrants or established companies with greater resources, which may adversely affect our results of </font><font style="font-style: italic;">operations.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Due to our lack of fleet diversification, adverse developments in the maritime dry bulk shipping industry </font><font style="font-style: italic;">would adversely affect our business, financial condition, and operating results.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could </font><font style="font-style: italic;">have a material adverse effect on us.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Because we obtain some of our insurances through protection and indemnity associations, we may also be </font><font style="font-style: italic;">retrospectively subject to calls or premiums in amounts based not only on our own claim records, but also </font><font style="font-style: italic;">on the claim records of all other members of the protection and indemnity associations.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or FCPA, could result in fines, </font><font style="font-style: italic;">criminal penalties, and an adverse effect on our business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We depend on the Parent and a wholly owned subsidiary of the Parent, Seanergy Shipmanagement Corp., </font><font style="font-style: italic;">or Seanergy Shipmanagement</font><font style="font-style: italic;">,</font><font style="font-style: italic;"> to operate our business and our business could be harmed if the Parent or </font><font style="font-style: italic;">Seanergy Shipmanagement fail to perform such services satisfactorily.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Management fees will be payable to the Parent regardless of our profitability, which could have a material </font><font style="font-style: italic;">adverse effect on our business, financial condition and results of operations.</font> </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may be classified as a passive foreign investment company, which could result in adverse U.S. federal </font><font style="font-style: italic;">income tax consequences to U.S. holders of our common stock.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">We may have to pay tax on U.S. source income, which would reduce our earnings.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may be subject to tax in the jurisdictions in which we or our vessel-owning subsidiaries are </font><font style="font-style: italic;">incorporated or operate.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We plan to take the position that the Spin-Off will not qualify for tax-free treatment under Section 355 of </font><font style="font-style: italic;">the Code.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We are a &#8220;foreign private issuer,&#8221; which could make our common stock less attractive to some investors </font><font style="font-style: italic;">or otherwise harm our stock price.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Our corporate governance practices are in compliance with, and are not prohibited by, the laws of the </font><font style="font-style: italic;">Republic of the Marshall Islands, and as such we are entitled to exemption from certain Nasdaq corporate </font><font style="font-style: italic;">governance standards. As a result, you may not have the same protections afforded to stockholders of </font><font style="font-style: italic;">companies that are subject to all of the Nasdaq corporate governance requirements.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The Public Company Accounting Oversight Board inspection of our independent accounting firm could </font><font style="font-style: italic;">lead to adverse findings in our auditors' reports and challenges to the accuracy of our published audited </font><font style="font-style: italic;">financial statements.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">Changing laws and evolving reporting requirements could have an adverse effect on our business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">A cyber-attack could materially disrupt our business.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The smuggling of drugs or other contraband onto our vessel and other vessels we may acquire may lead </font><font style="font-style: italic;">to governmental claims against us.</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 20pt; text-align: left;">Risks Relating to Our Common Shares</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">There is no existing market for our common shares, and a trading market that will provide you with </font><font style="font-style: italic;">adequate liquidity may not develop. The price of our common shares may fluctuate significantly, and you </font><font style="font-style: italic;">could lose all or part of your investment.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The market price of our common shares may in the future be subject to significant fluctuations. Further, </font><font style="font-style: italic;">there is no guarantee of a continuing public market to resell our common shares.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our common stock that largely exceeds </font><font style="font-style: italic;">supply may lead to further price volatility in our common shares.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">As a newly-incorporated company, we may not have the surplus or net profits required by law to pay </font><font style="font-style: italic;">dividends. The declaration and payment of dividends will always be subject to the discretion of our board </font><font style="font-style: italic;">of directors and will depend on a number of factors. Our board of directors may not declare dividends in </font><font style="font-style: italic;">the future.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">If we do not have sufficient cash to pay dividends on our Series C Preferred Shares when due, we may suffer </font><font style="font-style: italic;">adverse consequences.</font><font style="font-style: italic;"> </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">The superior voting rights of our Series B </font><font style="font-style: italic;">P</font><font style="font-style: italic;">referred </font><font style="font-style: italic;">S</font><font style="font-style: italic;">hares may limit the ability of our common </font><font style="font-style: italic;">shareholders to control or influence corporate matters</font><font style="font-style: italic;"> and the interests of the holder of such shares could </font><font style="font-style: italic;">conflict with the interests of common shareholders.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Anti-takeover provisions in our amended and restated articles of incorporation and bylaws could make it </font><font style="font-style: italic;">difficult for our shareholders to replace or remove our current board of directors or could have the effect </font><font style="font-style: italic;">of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market </font><font style="font-style: italic;">price of our common shares.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may issue additional common shares or other equity securities without your approval, which could </font><font style="font-style: italic;">dilute your ownership interests and may depress the market price of our common shares.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Issuance of preferred shares, such as our Series B </font><font style="font-style: italic;">P</font><font style="font-style: italic;">referred </font><font style="font-style: italic;">S</font><font style="font-style: italic;">hares, may adversely affect the voting power </font><font style="font-style: italic;">of our common shareholders and have the effect of discouraging, delaying or preventing a merger or </font><font style="font-style: italic;">acquisition, which could adversely affect the market price of our common shares.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements </font><font style="font-style: italic;">applicable to emerging growth companies will make our Common Stock less attractive to investors.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body </font><font style="font-style: italic;">of corporate law, which may negatively affect the ability of shareholders to protect their interests.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">As a Marshall Islands corporation with principal executive offices in Greece, </font><font style="font-style: italic;">and also having a subsidiary </font><font style="font-style: italic;">in the Republic of the Marshall Islands, </font><font style="font-style: italic;">our operations may be subject to economic substance requirements.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</font></div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 20pt; text-align: left;">Risks Relating to the Spin-Off</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic;">We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as a </font><font style="font-style: italic;">publicly-traded company, and we may experience increased costs after the Spin-Off.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We have no operating history as a publicly-traded company, and our historical financial information is not </font><font style="font-style: italic;">necessarily representative of the results we would have achieved as a publicly-traded company and may not </font><font style="font-style: italic;">be a reliable indicator of our future results.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">We may not be able to access the credit and capital markets at the times and in the amounts needed on </font><font style="font-style: italic;">acceptable terms.</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Industry</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Charter hire rates for dry bulk vessels are cyclical and volatile and the dry bulk market remains significantly below its historic high. This may adversely affect our earnings, revenue and profitability and our ability to comply with our loan covenants or covenants in other financing agreements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The volatility in the dry bulk charter market, from which we derive substantially all of our revenues, has affected the dry bulk shipping industry and has harmed our business. The Baltic Dry Index, or the BDI, a daily average of charter rates for key dry bulk routes published by the Baltic Exchange Limited, has long been viewed as the main benchmark to monitor the movements of the dry bulk vessel charter market and the performance of the entire dry bulk shipping market and has been very volatile in recent years. The BDI, declined from a high of 11,793 in May 2008 to a low of 290 on February&#160;10, 2016, which represents a decline of 98%. In the following years volatility was also apparent, albeit less extreme. In 2021, the BDI ranged from a low of 1,303 on February&#160;10, 2021 and a high of 5,650 on October&#160;7, 2021. During 2022, the BDI has ranged from 1,296 to 3,369. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The decline from historic highs and volatility in charter rates following 2008 has been due to various factors, including the over-supply of dry bulk vessels, the lack of trade financing for purchases of commodities carried by sea, which resulted in a significant decline in cargo shipments, and trade disruptions caused by natural or other disasters, such as those that resulted from the dam collapse in Brazil in 2019 and the outbreak of the coronavirus infection in China. More recently, following Russia&#8217;s invasion of Ukraine in February 2022, the U.S., the EU, the UK and other countries have announced sanctions against Russia. The sanctions announced by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU and other countries could impose wider sanctions and take other actions. This has resulted in higher freight market volatility and while the initial effect on the dry bulk freight market has been positive, the long-term effects are uncertain. These circumstances have had adverse consequences from time to time for dry bulk shipping, including, among other developments:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">decrease in available financing for vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">no active secondhand market for the sale of vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">charterers seeking to renegotiate the rates for existing time charters;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">widespread loan covenant defaults in the dry bulk shipping industry due to the substantial decrease in vessel values; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">declaration of bankruptcy by some operators, charterers and vessel owners.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The degree of charter hire rate volatility among different types of dry bulk vessels has varied widely. If we enter into a charter when charter hire rates are low, our revenues and earnings will be adversely affected and we may not be able to successfully charter our vessel and other vessels we may acquire at rates sufficient to allow us to operate our business profitably or meet our obligations. Further, if low charter rates in the dry bulk market decline further for any significant period, this could have an adverse effect on our vessel values and ability to comply with the financial covenants in our future loan agreements or other financing agreements. In such a situation, unless our future lenders are willing to provide waivers of covenant compliance or modifications to our covenants, our future lenders could accelerate our debt and we could face the loss of our vessel and other vessels we may acquire. We expect continued volatility in market rates for our vessel and other vessels we may acquire in the foreseeable future with a consequent effect on our short and medium-term liquidity.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: justify;">Outbreaks of epidemic and pandemic diseases, including COVID-19, and any relevant governmental responses thereto could adversely affect our business, results of operations or financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Global public health threats, such as the novel coronavirus first identified in China in the end of 2019, COVID-19, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations, as well as the operations of our customers. The ongoing COVID-19 pandemic has, among other things, caused factory closures and restrictions on travel, as well as labor shortages or lack of berths, delays and uncertainties relating to newbuildings, drydockings, vessel inspections, shortages or a lack of access to required spare parts and other functions of shipyards.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ongoing outbreak of COVID-19 has already caused severe global disruptions and may continue to negatively impact the economic conditions regionally as well as globally and otherwise impact our operations and the operations of our customers and suppliers. Governments in affected countries continue to impose travel bans, quarantines and other emergency public health measures. Companies are also taking precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses. These restrictions, and future prevention and mitigation measures, are likely to continue to have an adverse impact on global economic conditions, which could materially and adversely affect our future operations. Uncertainties regarding the economic impact of the COVID-19 outbreak is likely to result in sustained market turmoil, which could also negatively impact our business, financial condition and cash flows. As a result of these measures, our vessel and other vessels we may acquire may not be able to call on ports, or may be restricted from disembarking from ports, located in regions affected by the outbreak. In addition we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical goods and personnel, disruptions to crew changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, amongst other potential consequences attendant to epidemic and pandemic diseases.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">COVID-19 and measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets in which we operate, the way we operate our business, and the businesses of our charterers and suppliers. These negative impacts could continue or worsen, even after the pandemic itself diminishes or ends. Companies, including us, have also taken precautions, such as requiring employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely. Moreover, we face significant risks to our personnel and operations due to the COVID-19 pandemic. Our crews face risk of exposure to COVID-19 as a result of travel to ports in which cases of COVID-19 have been reported. Our shore-based personnel likewise face risk of such exposure, as we maintain offices in areas that have been impacted by the spread of COVID-19.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Measures against COVID-19 in a number of countries have restricted crew rotations on our vessel and other vessels we may acquire, which may continue or become more severe. As a result, in 2021, vessel operators experienced and may continue to experience disruptions to normal vessel operations caused by increased deviation time associated with positioning vessels to countries in which they can undertake a crew rotation in compliance with such measures. Our crews generally work on a rotation basis, relying exclusively on international air transport for crew changes plan fulfillment. Any such disruptions could impact the cost of rotating our crew further, and possibly impact our ability to maintain a full crew synthesis onboard our vessel and other vessels we may acquire at any given time. Delays in crew rotations have furthermore led to issues with crew fatigue and may continue to do so, which may result in delays or other operational issues. Additionally, we are particularly vulnerable to our crew members getting sick, as if even one of our crew members gets sick, local authorities could require us to detain and quarantine the vessel and its crew for an unspecified amount of time, disinfect and fumigate the vessel and cargo onboard, or take similar precautions, which would add costs, decrease our utilization, and substantially disrupt our cargo operations. We expect to incur increased expenses due to incremental fuel consumption and days in which our vessel and other vessels we may acquire are unable to earn revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. We may also incur additional expenses associated with testing, personal protective equipment, quarantines, and travel expenses such as airfare costs in order to perform crew rotations in the current environment.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">COVID-19 and measures in place against the spread of the virus have led to a more difficult environment with regards to the disposal of vessels given the challenges presented for the physical inspection of vessels. The initial outbreak of COVID-19 has also resulted in reduced industrial activity in China, with temporary closures of factories and other facilities, labor shortages and restrictions on travel, which rebounded following the gradual easing of the restrictions. The recent lockdowns in certain cities in China have resulted in port congestion, delays, temporary closures of shipyards and further continuation or expansion of these lockdowns may cause disruptions in the global economy, including increased volatility in the market for dry bulk commodities, with uncertain impacts on the Capesize sector. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Epidemics may also affect personnel operating payment systems through which we receive revenues from the chartering of our vessel and other vessels we may acquire or pay for our expenses, resulting in delays in payments. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Organizations across industries, including ours, are rightly focusing on their employees&#8217; well-being, while making sure that their operations continue undisrupted and at the same time, adapting to the new ways of operating. As such employees are encouraged or even required to operate remotely which significantly increases the risk of cyber security attacks.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Effects of the current pandemic may also in the future result in reduced access to capital, including the ability to refinance any existing obligations, as a result of any credit tightening generally or due to continued declines in global financial markets, including to the prices of publicly-traded securities of us, our peers and of listed companies generally. We note that future impacts cannot be reasonably estimated at this time, may take some time to materialize and may not be fully reflected in the results for the year ended December&#160;31, 2021.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At present, it is not possible to ascertain the overall impact of COVID-19 on our business. However, the occurrence of any of the foregoing events or other epidemics or an increase in the severity or duration of the COVID-19 or other epidemics could have a material adverse effect on our business, results of operations, cash flows, financial condition, value of our vessel and other vessels we may acquire, and ability to pay dividends.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The extent of the COVID-19 outbreak&#8217;s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the outbreak, any resurgence or mutation of the virus, the continued availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public&#8217;s response to such measures. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react and progress on the approval and distribution of vaccines, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, the ultimate severity of the COVID-19 outbreak is uncertain at this time and therefore we cannot predict the impact it may have on our future operations, which impact could be material and adverse, particularly if the pandemic continues to evolve into a severe worldwide health crisis. </div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We anticipate that our fleet will be mostly dependent on spot or index-linked charters and any decrease in spot charter rates or indexes in the future may adversely affect our earnings. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We currently operate our vessel on a time charter whose daily rate is linked to the Baltic Capesize Index, or BCI. Furthermore, we may employ our current vessel and other vessels we may acquire in the spot market or on index-linked time charters.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although the number of vessels in our fleet that participate in the spot market or have index-linked charters will vary from time to time, we anticipate that a significant portion of our fleet will be affected by the spot market or the BCI. As a result, our financial performance will be significantly affected by conditions in the dry bulk spot market or the BCI and only our vessel and other vessels we may acquire that would operate under fixed-rate time charters would, during the period in which such vessels operate under such time charters, provide a fixed source of revenue to us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Historically, spot charter rates and dry bulk charter indexes have been volatile as a result of the many conditions and factors that can affect the price, supply of and demand for dry bulk capacity. The successful operation of our vessel and other vessels we may acquire in the competitive spot charter market depends upon, among other things, obtaining profitable spot charters and minimizing, to the extent possible, time spent waiting for charters and time spent traveling unladen to pick up cargo. The spot market is very volatile, and, in the past, there have been periods when spot rates have declined below the operating cost of vessels. If future spot charter rates or the BCI decline, then we may be unable to operate our vessel and other vessels we may acquire that are trading in the spot market or on BCI-linked charters profitably or to meet our other obligations, including payments on indebtedness. Furthermore, as charter rates for spot charters are fixed for a single voyage, which may last up to several weeks, during periods in which spot charter rates are rising, we will generally experience delays in realizing the benefits from such increases.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">An over-supply of dry bulk vessel capacity may depress the current charter rates and, in turn, adversely affect our profitability.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market supply of dry bulk vessels had increased due to the high level of new deliveries in recent years. Dry bulk newbuildings were delivered in significant numbers starting at the beginning of 2006 and continued to be delivered in significant numbers through 2017. In addition, the dry bulk newbuilding orderbook, extending up to 2024, was approximately 6.62% of the existing world dry bulk fleet as of May&#160;31, 2022, according to Clarksons </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Research, and the orderbook may increase further in proportion to the existing fleet. Even though the overall level of the orderbook has declined over the past years, an over-supply of dry bulk vessel capacity could depress the current charter rates. Factors that influence the supply of vessel capacity include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of new vessel deliveries;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">scrapping rate of older vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessel casualties;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">price of steel;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of vessels that are out of service;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessels&#8217; average speed;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in environmental and other regulations that may limit the useful life of vessels; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">port or canal congestion.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If dry bulk vessel capacity increases but the demand for vessel capacity does not increase or increases at a slower rate, charter rates could materially decline, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">If economic conditions throughout the world decline, it will negatively impact our results of operations, financial condition and cash flows, and could cause the market price of our common shares to decline.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The world economy is facing a number of actual and potential challenges, including the war between Ukraine and Russia, current trade tension between the United States and China, political instability in the Middle East and the South China Sea region and other geographic countries and areas, terrorist or other attacks, war (or threatened war) or international hostilities, such as those between the United States and North Korea or Iran, and epidemics or pandemics, such as COVID-19. For example, due in part to fears associated with the spread of COVID-19 (as more fully described above), global financial markets experienced significant volatility which may continue as the pandemic evolves or a new COVID-19 variant emerges. The recent lockdowns in certain cities in China have resulted in port congestion, delays, temporary closures of shipyards and further continuation or expansion of these lockdowns may cause disruptions in the global economy, including increased volatility in the market for dry bulk commodities, with uncertain long term impacts on the Capesize sector. In addition, the continuing war in Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. The initial effect of the invasion in Ukraine on the dry bulk freight market ranged from neutral to positive, despite the short-term volatility in charter rates and increases on specific items of operating costs, mainly in the context of increased crew costs. If these conditions are sustained, the longer-term net impact on the dry bulk freight market and our business would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences, and contribute to instability in the global economy, a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping. We cannot predict how long current market conditions will last.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The European Union, or EU, and other parts of the world were recently in a recession and uncertainty surrounds the potential for continued economic growth. Moreover, there is uncertainty related to certain European member countries' ability to refinance their sovereign debt, including Greece, despite the country's return to the sovereign debt markets in 2019. As a result, the credit markets in the United States and Europe have recently experienced significant contraction, deleveraging and reduced liquidity, and the U.S. federal and state governments and European authorities have implemented a broad variety of governmental action and new regulation of the financial markets and may implement additional regulations in the future. As a result, global economic conditions and global financial markets have been, and continue to be, volatile. Further, credit markets and the debt and equity capital markets have been distressed and the uncertainty surrounding the future of the global credit markets has resulted in reduced access to credit worldwide.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment rates in a number of countries have contributed to the rise of Euroskeptic parties, which would like their countries to leave the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Euro. The withdrawal of the U.K. from the European Union, or Brexit, further increases the risk of additional trade protectionism. Brexit, or similar events in other jurisdictions, could continue to impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business, cash flows and operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, the recent economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak economic trends in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. The quarterly year-over-year growth rate of China's GDP was approximately 8.1% for the year ended December&#160;31, 2021, 2.3% for the year ended December&#160;31, 2020 and 6.0% for the year ended December&#160;31, 2019. It is possible that China and other countries in the Asia Pacific region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws and policies by local authorities, including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect our vessels that are either chartered to Chinese customers or that call to Chinese ports, our vessels that undergo dry docking at Chinese shipyards and the financial institutions with whom we have entered into financing agreements, and could have a material adverse effect on our business, results of operations and financial condition. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular, as indicated, the United States has sought to implement more protective trade measures. There is significant uncertainty about the future relationship between the United States, China, and other exporting countries, including with respect to trade policies, treaties, government regulations, and tariffs. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in (i)&#160;the cost of goods exported from regions globally, particularly from the Asia-Pacific region, (ii)&#160;the length of time required to transport goods and (iii)&#160;the risks associated with exporting goods. Such increases may further reduce the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material adverse effect on our business, results of operations, financial condition and cash flows.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We face risks attendant to the trends in the global economy, such as changes in interest rates, instability in the banking and securities markets around the world, the risk of sovereign defaults, reduced levels of growth, and trade protectionism, among other factors. Major market disruptions and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business or impair our ability to borrow under our loan agreements or any future financial arrangements. We cannot predict how long the current market conditions will last. However, these recent and developing economic and governmental factors, together with depressed charter rates and vessel values, may have a material adverse effect on our results of operations, financial condition or cash flows and the trading price of our common stock. In the absence of available financing, we may also be unable to complete vessel acquisitions, take advantage of business opportunities or respond to competitive pressures.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Terrorist attacks and international hostilities could affect our business, results of operations, cash flows and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Continuing war and recent developments in Ukraine, the Middle East, including tensions between the U.S. and Iran, as well as other geographic countries and areas, terrorist or other attacks, and war (or threatened war) or international hostilities, such as the ones currently in progress between Russia and Ukraine, China and Taiwan, or the U.S. and North Korea, have recently and may in the future lead to armed conflict or acts of terrorism around the world, which may contribute to further economic instability in the global financial markets and international commerce.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The war between Russia and Ukraine may lead to further regional and international conflicts or armed action at an international level. This war has disrupted supply chains and cause instability in the energy markets and the global economy, with effects on shipping freight rates, which have experienced volatility. The United States and the European Union, among other countries, have announced various economic sanctions against Russia. The ongoing war could result in the imposition of further economic sanctions by the United States and the European Union or other countries against Russia, trade tariffs or embargoes with uncertain impacts on the markets in which we operate. While </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial condition, results of operation and cash flows. Since we employ Ukrainian and Russian seafarers, we may face problems in relation to their employment, repatriation, salary payments and be subject to claims to this respect. Moreover, we will be subject to additional insurance premiums in case we transit through or call to any port or area designated as listed areas by the Joint War Committee or other organizations. Furthermore, it is possible that third parties with whom we have charter contracts may be impacted by events in Russia and Ukraine, which could adversely affect our operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all. In the past, political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. The ongoing war in Ukraine has resulted in missile attacks on commercial vessels in the Black Sea. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea, the Gulf of Aden off the coast of Somalia, and in particular, the Gulf of Guinea region off Nigeria, which experienced increased incidents of piracy in recent years. Any of these occurrences could have a material adverse impact on our operating results.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Risks associated with operating ocean-going vessels could affect our business and reputation, which could adversely affect our revenues and expenses.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The operation of an ocean-going vessel carries inherent risks. These risks include the possibility of:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">crew strikes and/or boycotts;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the damage or destruction of vessels due to marine disaster;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">piracy or other detentions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">environmental accidents;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">cargo and property losses or damage; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">business interruptions caused by mechanical failure, human error, war, terrorism, political action in various countries, labor strikes or adverse weather conditions.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any of these circumstances or events could increase our costs or lower our revenues. Such circumstances could result in death or injury to persons, loss of property or environmental damage, delays in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines, penalties or restrictions on conducting business, litigation with our employees, customers or third parties, higher insurance rates, and damage to our reputation and customer relationships generally. Although we maintain hull and machinery and war risks insurance, as well as protection and indemnity insurance, which may cover certain risks of loss resulting from such occurrences, our insurance coverage may be subject to deductibles, caps or not cover such losses and any of these circumstances or events could increase our costs or lower our revenues. The involvement of our vessel and other vessels we may acquire in an environmental disaster may harm our reputation as a safe and reliable vessel owner and operator. Any of these results could have a material adverse effect on business, results of operations and financial condition, as well as our cash flows.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Rising fuel prices may adversely affect our profits.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The cost of fuel is a significant factor in negotiating charter rates. As a result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by members of the Organization of the Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns and regulations. Furthermore, fuel has and may become much more expensive in the future, including as a result of the developments in Ukraine and the sanctions against Russia, the imposition of sulfur oxide emissions limits in January 2020 and reductions of carbon emissions from January 2023 under new regulations adopted by the International Maritime Organization, or the IMO, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Upon redelivery of vessels at the end of a period of time or voyage time charter, we may be obligated to repurchase bunkers on board at prevailing market prices, which could be materially higher than fuel prices at the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">inception of the charter period. However, given the current time charter agreement of our vessel and our chartering strategy, this cost is projected to be immaterial in the short to medium term. Our vessel and other vessels we may acquire may be chartered on the spot charter market in the future, either through trip charter contracts or voyage charter contracts and the vessels we have agreed to acquire may be chartered on the spot charter market. Voyage charter contracts generally provide that the vessel owner bears the cost of fuel in the form of bunkers, which is a material operating expense. We currently cannot guarantee that we will hedge our fuel costs on any prospective future voyage charters, and, therefore, an increase in the price of fuel may affect in a negative way our profitability and our cash flows.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Our revenues are subject to seasonal fluctuations, which could affect our operating results and ability to service our debt or pay dividends.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate our vessel in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter volatility in our operating results. The dry bulk shipping market is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel schedules and supplies of certain commodities. As a result, our revenues may be weaker during the fiscal quarters ending March 31 and June 30, and, conversely, our revenues may be stronger in fiscal quarters ending September 30 and December 31. This seasonality should not affect our operating results if our vessel and other vessels we may acquire are employed on period time charters, but because our vessel and other vessels we may acquire are employed in the spot market or on index-linked charters, seasonality may materially affect our operating results and our ability to pay dividends, if any, in the future.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Climate change and greenhouse gas restrictions may be imposed. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Due to concern over the risk of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, the adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. For instance, the IMO imposed a global 0.5% sulfur cap on marine fuels which came into force on January&#160;1, 2020. In addition, the IMO has adopted an initial strategy which identifies &#8220;levels of ambition&#8221; toward reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships; (2)&#160;reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. These regulations and any additional regulations addressing similar goals could cause us to incur additional substantial expenses. See &#8220;Business Overview&#8212;Environmental and Other Regulations&#8221; for a discussion of these and other environmental regulations applicable to our operations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, although the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this task was delegated under the Kyoto Protocol to the IMO for action), which required adopting countries to implement national programs to reduce emissions of certain gases, a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change could increase our costs related to operating and maintaining our vessel and other vessels we may acquire and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions, or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Adverse consequences of climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for coal in the future, one of the primary cargoes carried by our vessel and other vessels we may acquire. In addition, the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, and scarcity of water resources, may negatively impact our operations. Any long-term economic consequences of climate change could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">17<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Increased scrutiny of environmental, social and governance matters may impact our business and reputation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to the importance of their financial performance, companies are increasingly being judged by their performance on a variety of environmental, social and governance matters, or ESG, which are considered to contribute to the long-term sustainability of companies' performance.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A variety of organizations measure the performance of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments include, among others, the company's efforts and impacts on climate change and human rights, ethics and compliance with law, and the role of the company's board of directors in supervising various sustainability issues. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In light of investors' increased focus on ESG matters, there can be no certainty that we will manage such issues successfully, or that we will successfully meet society's expectations as to our proper role. Any failure or perceived failure by us in this regard could have a material adverse effect on our reputation and on our business, share price, financial condition, or results of operations, including the sustainability of our business over time.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our vessel and other vessels we may acquire may call on ports located in or may operate in countries that are subject to restrictions or sanctions imposed by the United States, the European Union or other governments that could result in fines or other penalties imposed on us and may adversely affect our reputation and the market price of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">During the year ended December&#160;31, 2021, our vessel did not call on ports located in countries subject to comprehensive sanctions and embargoes imposed by the U.S. government or countries identified by the U.S.&#160;government or other authorities as state sponsors of terrorism; however, our vessel and other vessels we may acquire may call on ports in these countries from time to time in the future on our charterers&#8217; instructions. The U.S.&#160;sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that we are currently in compliance with all applicable sanctions and embargo laws and regulations. In order to maintain compliance, we monitor and review the movement of our vessel on a daily basis.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We endeavor to provide that all or most of our future charters include provisions and trade exclusion clauses prohibiting the vessels from calling on ports where there is an existing U.S. embargo. Furthermore, as of the date hereof, neither the Company nor its subsidiaries have entered into or have any plans to enter into, directly or indirectly, any contracts, agreements or other arrangements with the governments of Iran, Syria, North Korea, Cuba or any entities controlled by the governments of these countries.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Due to the nature of our business and the evolving nature of the foregoing sanctions and embargo laws and regulations, there can be no assurance that we will be in compliance at all times in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or refrain from investing, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessel and other vessels we may acquire, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Sulfur regulations to reduce air pollution from ships have required retrofitting of vessels and may cause us to incur significant costs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Since January&#160;1, 2020, IMO regulations have required vessels to comply with a global cap on the sulfur in fuel oil used on board of 0.5%, down from the previous cap of 3.5%. The interpretation of &#8220;fuel oil used on board&#8221; </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">18<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">includes use in main engine, auxiliary engines and boilers. Compliance with this regulation is achieved by (i)&#160;using 0.5% sulfur fuels on board, which are available at a higher cost; (ii)&#160;installing &#8220;scrubbers&#8221; for cleaning of the exhaust gas; or (iii)&#160;retrofitting vessels to be powered by liquefied natural gas (LNG), which may not yet be an economically viable option due to the lack of supply network and high costs involved in this process. The Capesize vessel comprising our initial fleet complies by burning low sulfur fuel (0.5% or 0.1%). All engineering officers, engineering crew and deck officers employed on our vessel since January&#160;1, 2020 have been required to undergo training and complete a certain e-module regarding the use of low sulfur fuels. We have further developed ship specific implementation plans for safeguarding the smooth transition with the usage of compliant fuels for vessels we may acquire that will not be equipped with scrubbers. Costs of ongoing compliance may have a material adverse effect on our future performance, results of operations, cash flows and financial position. See Item 4. &#8220;Information on the Company&#8212;B. Business Overview&#8212;Environmental and Other Regulations&#8212;The International Maritime Organization.&#8221;</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are subject to regulation and liability under environmental laws that could require significant expenditures and affect our cash flows and net income.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our business and the operation of our vessel and other vessels we may acquire are materially affected by government regulation in the form of international conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels operate, as well as in the country or countries of their registration, including those governing oil spills, discharges to air and water, ballast water management, and the handling and disposal of hazardous substances and wastes. These requirements include, but are not limited to, EU regulations, the U.S. Oil Pollution Act of 1990, or OPA, the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980, or CERCLA, the U.S. Clean Air Act, including its amendments of 1977 and 1990, or the CAA, the U.S.&#160;Clean Water Act, or the CWA, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and regulations of the IMO, including, but not limited to, the International Convention on Civil Liability for Oil Pollution Damage of 1969, as from time to time amended and generally referred to as CLC, the IMO International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including the designation of emission control areas, or ECAs, thereunder, the IMO International Convention for the Safety of Life at Sea of 1974, as from time to time amended and generally referred to as SOLAS, the IMO International Convention on Load Lines of 1966, as from time to time amended and generally referred to as the LL Convention, the International Convention on Civil Liability for Bunker Oil Pollution Damage, generally referred to as the Bunker Convention, the IMO&#8217;s International Management Code for the Safe Operation of Ships and for Pollution Prevention, generally referred to as the ISM Code, the International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments, generally referred to as the BWM Convention, and the International Ship and Port Facility Security Code, or ISPS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to the 0.5% sulfur cap on marine fuels, air emissions including greenhouse gases, the management of ballast water, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition and our available cash. Because such conventions, laws and regulations are often revised, we cannot predict the ultimate cost of complying with such conventions, laws and regulations or the impact thereof on the resale price or useful life of vessels we may acquire in the future. Additional conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may materially adversely affect our operations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast water. Depending on the date of the IOPP renewal survey, existing vessels constructed before September&#160;8, 2017 must comply with the updated D-2 standard on or after September&#160;8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ships constructed on or after September&#160;8, 2017 are to comply with the D-2 standards on or after September&#160;8, 2017. Vessels are required to meet the discharge standard D-2 by installing an approved Ballast Water Management System (or BWMS). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMSs installed on or after October&#160;28, 2020 shall be </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">19<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">approved in accordance with BWMS Code, while BWMSs installed before October&#160;23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Ships sailing in U.S. waters are required to employ a type-approved BWMS which is compliant with USCG regulations. The USCG has approved a number of BWMS. Amendments to the BWM Convention will enter into force in June 2022 concerning commissioning testing of BWMS and the form of the International Ballast Water Management Certificate. The Capesize vessel that will comprise our initial fleet was drydocked during mid-April 2022 where a Ballast Water Treatment System was installed ensuring compliance with the new environmental regulations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit, or VGP, program and U.S. National Invasive Species Act, or NISA, are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December&#160;4, 2018, requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations regarding ballast water. On October&#160;26, 2020, the EPA published a Notice of Proposed Rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November 2020, held virtual public meetings. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs. Under VIDA, all provisions of the 2013 VGP and USCG ballast water regulations remain in force and effect as currently written until the EPA publishes standards and the corresponding Coast Guard regulations are published.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Increased inspection procedures, tighter import and export controls and new security regulations could increase costs and disrupt our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">International shipping is subject to security and customs inspection and related procedures in countries of origin, destination and trans-shipment points. Since the events of September&#160;11, 2001, there have been a variety of initiatives intended to enhance vessel security, such as the MTSA. These security procedures can result in delays in the loading, discharging or trans-shipment and the levying of customs duties, fines or other penalties against exporters or importers and, in some cases, vessels. Future changes to the existing security procedures may be implemented that could affect the dry bulk sector. These changes have the potential to impose additional financial and legal obligations on vessels and, in certain cases, to render the shipment of certain types of goods uneconomical or impractical. These additional costs could reduce the volume of goods shipped, resulting in a decreased demand for vessels and have a negative impact on our business, revenues and customer relations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Acts of piracy on ocean-going vessels have increased in frequency, which could adversely affect our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, Strait of Malacca, Arabian Sea, Red Sea, Gulf of Aden off the coast of Somalia, Indian Ocean and Gulf of Guinea. Sea piracy incidents continue to occur, particularly in the South China Sea, the Indian Ocean, in the Gulf of Guinea and the Strait of Malacca, with dry bulk vessels particularly vulnerable to such attacks. Although the frequency of sea piracy worldwide has generally decreased since 2013, sea piracy incidents continue to occur. Acts of piracy could result in harm or danger to the crews that man our vessel and other vessels we may acquire. Additionally, if piracy attacks result in regions in which our vessel and other vessels we may acquire are deployed being characterized as &#8220;war risk&#8221; zones by insurers or if our vessel and other vessels we may acquire are deployed in Joint War Committee &#8220;war and strikes&#8221; listed areas, premiums payable for insurance coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew and security equipment costs, including costs which may be incurred to employ onboard security armed guards, could increase in such circumstances. Furthermore, while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &#8220;on-hire&#8221; for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as a result of an act of piracy against our vessel and other vessels we may acquire, or an increase in cost, or unavailability, of insurance for our vessel and other vessels we may acquire could have a material adverse impact on our business, financial condition and results of operations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">The operation of dry bulk vessels has particular operational risks.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The operation of dry bulk vessels has certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the vessel can be an operational risk. By their nature, dry bulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure. In addition, dry bulk vessels are often subjected to battering treatment </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">20<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">during discharging operations with grabs, jackhammers (to pry encrusted cargoes out of the hold) and small bulldozers. This treatment may cause damage to the vessel. Vessels damaged due to treatment during discharging procedures may affect a vessel's seaworthiness while at sea. Hull fractures in dry bulk vessels may lead to the flooding of the vessels' holds. If a dry bulk vessel suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel's bulkheads, leading to the loss of a vessel. If we are unable to adequately maintain our vessel and other vessels we may acquire, we may be unable to prevent these events. Any of these circumstances or events could negatively impact our business, financial condition, and results of operations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">If our vessel and other vessels we may acquire fail to maintain its class certification or fail any annual survey, intermediate survey, or special survey, or if any scheduled class survey takes longer or is more expensive than anticipated, this could have a material adverse impact on our financial condition and results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The hull and machinery of every commercial vessel must be certified by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the SOLAS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A vessel must undergo annual, intermediate and special surveys. The vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. At the beginning, in between and in the end of this cycle, every vessel is required to undergo inspection of her underwater parts that usually includes dry-docking. These surveys and dry-dockings can be costly and can result in delays in returning a vessel to operation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If any vessel does not maintain its class, the vessel will not be allowed to carry cargo between ports and cannot be employed or insured. Any such inability to carry cargo or be employed, or any related violation of the covenants under our loans or other financing agreements, could have a material adverse impact on our financial condition and results of operations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Because seafaring employees we employ are covered by industry-wide collective bargaining agreements, failure of industry groups to renew those agreements may disrupt our operations and adversely affect our earnings.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We employ a large number of seafarers. All the seafarers employed on the initial vessel comprising our fleet and other vessels we may acquire are covered by industry-wide collective bargaining agreements that set minimum standards in wages and labor conditions. We cannot assure you that these agreements will be renewed as necessary or will prevent labor interruptions. Any labor interruptions could disrupt our operations and harm our financial performance.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Maritime claimants could arrest or attach our vessel and other vessels we may acquire, which could interrupt our cash flows.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest or attachment of our vessel and other vessels we may acquire could interrupt our cash flow and require us to pay large sums of funds to have the arrest lifted, which would have a material adverse effect on our financial condition and results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, in some jurisdictions, such as South Africa, under the &#8220;sister ship&#8221; theory of liability, a claimant may arrest both the vessel which is subject to the claimant's maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert &#8220;sister ship&#8221; liability against our vessel and other vessels we may acquire for claims relating to another vessel we may acquire.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Governments could requisition our vessel and other vessels we may acquire during a period of war or emergency, which could negatively impact our business, financial condition, results of operations, and available cash.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A government could requisition for title or hire our vessel and other vessels we may acquire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition a vessel for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Government requisition of our vessel and other vessels we may acquire could have a material adverse effect on our financial condition and results of operations.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">21<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Company</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The market values of our vessel and other vessels we may acquire may decrease, which could limit the amount of funds that we can borrow in the future, trigger breaches of certain financial covenants under any future loan agreements and other financing agreements, and we may incur an impairment or, if we sell vessels following a decline in their market value, a loss.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The fair market values of our vessel and other vessels we may acquire are related to prevailing freight charter rates. While the fair market value of vessels and the freight charter market have a very close relationship as the charter market moves from trough to peak, the time lag between the effect of charter rates on market values of ships can vary. A decrease in the market value of our vessel and other vessels we may acquire could require us to raise additional capital in order to remain compliant with our loan covenants or the covenants in the other financing agreements and could result in the loss of our vessel and other vessels we may acquire (including, through foreclosure by our lenders and lessors) and adversely affect our earnings and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The fair market value of our vessel and other vessels we may acquire is dependent on other factors as well including:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">general economic and market conditions affecting the shipping industry, including changes in global dry cargo commodity supply;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">types and sizes of vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of newbuilding deliveries;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of vessels scrapped or otherwise removed from the world fleet;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in environmental and other regulations that may limit the useful life of vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">decreased costs and increases in use of other modes of transportation;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">cost of newbuildings or secondhand vessel acquisitions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">governmental and other regulations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">technological advances; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the cost of retrofitting or modifying existing ships to respond to technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, or otherwise.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, as vessels grow older, they generally decline in value. If the fair market value of our vessel and other vessels we may acquire declines, we may not be in compliance with certain covenants in future loan agreements and other financing agreements, and our future lenders or lessors could accelerate our indebtedness or require us to pay down our indebtedness to a level where we are again in compliance with the covenants under our future loans and other financing agreements. If any of our future loans and other financing agreements are accelerated, we may not be able to refinance our debt or obtain additional funding. We expect that we will enter into future loan agreements and other financing agreements in connection with our future acquisitions of vessels.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, if vessel values decline, we may have to record an impairment adjustment in our financial statements, which could adversely affect our financial results. Furthermore, if we sell our current vessel or one or more of the vessels we may acquire at a time when vessel prices have fallen, the sale price may be less than the vessel's carrying value on our carve-out financial statements, resulting in a loss on sale or an impairment loss being recognized, leading to a reduction in earnings.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">Our current fleet consists of one Capesize drybulk vessel. Any limitation in the availability or operation of this vessel could have a material adverse effect on our business, results of operations and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our current fleet consists of one Capesize drybulk vessel. Until we identify and acquire additional vessels, we will depend upon this one vessel for all of our revenue. If our vessel is unable to generate revenues as a result of off-hire time, early termination of the applicable time charter or otherwise, our business, results of operations, financial condition and ability to pay dividends could be materially adversely affected. Our vessel is employed on a time charter contract and until we identify and acquire additional vessels, we will rely upon one charterer for all of our revenue.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">If we fail to manage our planned growth properly, we may not be able to successfully expand our fleet.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our fleet currently consists of one vessel and we may acquire additional vessels in the future. Further, we intend to expand our fleet into other seaborne transportation sectors depending on available opportunities. Our ability to manage our planned growth will primarily depend on our ability to:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">generate excess cash flow so that we can invest without jeopardizing our ability to cover current and foreseeable working capital needs, including debt service;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">finance our operations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">identify opportunities to enter other seaborne transportation sectors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">locate and acquire suitable vessels;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">identify and consummate acquisitions or joint ventures;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">integrate any acquired businesses or vessels, including those operating in sectors in which we do not currently operate, successfully with our existing operations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">expand our customer base, including in new sectors.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Growing any business by acquisitions presents numerous risks such as obtaining acquisition financing on acceptable terms or at all, undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. We may not be successful in executing our growth plans and we may incur significant additional expenses and losses in connection therewith.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Newbuilding projects are subject to risks that could cause delays.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may enter into newbuilding contracts in connection with our vessel acquisition strategy. Newbuilding construction projects are subject to risks of delay inherent in any large construction project from numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events of force majeure. A shipyard's failure to deliver a vessel on time may result in the delay of revenue from the vessel. Any such failure or delay could have a material adverse effect on our operating results.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: justify;">We may acquire additional vessels in the future, and if those vessels are not delivered on time or are delivered with significant defects, our earnings and financial condition could suffer.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may acquire vessels in the future. A delay in the delivery of any vessels to us, the failure of the contract counterparty to deliver a vessel at all, or us not taking delivery of a vessel could cause us to breach our obligations under a related time charter or could otherwise adversely affect our financial condition and results of operations. In addition, the delivery of any vessel with substantial defects could have similar consequences.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">Substantial debt levels could limit our flexibility to obtain additional financing and pursue other business opportunities. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Spin-Off, we will have $5.0 million of outstanding debt. Moreover, we anticipate that we will incur future indebtedness in connection with the acquisition of additional vessels, although there can be no assurance that we will be successful in identifying further vessels or securing such debt financing. Significant levels of debt could have important consequences to us, including the following:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired, or such financing may be unavailable on favorable terms, or at all;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg18"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">we may need to use a substantial portion of our cash from operations to make principal and interest payments on our bank debt and financing liabilities, reducing the funds that would otherwise be available for operations, future business opportunities and any future dividends to our shareholders;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our debt level could make us more vulnerable to competitive pressures or a downturn in our business or the economy generally than our competitors with less debt; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our debt level may limit our flexibility in responding to changing business and economic conditions.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our ability to service our indebtedness will depend upon, among other things, our future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control, as well as the interest rates applicable to our outstanding indebtedness. If our operating income is not sufficient to service our indebtedness, we will be forced to take actions, such as reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets, restructuring or refinancing our debt or seeking additional equity capital. We may not be able to effect any of these remedies on satisfactory terms, or at all. In addition, a lack of liquidity in the debt and equity markets could hinder our ability to refinance our debt or obtain additional financing on favorable terms in the future.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our loan agreement contains, and we expect that other future loan agreements and financing arrangements will contain, restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility and have an adverse effect on our financial condition and results of operations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our loan agreement contains, and we expect that other future loan agreements and financing arrangements will contain, customary covenants and event of default clauses, financial covenants, restrictive covenants and performance requirements, which may affect operational and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to pay dividends, incur additional indebtedness, create liens, sell assets, or engage in mergers or acquisitions. These restrictions could limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. There can be no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a result of these restrictions, we may need to seek permission from our lenders and other financing counterparties in order to engage in some corporate actions. Our lenders' and other financing counterparties' interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us from taking actions that we believe are in our best interests, which may adversely impact our revenues, results of operations and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A failure by us to meet our payment and other obligations, including our financial covenants and any security coverage requirements, could lead to defaults under our financing arrangements. Likewise, a decrease in vessel values or adverse market conditions could cause us to breach our financial covenants or security requirements (the market values of dry bulk vessels have generally experienced high volatility). In the event of a default that we cannot remedy, our lenders and other financing counterparties could then accelerate their indebtedness and foreclose on the respective initial vessel comprising our fleet and other vessels we may acquire. The loss of our vessel and other vessels we may acquire could have a material adverse effect on our business, results of operations and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any loan agreements and financing arrangements we may enter into in the future are expected to contain cross-default provisions, pursuant to which a default by us under a loan and the refusal of any one lender or financing counterparty to grant or extend a waiver could result in the acceleration of our indebtedness under any other loans and financing agreements we have entered into. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There can be no assurance that we will obtain waivers, deferrals and amendments of certain financial covenants, payment obligations and events of default under our loan facilities with our lenders in the future, if needed.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: justify;">We will depend on officers and directors who are associated with the Parent, which may create conflicts of interest<font style="font-weight: normal;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our officers and directors will have fiduciary duties to manage our business in a manner beneficial to us and our shareholders. However, Stamatios Tsantanis, who is expected to serve as our Chairman and Chief Executive Officer upon the completion of the transactions, is also the Chairman and Chief Executive Officer of the Parent. In addition, Stavros Gyftakis, who is expected to serve as our Chief Financial Officer and as a director upon the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg19"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">completion of the Spin-Off, is the Chief Financial Officer of the Parent, and Christina Anagnostara and Ioannis Kartsonas, who are expected to serve as independent directors upon the completion of the Spin-Off, also serve as directors of the Parent. These officers and directors have fiduciary duties and responsibilities to manage the business of the Parent in a manner beneficial to it and its shareholders and may have conflicts of interest in matters involving or affecting us and our customers or shareholders, or when faced with decisions that could have different implications for the Parent than they do for us. The resolution of these potential conflicts may not always be in our best interest or that of our shareholders and could have a material adverse effect on our business, results of operations, cash flows and financial condition.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Purchasing and operating secondhand vessels, such as our current vessel and other vessels we may acquire, may result in increased operating costs and vessel off-hire, which could adversely affect our financial condition and results of operations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our current vessel is a secondhand vessel. Our inspection of this vessel or other secondhand vessels prior to purchase does not provide us with the same knowledge about their condition and the cost of any required or anticipated repairs that we would have had if these vessels had been built for and operated exclusively by us. We have not received in the past, and do not expect to receive in the future, the benefit of warranties on any secondhand vessels we acquire.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As our current vessel or other secondhand vessels we may acquire age, they may become less fuel efficient and costlier to maintain and will not be as advanced as recently constructed vessels due to improvements in design, technology and engineering, including improvements required to comply with government regulations. Rates for cargo insurance, paid by charterers, also increase with the age of a vessel, making older vessels less desirable to charterers.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, charterers actively discriminate against hiring older vessels. Rightship, the ship vetting service founded by Rio Tinto and BHP-Billiton, has become a major vetting service in the dry bulk shipping industry, which ranks the suitability of vessels based on a scale of one to five stars. There are carriers that may not charter a vessel that Rightship has vetted with fewer than three stars. Therefore, a potentially deteriorated star rating for our vessel and other vessels we may acquire may affect their commercial operation and profitability and vessels in our fleet with lower ratings may experience challenges in securing charters. Effective as of January&#160;1, 2018, Rightship's age trigger for a dry cargo inspection for vessels over 8,000 dwt changed from 18&#160;years to 14&#160;years, after which an annual acceptable Rightship inspection will be required. Rightship may downgrade any vessel over 18&#160;years of age that has not completed a satisfactory inspection by Rightship, in the same manner as any other vessel over 14&#160;years of age, to two stars, which significantly decreases its chances of entering into a charter. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Governmental regulations, safety or other equipment standards related to the age or condition of vessels may require expenditures for alterations, or the addition of new equipment, to our vessel and other vessels we may acquire and may restrict the type of activities in which the vessels may engage. As our vessel and other vessels we may acquire age, market conditions may not justify those expenditures or enable us to operate our vessel and other vessels we may acquire profitably during the remainder of their useful lives.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, unless we maintain cash reserves for vessel replacement, we may be unable to replace the current vessel in our fleet and other vessels we may acquire upon the expiration of their useful lives. We estimate the useful life of our vessel and other vessels we may acquire to be 25&#160;years from the date of initial delivery from the shipyard. Our cash flows and income are dependent on the revenues we earn by chartering our vessel and other vessels we may acquire to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, financial condition and results of operations will be materially adversely affected. Any reserves set aside for vessel replacement would not be available for other cash needs or dividends.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Increased regulatory oversight, uncertainty relating to the LIBOR calculation process and phasing out of LIBOR may adversely affect the amounts of interest we pay under future debt obligations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The calculation of interest in most financing agreements in our industry has been based on published LIBOR rates. LIBOR has historically been volatile, with the spread between LIBOR and the prime lending rate widening significantly at times. These conditions are the result of the disruptions in the international credit markets. While the interest rate under our current loan agreement is fixed, the interest rates borne by the indebtedness we may incur in the future may fluctuate with changes in LIBOR, and if such volatility were to occur in the future, or if LIBOR is replaced as the reference rate under our debt obligations, it could affect the amount of interest payable on our debt which, in turn, could have an adverse effect on our profitability, earnings and cash flow.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg20"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;27, 2017, the UK Financial Conduct Authority (&#8220;FCA&#8221;) announced that it would phase-out LIBOR by the end of 2021. On November&#160;30, 2020, ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom&#8217;s Financial Conduct Authority, announced plans to consult on ceasing publication of U.S. Dollar LIBOR on December&#160;31, 2021 for only the one-week and two-month U.S. Dollar LIBOR tenors, and on June&#160;30, 2023 for all other U.S. Dollar LIBOR tenors. This announcement coincided with an announcement by the International Swaps and Derivatives Association (&#8220;ISDA&#8221;) that the IBA announcement was not a triggering event which would set the spread to be used in its derivative contracts as part of the risk-free rate determination process. As a result, lenders have insisted on fallback provisions that entitle the lenders, in their discretion, to replace published LIBOR as the basis for the interest calculation with successor benchmark rates, such as their cost-of-funds rate. Various alternative reference rates are being considered in the financial community. The Secured Overnight Financing Rate (&#8220;SOFR&#8221;) has been proposed by the Alternative Reference Rate Committee (&#8220;ARRC&#8221;), a committee convened by the U.S. Federal Reserve that includes major market participants and on which regulators participate, as an alternative rate to replace U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. The daily transaction volumes underlying SOFR are approximately $1 trillion, giving the ARRC confidence that SOFR will be reliable through a wide range of market conditions. SOFR is being adopted by most lenders in our industry as replacement benchmark rate. However, it is not possible at this time to know the ultimate impact a phase-out of LIBOR and its potential replacement with SOFR may have, or how any such changes or alternative methods for calculating benchmark interest rates would be applied to any particular agreement containing terms based on LIBOR, which generally have alternative calculation provisions. If, however, these are implicated, the interest payable on these particular agreements could be subject to volatility and the underlying lending costs could increase, which would have an adverse effect on the borrowers&#8217; profitability, earnings and cash flow. The Company&#8217;s loan agreement, which is secured by the <font style="font-style: italic;">Gloriuship,</font> bears a fixed interest rate and therefore is not subject to such risks. However, we may enter in the future LIBOR based financing agreements which may include fallback provisions for the replacement of LIBOR by alternative reference rates such as the SOFR. </div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">The failure of future counterparties to meet their obligations under future charter agreements could cause us to suffer losses or otherwise adversely affect our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ability and willingness of each of our future counterparties to perform its obligations under future charter agreements with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the dry bulk shipping industry and the industries in which our counterparties operate and the overall financial condition of the counterparties. From time to time, those counterparties may account for a significant amount of our chartering activity and revenues. In addition, in challenging market conditions, there have been reports of charterers renegotiating their charters or defaulting on their obligations under charter agreements, and so our customers may fail to pay charter hire or attempt to renegotiate charter rates. Should a counterparty fail to honor its obligations under agreements with us, it may be difficult to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on time charters could be at lower rates. If our charterers fail to meet their obligations to us or attempt to renegotiate our charter agreements, we could suffer significant losses, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Rising crew costs may adversely affect our profits.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Crew costs are expected to be a significant expense for us. Recently, the limited supply of and increased demand for highly skilled and qualified crew, due to the increase in the size of the global shipping fleet, has created upward pressure on crewing costs. Increases in crew costs may adversely affect our profitability if we are not able to increase our rates.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">We may not be able to attract and retain key management personnel and other employees in the shipping industry, which may negatively affect the effectiveness of our management and our results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our success will depend to a significant extent upon the abilities and efforts of our management team, including our ability to retain key members of our management team and the ability of our management to recruit and hire suitable employees. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel could adversely affect our results of operations.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg21"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Our vessel and other vessels we may acquire may suffer damage, and we may face unexpected repair costs, which could adversely affect our cash flow and financial condition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If our vessel and other vessels we may acquire suffer damage, they may need to be repaired at a shipyard facility. The costs of repairs are unpredictable and can be substantial. The loss of earnings while our vessel and other vessels we may acquire are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings and reduce the amount of any dividends in the future. We may not have insurance that is sufficient to cover all or any of these costs or losses and may have to pay repair costs not covered by our insurance.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are exposed to U.S. dollar and foreign currency fluctuations and devaluations that could harm our reported revenue and results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We generate all of our revenues and incur the majority of our operating expenses in U.S. dollars, but we currently incur many of our general and administration expenses in currencies other than the U.S. dollar, primarily the euro. Because such portion of our expenses is incurred in currencies other than the U.S. dollar, our expenses may from time to time increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the U.S. dollar and the euro, which could affect the amount of net income that we report in future periods. We may use financial derivatives to operationally hedge some of our currency exposure. Our use of financial derivatives involves certain risks, including the risk that losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We maintain cash with a limited number of financial institutions including financial institutions that may be located in Greece, which will subject us to credit risk.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We maintain all of our cash with a limited number of financial institutions, including institutions that are located in Greece. These financial institutions located in Greece may be subsidiaries of international banks or Greek financial institutions. Economic conditions in Greece have been, and continue to be, uncertain as a result of recent sovereign weakness. Although Moody's Investor Services Inc. upgraded the bank financial strength ratings, as well as the deposit and debt ratings, of several Greek banks in September 2021 to reflect improving prospects, the stand-alone financial strength of the banks and the anticipated additional pressures stemming from the legacy of the country's multi-year debt crisis and the COVID-19 pandemic continue to create challenging economic prospects.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">In the highly competitive international shipping industry, we may not be able to compete for charters with new entrants or established companies with greater resources, which may adversely affect our results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We employ our vessel in a highly competitive market that is capital intensive and highly fragmented. Competition arises primarily from other vessel owners, some of whom may have substantially greater resources than we do. Competition for the transportation of dry bulk cargoes by sea is intense and depends on price, location, size, age, condition and the acceptability of the vessel and its operators to the charterers. Due in part to the highly fragmented market, competitors with greater resources could enter the dry bulk shipping industry and operate larger fleets through consolidations or acquisitions and may be able to offer lower charter rates and higher quality vessels than we are able to offer. Although we believe that no single competitor has a dominant position in the markets in which we compete, we are aware that certain competitors may be able to devote greater financial and other resources to their activities than we can, resulting in a significant competitive threat to us. We cannot give assurances that we will continue to compete successfully with our competitors or that these factors will not erode our competitive position in the future.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Due to our lack of fleet diversification, adverse developments in the maritime dry bulk shipping industry would adversely affect our business, financial condition, and operating results.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our business currently depends on the transportation of dry bulk commodities, and our fleet consists exclusively of one Capesize vessel. Our current lack of diversification could make us vulnerable to adverse developments in the maritime dry bulk shipping industry and demand for Capesize vessels in particular, which would have a significantly greater impact on our business, financial condition and operating results than it would if we maintained more diverse assets or lines of business.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could have a material adverse effect on us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may be, from time to time, involved in various litigation matters. These matters may include, among other things, contract disputes, personal injury claims, environmental claims or proceedings, asbestos and other toxic tort </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">27<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg22"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">claims, employment matters, governmental claims for taxes or duties, and other litigation that arises in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any claim or other litigation matter, and the ultimate outcome of any litigation or the potential costs to resolve them may have a material adverse effect on us. Insurance may not be applicable or sufficient in all cases or insurers may not remain solvent, which may have a material adverse effect on our financial condition.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The shipping industry has inherent operational risks that may not be adequately covered by our insurances. Further, because we obtain some of our insurances through protection and indemnity associations, we may also be retrospectively subject to calls or premiums in amounts based not only on our own claim records, but also on the claim records of all other members of the protection and indemnity associations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We procure insurance for our fleet against risks commonly insured against by vessel owners and operators. Our current insurances include hull and machinery insurance, war risks insurance, demurrage and defense insurance and protection and indemnity insurance (which includes environmental damage and pollution insurance). We do not expect to maintain for our vessel and other vessels we may acquire insurance against loss of hire, which covers business interruptions that result from the loss of use of a vessel, except in cases when our vessels transit through or call at high risk areas. We may not be adequately insured against all risks or our insurers may not pay a particular claim. Even if our insurance coverage is adequate to cover our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Furthermore, in the future, we may not be able to obtain adequate insurance coverage at reasonable rates for our fleet. Our insurance policies also contain deductibles, limitations and exclusions which, although we believe are standard in the shipping industry, may nevertheless increase our costs. If our insurances are not enough to cover claims that may arise, the deficiency may have a material adverse effect on our financial condition and results of operations. We may also be retrospectively subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability, including pollution-related liability. Our payment of these calls could result in significant expenses to us.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or FCPA, could result in fines, criminal penalties, and an adverse effect on our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate throughout the world, including countries with a reputation for corruption. We are committed to doing business in accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethics which is consistent and in full compliance with the FCPA. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take action determined to be in violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We depend on the Parent and its wholly-owned management subsidiaries to operate our business and our business could be harmed if they fail to perform such services satisfactorily.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We intend to enter into a master management agreement with the Parent for the provision of technical, administrative, commercial, brokerage and certain other services. Certain of these services may be subcontracted to or contracted directly with our Parent&#8217;s wholly-owned subsidiaries Seanergy Shipmanagement and Seanergy Management Corp. (&#8220;Seanergy Management&#8221;) (Seanergy Shipmanagement and Seanergy Management, together with the Parent, the &#8220;Managers&#8221;). Our operational success depends significantly upon the Managers&#8217; satisfactory performance of these services. Our business would be harmed if the Managers failed to perform these services satisfactorily. In addition, if our management agreements with the Managers were to be terminated or if their terms were to be altered, our business could be adversely affected, as we may not be able to immediately replace such services, and even if replacement services were immediately available, the terms offered could be less favorable than those under our existing management agreements.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">We may depend on third party managers to manage part of our fleet.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Managers may subcontract or arrange certain aspects of the technical, such as crewing, or commercial management for our current vessel and the vessels we may acquire to third parties, including but not limited to, V.Ships Limited, V.Ships Greece Ltd., Fidelity Marine Inc., Anglo-Eastern Crew Management (Asia) Limited and </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">28<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg23"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Global Seaways S.A.. The loss of the services of such third parties or their failure to perform their obligations could materially and adversely affect the results of our operations. Although we may have rights against these managers if they default on their obligations, we may have no recourse against these parties. In addition, we might not be able to find replacement third party managers on terms as favorable as those currently in place.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Management fees will be payable to the Managers regardless of our profitability, which could have a material adverse effect on our business, financial condition and results of operations. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the management agreements, we expect to pay to Seanergy Shipmanagement a fixed management fee of $14,000 per vessel per month, and to the Parent a fixed administration fee of&#160;$325 per vessel per day. We expect to also pay to Seanergy Management a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of our vessel and a fee equal to&#160;1% of the contract price of vessels bought or sold on our behalf (not including any vessels bought or sold from or to the Parent). These management fees do not cover expenses such as voyage expenses, vessel operating expenses, maintenance expenses and crewing costs, for which we will reimburse the technical manager. These management fees are payable whether or not our vessels are employed and regardless of our profitability, and we have no ability to require the Managers to reduce these management fees if our profitability decreases, which could have a material adverse effect on our business, financial condition and results of operations. </div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">We may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. holders of our common stock. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A foreign corporation will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation's assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive income&#8221; includes dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute &#8220;passive income.&#8221; U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Based upon our current and anticipated method of operations, we do not expect to be a PFIC in 2022 or any future taxable year. In this regard, we intend to treat our gross income from time charters as active services income, rather than rental income. Accordingly, our income from our time chartering activities should not constitute &#8220;passive income,&#8221; and the assets that we own and operate in connection with the production of that income should not constitute passive assets. There is substantial legal authority supporting this position, including case law and U.S. Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, it should be noted that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent of our operations change.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the IRS were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders would face adverse U.S. federal income tax consequences and certain information reporting requirements. Under the PFIC rules, unless those shareholders make an election available under the United States Internal Revenue Code of 1986 as amended, or the Code (which election could itself have adverse consequences for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of their shares of our common stock, as if the excess distribution or gain had been recognized ratably over the shareholder's holding period of the shares of our common stock. See &#8220;Item 10.E. Tax Considerations &#8211; United States Federal Income Tax Consequences &#8211; United States Federal Income Taxation of U.S. Holders &#8211; Passive Foreign Investment Company Rules&#8221; for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we are treated as a PFIC.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">29<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg24"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">We may have to pay tax on U.S. source income, which would reduce our earnings.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the Code, 50% of the gross shipping income of a vessel-owning or chartering corporation, such as us and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States, exclusive of certain U.S. territories and possessions, or &#8220;U.S. source gross shipping income&#8221; may be subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the applicable Treasury Regulations promulgated thereunder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our subsidiary earned no U.S. source gross shipping income in 2021, and therefore did not owe any U.S. federal income tax thereon. If we were to earn U.S. source gross shipping income, there are factual circumstances beyond our control that could cause us not to have the benefit of the tax exemption under Section 883 in 2022 or future years and thereby cause us to become subject to U.S. federal income tax on our U.S. source shipping income. For example, there is a risk that we could fail to qualify for exemption under Section 883 of the Code for a particular taxable year if &#8220;non-qualified&#8221; shareholders with a five percent or greater interest in our stock were, in combination with each other, to own 50% or more of the outstanding shares of our stock on more than half the days during the taxable year. See the description of the ownership tests which must be satisfied to qualify for exemption under Section 883 of the Code in &#8220;Item 10.E. Tax Considerations &#8211; United States Federal Income Tax Consequences &#8211; Exemption of Operating Income from United States Federal Income Taxation.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Because the availability of the exemption depends on factual circumstances beyond our control, we can give no assurances on the tax-exempt status of ourselves or that of any of our subsidiaries for our 2022 or subsequent taxable years. If we or our subsidiaries are not entitled to exemption under Section 883, we or our subsidiaries will be subject to the 4% U.S. federal income tax on 50% of any shipping income such companies derive that is attributable to the transport of cargoes to or from the United States. This tax is a cost, which, if unreimbursed, has a negative effect on our business and results in decreased earnings available for distribution to our shareholders.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">We plan to take the position that the Spin-Off will not qualify for tax-free treatment under Section 355 of the Code. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For U.S. federal income tax purposes, if a corporate division, such as the Spin-Off qualifies for tax-free treatment under Section 355 of the Code, the distribution of our common shares to Parent&#8217;s shareholders would generally not be taxable as a distribution and shareholders would allocate a portion of their tax basis in their shares of the Parent received in the Spin-Off. We intend to take the position that the Spin-Off will not satisfy all of the requirements of Section 355 of the Code, and as such that the Spin-Off will not be treated as a tax-free corporate division for U.S. federal income tax purposes. Based on this treatment, the distribution of our common shares to Parent&#8217;s shareholders will be taxable as a distribution for U.S. federal income tax purposes. The tax treatment of the Spin-Off is discussed below at &#8220;Tax Considerations &#8211; United States Federal Income Taxation of U.S. Holders.&#8221;</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">We are a &#8220;foreign private issuer,&#8221; which could make our common stock less attractive to some investors or otherwise harm our stock price.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a &#8220;foreign private issuer,&#8221; as such term is defined in Rule 405 under the Securities Act. As a &#8220;foreign private issuer&#8221; the rules governing the information that we disclose differ from those governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, our officers and directors are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchase and sales of our securities. Our exemption from the rules of Section 16 of the Exchange Act regarding sales of common stock by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act. Moreover, we are exempt from the proxy rules, and proxy statements that we distribute will not be subject to review by the Commission. Accordingly, there may be less publicly available information concerning us than there is for other U.S. public companies that are not foreign private issuers. These exemptions and scaled disclosure requirements are not related to our status as an emerging growth company, and will continue to be available to us even if we no longer qualify as an emerging growth company, but remain a foreign private issuer. These factors could make our common stock less attractive to some investors or otherwise harm our stock price.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">30<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg25"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands, and as such we are entitled to exemption from certain Nasdaq corporate governance standards. As a result, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Company's corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands. Therefore, we are exempt from many of Nasdaq's corporate governance practices other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq corporate governance practices, and the establishment and composition of an audit committee and a formal written audit committee charter. For a list of the practices followed by us in lieu of Nasdaq's corporate governance rules, we refer you to &#8220;Item 16G. Corporate Governance&#8221; in this registration statement.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The Public Company Accounting Oversight Board inspection of our independent accounting firm could lead to adverse findings in our auditors' reports and challenges to the accuracy of our published audited financial statements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Auditors of U.S. public companies are required by law to undergo periodic Public Company Accounting Oversight Board, or PCAOB, inspections that assess their compliance with U.S. law and professional standards in connection with performance of audits of financial statements filed with the SEC. For several years certain European Union countries, including Greece, did not permit the PCAOB to conduct inspections of accounting firms established and operating in such European Union countries, even if they were part of major international firms. Accordingly, unlike for most U.S. public companies, the PCAOB was prevented from evaluating our auditor's performance of audits and its quality control procedures, and, unlike stockholders of most U.S. public companies, we and our stockholders were deprived of the possible benefits of such inspections. Since 2015, Greece agreed to allow the PCAOB to conduct inspections of accounting firms operating in Greece. In the future, such PCAOB inspections could result in findings in our auditors' quality control procedures, question the validity of the auditor's reports on our published financial statements and the effectiveness of our internal control over financial reporting, and cast doubt upon the accuracy of our published audited financial statements.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Changing laws and evolving reporting requirements could have an adverse effect on our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Changing laws, regulations and standards relating to reporting requirements, including the European Union General Data Protection Regulation, or GDPR, may create additional compliance requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested in, and continue to invest in, reasonably necessary resources to comply with evolving standards.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">GDPR broadens the scope of personal privacy laws to protect the rights of European Union citizens and requires organizations to report on data breaches within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Non-compliance with GDPR may expose entities to significant fines or other regulatory claims which could have an adverse effect on our business, and results of operations.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">A cyber-attack could materially disrupt our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We rely on information technology systems and networks in our operations and administration of our business. Our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems and networks, or to steal data. A successful cyber-attack could materially disrupt our operations, including the safety of our operations, or lead to unauthorized release of information or alteration of information in our systems. Any such attack or other breach of our information technology systems could have a material adverse effect on our business and results of operations. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business and results of operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, any changes in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The war between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian government and other countries in the region. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat and any potential impact at this time.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">31<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg26"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The smuggling of drugs or other contraband onto our vessel and other vessels we may acquire may lead to governmental claims against us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We expect that our vessel and other vessels we may acquire will call in ports in South America and other areas where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. Under some jurisdictions, vessels used for the conveyance of illegal drugs could subject the vessels to forfeiture to the government of such jurisdiction. To the extent our vessel and other vessels we may acquire are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any member of our crew, we may face reputational damage and governmental or other regulatory claims or penalties which could have an adverse effect on our business, results of operations, cash flows and financial condition, as well as our ability to maintain cash flows, including cash available for distributions to pay dividends to our unitholders. Under some jurisdictions, vessels used for the conveyance of illegal drugs could subject result in forfeiture of the vessel to forfeiture to the government of such jurisdiction.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Common Shares</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">There is no existing market for our common shares, and a trading market that will provide you with adequate liquidity may not develop. The price of our common shares may fluctuate significantly, and you could lose all or part of your investment<font style="font-weight: normal;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to the Spin-Off, there has been no public market for our common shares. We do not know the extent to which investor interest will lead to the development of a trading market or how liquid that market might be. You may not be able to resell your common shares at or above the initial trading price. Additionally, the lack of liquidity may result in wide bid-ask spreads, contribute to significant fluctuations in the market price of the common shares and limit the number of investors who are able to buy the common shares.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The market price of our common shares may in the future be subject to significant fluctuations. Further, there is no guarantee of a continuing public market to resell our common shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market price of our common shares may in the future be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could in the future affect our stock price are:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">quarterly variations in our results of operations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in market valuations of similar companies and stock market price and volume fluctuations generally;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in earnings estimates or the publication of research reports by analysts;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">speculation in the press or investment community about our business or the shipping industry generally;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">strategic actions by us or our competitors such as acquisitions or restructurings;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the thin trading market for our common shares, which makes it somewhat illiquid;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">regulatory developments;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">additions or departures of key personnel;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">general market conditions; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">domestic and international economic, market and currency factors unrelated to our performance.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The stock markets in general, and the markets for dry bulk shipping and shipping stocks in particular, have experienced extreme volatility that has sometimes been unrelated to the operating performance of individual companies. These broad market fluctuations may adversely affect the trading price of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, there is no guarantee of a continuing public market to resell our common shares. We cannot assure you that an active and liquid public market for our common shares will continue.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our common stock that largely exceeds supply may lead to further price volatility in our common shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investors may purchase our common shares to hedge existing exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of our common shares may involve long and short </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">32<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg27"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">exposures. To the extent aggregate short exposure exceeds the number of common shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery to lenders of our common shares. Those repurchases may in turn, dramatically increase the price of our common shares until investors with short exposure are able to purchase additional common shares to cover their short position. This is often referred to as a &#8220;short squeeze.&#8221; Following such a short squeeze, once investors purchase the shares necessary to cover their short position, the price of our common shares may rapidly decline. A short squeeze could lead to volatile price movements in our shares that are not directly correlated to the performance or prospects of our company.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">As a newly-incorporated company, we may not have the surplus or net profits required by law to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our board of directors and will depend on a number of factors. Our board of directors may not declare dividends in the future.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The declaration, timing and amount of any dividend is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects, capital expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of Marshall Islands law affecting the payment of dividends to shareholders, overall market conditions and other factors. Our board of directors may not declare dividends in the future.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, Marshall Islands law generally prohibits the payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends may be declared and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. As a newly-incorporated company, we may not have the required surplus or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, our ability to pay dividends to holders of our common shares will be subject to the rights of holders of our Series&#160;C Preferred Shares, which rank prior to our common shares with respect to dividends, distributions and payments upon liquidation. No cash dividend may be paid on our common stock unless full cumulative dividends have been or contemporaneously are being paid or provided for on all outstanding Series&#160;C Preferred Shares for all prior and the then-ending dividend periods. Cumulative dividends on our Series C Preferred Shares will accrue at a rate of 6.5% per annum per $1,000 stated liquidation preference per Series&#160;C Preferred Share and are payable in cash or, at our election, in kind, quarterly on January&#160;15, April&#160;15, July&#160;15 and October&#160;15 of each year, commencing October 15, 2022, or, if any such dividend payment date otherwise would fall on a date that is not a business day, the immediately succeeding business day.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">If we do not have sufficient cash to pay dividends on our Series C Preferred Shares when due, we may suffer adverse consequences.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends to holders of our Series&#160;C Preferred Shares will be paid in cash or, at our election, in kind. If we do not have sufficient cash to pay dividends to holders of our Series&#160;C Preferred Shares or otherwise elect to pay dividends on the Series C Preferred Shares in kind, then such additional Series&#160;C Preferred Shares issuance will result in additional dividend payment obligations of the Company going forward. In addition, a failure to pay dividends on our Series&#160;C Preferred Shares when due will adversely affect our ability to utilize shelf registration statements to sell our securities, which may be an important fund-raising avenue for us in the future.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The superior voting rights of our Series B Preferred Shares may limit the ability of our common shareholders to control or influence corporate matters and the interests of the holder of such shares could conflict with the interests of common shareholders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">While our common shares have one vote per share, each of our 40,000 Series B Preferred Shares presently outstanding has 25,000 votes per share; however, the voting power of the Series B Preferred Shares is limited such that no holder of Series B Preferred Shares may exercise voting rights pursuant to any Series B Preferred Shares that would result in the total number of votes a holder is entitled to vote on any matter submitted to a vote of shareholders of the Company to exceed 49.99% of the total number of votes eligible to be cast on such matter. The Series B Preferred Shares, however, have no dividend rights or distribution rights, other than the right upon dissolution to receive a payment equal to $0.0001 per share.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Spin-Off, our Chairman and Chief Executive Officer can therefore control 49.99% of the voting power of our outstanding capital stock. Our Chairman and Chief Executive Officer will have substantial control and </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">33<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg28"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">influence over our management and affairs and over matters requiring shareholder approval, including the election of directors and significant corporate transactions, even though he owns significantly less than 50% of the Company economically.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The superior voting rights of our Series B Preferred Shares may limit our common shareholders&#8217; ability to influence corporate matters. The interests of the holder of the Series B Preferred Shares may conflict with the interests of our common shareholders, and as a result, the holders of our capital stock may approve actions that our common shareholders do not view as beneficial. Any such conflicts of interest could adversely affect our business, financial condition and results of operations, and the trading price of our common shares.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Anti-takeover provisions in our amended and restated articles of incorporation and bylaws could make it difficult for our shareholders to replace or remove our current board of directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Several provisions of our amended and restated articles of incorporation and bylaws which we will adopt prior to the Spin-Off may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board to maximize shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-take-over provisions could make it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from changing the composition of our management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that some shareholders may consider favorable.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">These provisions:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">authorize our board of directors to issue &#8220;blank check&#8221; preferred stock without shareholder approval, including preferred shares with superior voting rights, such as the Series B Preferred Shares;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">provide for a classified board of directors with staggered, three-year terms;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">permit the removal of any director only for cause;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">limiting the persons who may call special meetings of shareholders; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted on by shareholders at meetings of shareholders. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">These anti-takeover provisions could substantially impede the ability of our shareholders to impose a change in control and, as a result, may adversely affect the market price of our common shares and your ability to realize any potential change of control premium.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">We may issue additional common shares or other equity securities without your approval, which could dilute your ownership interests and may depress the market price of our common shares<font style="font-weight: normal;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may issue additional common shares or other equity securities of equal or senior rank in the future in connection with, among other things, future vessel acquisitions, repayment of outstanding indebtedness or our equity incentive plan, without shareholder approval, in a number of circumstances.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our issuance of additional common shares or other equity securities of equal or senior rank would have the following effects:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our existing shareholders' proportionate ownership interest in us will decrease;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the amount of cash available for dividends payable on our common shares may decrease;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the relative voting strength of each previously outstanding common share may be diminished; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the market price of our common shares may decline.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">34<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg29"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Issuance of preferred shares, such as our Series B Preferred Shares, may adversely affect the voting power of our common shareholders and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation authorize our board of directors to issue preferred shares in one or more series and to determine the rights, preferences, privileges and restrictions, with respect to, among other things, dividends, conversion, voting, redemption, liquidation and the number of shares constituting any series without shareholders' approval. Our board of directors will issue prior to the Spin-Off, and may in the future issue, preferred shares with voting rights superior to those of the common shares, such as the Series B Preferred Shares. If our board of directors determines to issue preferred shares, such issuance may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. The issuance of preferred shares with voting and conversion rights may also adversely affect the voting power of the holders of common shares. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common shares and our shareholders' ability to realize any potential change of control premium.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">We are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors<font style="font-weight: normal;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are an &#8220;emerging growth company&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. While we have elected to take advantage of some of the reduced reporting obligations, we are choosing to &#8220;opt-out&#8221; of the extended transition period relating to the exemption from new or revised financial accounting standards. We cannot predict if investors will find our Common Stock less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common Stock and our share price may be more volatile.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley, for so long as we are an emerging growth company. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, which may negatively affect the ability of shareholders to protect their interests.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our corporate affairs are governed by our amended and restated articles of incorporation, our bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the laws of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, shareholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, the Republic of the Marshall Islands does not have a legal provision for bankruptcy or a general statutory mechanism for insolvency proceedings. As such, in the event of a future insolvency or bankruptcy, our shareholders and creditors may experience delays in their ability to recover for their claims after any such insolvency or bankruptcy. Further, in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States could apply. If we become a debtor under U.S. bankruptcy law, bankruptcy courts in the United States may seek to assert jurisdiction over all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would become a debtor in the United States, or that a U.S. bankruptcy court would be entitled to, or accept, jurisdiction over such a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize a U.S. bankruptcy court's jurisdiction if any other bankruptcy court would determine it had jurisdiction.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">35<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg30"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">As a Marshall Islands corporation with principal executive offices in Greece, and also having a subsidiary in the Republic of the Marshall Islands, our operations may be subject to economic substance requirements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In March 2019, the Council of the European Union, or the Council, published a list of non-cooperative jurisdictions for tax purposes, the 2019 Conclusions. In the 2019 Conclusions, the Republic of the Marshall Islands, among others, was placed by the E.U. on the list of non-cooperative jurisdictions for failing to implement certain commitments previously made to the E.U. by the agreed deadline. However, it was announced by the Council in October 2019 that the Marshall Islands had been removed from the list of non-cooperative jurisdictions. E.U. member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including, inter alia, increased monitoring and audits, withholding taxes and non-deductibility of costs. The European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed countries. E.U. legislation prohibits E.U. funds from being channelled or transited through entities in non-cooperative jurisdictions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a Marshall Islands corporation with principal executive offices in Greece. Our subsidiary is organized in the Republic of the Marshall Islands. The Marshall Islands have enacted economic substance regulations with which we are obligated to comply. The Marshall Islands economic substance regulations require certain entities that carry out particular activities to comply with a three-part economic substance test whereby the entity must show that it (i)&#160;is directed and managed in the Marshall Islands in relation to that relevant activity, (ii)&#160;carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generated activities for shipping companies will generally occur in international waters) and (iii)&#160;having regard to the level of relevant activity carried out in the Marshall Islands has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands. Bermuda and the British Virgin Islands have enacted similar legislation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If we fail to comply with our obligations under such legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials, or could be struck from the register of companies, in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial conditions and operating results.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not know (i)&#160;if the E.U. will once again add the Marshall Islands to the list of non-cooperative jurisdictions, (ii)&#160;how quickly the E.U. would react to any changes in legislation of the Marshall Islands, or (iii)&#160;how E.U. banks or other counterparties will react while we or our subsidiary remain as entities organized and existing under the laws of the Marshall Islands. The effect of the E.U. list of non-cooperative jurisdictions, and any noncompliance by us with any legislation adopted by applicable countries to achieve removal from the list, including economic substance regulations, could have a material adverse effect on our business, financial conditions and operating results.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We and all of our subsidiaries are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiary are located outside the U.S. In addition, most of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiary or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the country in which we or our subsidiary are incorporated or where our assets or the assets of our subsidiary are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiary based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us or our subsidiary based on those laws.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Risks Relating to the Spin-Off</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off<font style="font-weight: normal;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that, as a publicly-traded company, we will be able to, among other things, better focus our financial and operational resources on our specific shipping business, implement and maintain a capital structure designed to meet our specific needs, design and implement corporate strategies and policies that are targeted to our business, </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">36<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_104-risk_pg31"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">more effectively respond to industry dynamics and create effective incentives for our management and employees that are more closely tied to our business performance. However, by separating from Parent, we may be more susceptible to market fluctuations and have less leverage with customers, and we may experience other adverse events. In addition, we may be unable to achieve some or all of the benefits that we expect to achieve as a separate company in the time we expect, if at all. The completion of the Spin-Off will also require significant amounts of our management's time and effort, which may divert management's attention from operating and growing our business.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as a publicly-traded company, and we may experience increased costs after the Spin-Off.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Spin-Off, we will need to provide internally or obtain from unaffiliated third parties some of the services we currently receive from Parent. We may be unable to replace these services in a timely manner or on terms and conditions as favorable as those we receive from Parent. We may be unable to successfully establish the infrastructure or implement the changes necessary to operate independently or may incur additional costs. If we fail to obtain the services necessary to operate effectively or if we incur greater costs in obtaining these services, our business, financial condition and results of operations may be adversely affected.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We have no operating history as a publicly-traded company, and our historical financial information is not necessarily representative of the results we would have achieved as a publicly-traded company and may not be a reliable indicator of our future results.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We derived the historical financial information included in this prospectus in part from Parent&#8217;s consolidated financial statements, and this information does not necessarily reflect the results of operations and financial position we would have achieved as a separate publicly-traded company during the periods presented or those that we will achieve in the future. This is primarily because of the following factors:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Prior to the Spin-Off, we operated as part of Parent&#8217;s broader corporate organization, and Parent performed various corporate functions for us. Our historical financial information reflects allocations of corporate expenses from Parent for these and similar functions. These allocations may not reflect the costs we will incur for similar services in the future as a publicly-traded company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Our historical financial information does not reflect changes that we expect to experience in the future as a result of our separation from Parent, including changes in our cost structure, personnel needs, tax structure, financing and business operations. As part of Parent, we enjoyed certain benefits from Parent&#8217;s operating diversity, size, borrowing leverage and available capital for investments, and we may lose these benefits after the Spin-Off. As a separate entity, we may be unable to purchase services and technologies or access capital markets on terms as favorable to us as those we obtained as part of Parent prior to the Spin-Off. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Spin-Off, we will also be responsible for the additional costs associated with being a publicly-traded company, including costs related to corporate governance, investor and public relations and public reporting. In addition, certain costs incurred by Parent, including executive oversight, accounting, treasury, tax, legal, human resources, occupancy, procurement, information technology and other shared services, have historically been allocated to us by Parent; but these allocations may not reflect the future level of these costs to us as we begin to provide these services ourselves. Therefore, our historical financial statements may not be indicative of our future performance as a separate publicly-traded company. We cannot assure you that our operating results will continue at a similar level when we are a separate publicly-traded company. For additional information about our past financial performance and the basis of presentation of our financial statements, see &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and our historical financial statements and the notes thereto included elsewhere in this prospectus.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may not be able to access the credit and capital markets at the times and in the amounts needed on acceptable terms.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time we may need to access the capital markets to obtain long-term and short-term financing. We have not previously accessed the capital markets as a separate public company, and our access to, and the availability of, financing on acceptable terms and conditions in the future will be impacted by many factors, including our financial performance, our credit ratings or absence thereof, the liquidity of the overall capital markets and the state of the economy. We cannot assure you that we will have access to the capital markets at the times and in the amounts needed or on terms acceptable to us.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">37<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI4"><!--Anchor--></a>ITEM 4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">INFORMATION ON THE COMPANY</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">A.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">History and Development of the Company</font></div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Overview</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are an international shipping company currently specializing in worldwide seaborne transportation of dry bulk commodities. We currently own one Capesize drybulk vessel, with a cargo-carrying capacity of approximately 171,314 dwt and an age of 18.4 years. We intend to expand our fleet into other seaborne transportation sectors depending on available opportunities. However, we do not currently have any agreements or commitments to acquire additional vessels.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We were incorporated under the laws of the Republic of the Marshall Islands, pursuant to the BCA, on January&#160;20, 2022. Our executive offices are located at 154 Vouliagmenis Avenue, 16674 Glyfada, Greece and our telephone number is +30 2130181507. Our website is www.usea.gr. The SEC maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Reasons for the Spin-Off</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Parent currently owns and operates exclusively Capesize drybulk vessels and therefore represents a &#8220;pure&#160;play&#8221; investment opportunity in the Capesize sector. Following the Spin-Off, we will own and operate one Capesize drybulk vessel, but intend to pursue a more flexible acquisition strategy by opportunistically expanding our fleet into other seaborne transportation sectors. By providing a differentiated investment opportunity from the Parent&#8217;s &#8220;pure play&#8221; focus while leveraging our management&#8217;s track record of success in building a fleet, we and the Parent believe that the Spin-Off will maximize both the Parent&#8217;s and our shareholders&#8217; returns, as investment value will be created by allowing investors to make independent investment decisions with respect to each of us and the Parent based on, among other factors, our different business models, strategies, risk exposures, valuation potential and shipping industries. Further, we believe that the Spin-Off will provide us greater strategic independence in considering sales, mergers and acquisitions, financing opportunities and our dividend policy.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In determining whether to effect the spin-off, the board of directors of the Parent also considered the costs and risks associated with the transaction, including those associated with preparing us to become a separate publicly traded company, the risk of volatility in our and the Parent&#8217;s stock price that may occur immediately following the Spin-Off, including the potential impact on the price of our common shares due to sales by our shareholders whose investment objectives may not be met by our Common Stock, the time that it may take for us to attract an appropriate shareholder base, and the resulting risk that the trading value of the two separate entities after the Spin-Off may be less than the trading value of Parent&#8217;s common shares before the Spin-Off. Notwithstanding these costs and risks, however, the Parent&#8217;s board of directors determined that a spin-off, in the form contemplated herein, and the combined but separate ownership of Parent common shares and our common shares is the best alternative to enhance long-term shareholder value relative to other strategic alternatives.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">B.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Business Overview</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are an international shipping company specializing in the worldwide seaborne transportation of dry bulk commodities. We currently own one Capesize vessel, with a cargo-carrying capacity of approximately 171,314 dwt and an age of 18.4 years.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Our Current Fleet</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following table lists the vessel in our fleet as of the date of this registration statement:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 30.77%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel Name</div></td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.22%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Year Built</div></td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.94%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Dwt</div></td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.71%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Flag</div></td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.36%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Yard</div></td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.59%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 17.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Type of Employment</div></td></tr><tr><td style="width: 30.77%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gloriuship<font style="font-style: normal; padding-left: 3.17pt;"></font></div></td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.22%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">2004</div></td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">171,314</div></td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.71%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.36%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; text-align: center;">Hyundai</div></td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.59%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.06%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; text-align: center;">T/C Index Linked<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 11.75pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">This vessel is chartered by Pacbulk Shipping Pte. Ltd. Singapore, a dry bulk charter operator, and was delivered to the charterer on December&#160;19, 2019 for an original period of about 4 to about 7&#160;months, pursuant to the terms of the charterparty agreement dated December&#160;6, 2019 entered into between the United Maritime Predecessor and the charterer. On April&#160;16, 2020, the charter was extended for a period of about 10 to about 14 months. On December&#160;22, 2020, a further extension period was agreed up to minimum January 2022 to maximum April 2022. On&#160;December&#160;22, 2021 another extension period was agreed up to minimum December 2022 to maximum April&#160;2023. The net daily charter hire is calculated at an index linked rate based on the five T/C routes of the BCI. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of minimum 3 to maximum 12 months based on the Capesize 5TC freight forward agreement for the selected period. The Company has exercised this option and the vessel currently earns a </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">38<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 5.25pt; margin-left: 20pt; text-align: justify;">gross fixed charter rate of $28,060 per day for the period from April 1, 2022 until November 30, 2022. The Company had previously exercised this option for the periods of the second, third and fourth quarter of 2021 earning a gross daily rate of $11,270, $22,770 and $35,880 per respective quarter, respectively, and a gross daily rate of $19,780 during January of 2022. According to the provisions of the time charter, United Maritime Predecessor is entitled to terminate the charter in case of the charterer&#8217;s failure of punctual and regular payment of hire, while the charterer may cancel the charter if the vessel is placed off-hire for more than forty-five consecutive days. In addition, both parties have the option to terminate the charter in case of war outbreak between two or more of certain countries identified in the agreement (UK, United States, C.I.S., People&#8217;s Republic of China, Japan and Greece), which war directly affects the performance of the charter. The time charter is governed by English law.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Our Business Strategy</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Competitive Strengths</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Opportunity for growth.<font style="font-style: normal;"> We believe we will be well positioned to opportunistically expand and maximize our </font><font style="font-style: normal;">current fleet due to competitive cost structure, strong customer relationships and experienced management team.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Demonstrated access to financing<font style="font-style: normal;">. We believe that we are well placed to take advantage of business </font><font style="font-style: normal;">opportunities due to the Parent&#8217;s operational platform, which we aim to leverage on, along with our management </font><font style="font-style: normal;">team&#8217;s demonstrated access to financing at the Parent. We believe that our ability to access financing will continue </font><font style="font-style: normal;">to allow us to capture additional market opportunities when they arise.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Experienced management team<font style="font-style: normal;">. We expect certain officers and directors of our Parent to serve on our board of </font><font style="font-style: normal;">directors and management team and as such we believe that our management team's reputation and track record in </font><font style="font-style: normal;">building shipping fleets should provide us with access to attractive acquisition, chartering and vessel financing </font><font style="font-style: normal;">opportunities.</font></div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Strategies</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Opportunistic and sector-agnostic vessel acquisition strategy. <font style="font-style: normal;">Shipping markets are divided into various key </font><font style="font-style: normal;">sectors including the dry bulk, tanker, gas and container markets, with each of them further segregated to sub-sectors. </font><font style="font-style: normal;">We plan to exploit opportunities in any sector and sub-sector that provides an attractive demand and supply profile </font><font style="font-style: normal;">as well as a positive market outlook in the medium to long-term by acquiring vessels trading on this sector. </font><font style="font-style: normal;">The&#160;decision for entering a new sector will be based on robust fundamentals and thoughtful analysis of factors </font><font style="font-style: normal;">affecting both the demand side and the supply side, while the selection of the target vessel will be subject to strict </font><font style="font-style: normal;">qualitative criteria including the environmental performance and energy efficiency of the acquisition candidates. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Expand our fleet through accretive acquisitions<font style="font-style: normal;">. We intend to grow our current fleet through timely and selective </font><font style="font-style: normal;">acquisitions of additional vessels at attractive valuations. In evaluating acquisitions, we consider and analyze, among </font><font style="font-style: normal;">other things, our expectation of fundamental developments in the </font><font style="font-style: normal;">shipping industry</font><font style="font-style: normal;">, the level of liquidity in the resale </font><font style="font-style: normal;">and charter market, the vessel condition and technical specifications, the expected remaining useful life, as well as </font><font style="font-style: normal;">the overall strategic positioning of our fleet and customers. For vessels acquired with charters attached, we also </font><font style="font-style: normal;">consider the credit quality of the charterer and the duration and terms of the contracts in place. Based on our </font><font style="font-style: normal;">management team&#8217;s successful track record, commercial expertise and reputation in the marketplace as well as our </font><font style="font-style: normal;">transparent and public corporate structure, we believe that we are well-positioned to source off-market opportunities </font><font style="font-style: normal;">to acquire secondhand vessels. As a result, we may be able to acquire vessels on more favorable terms than what </font><font style="font-style: normal;">would be obtained without access to such opportunities.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Access to attractive chartering opportunities<font style="font-style: normal;">. Our senior management in combination with Fidelity, the Parent&#8217;s </font><font style="font-style: normal;">commercial manager, has established strong relationships with international miners, charterers and brokers. </font><font style="font-style: normal;">We&#160;believe that these relationships should provide us with access to attractive chartering opportunities. Furthermore, </font><font style="font-style: normal;">we aim to maintain our fleet at a level that meets or exceeds stringent industry standards as we believe that owning </font><font style="font-style: normal;">a modern and well-maintained fleet provides us with a competitive advantage in securing favorable employment. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Environmental, Social, Governance, or ESG, Practices<font style="font-style: normal;">: We actively manage a broad range of ESG initiatives, </font><font style="font-style: normal;">taking into consideration their expected impact on the sustainability of our business over time, and the potential </font><font style="font-style: normal;">impact of our business on society and the environment. Scrubber installations, Existing Vessel Design Index, or </font><font style="font-style: normal;">EVDI, upgrades, and Energy Saving Devices (&#8220;ESD</font><font style="font-style: normal;">s</font><font style="font-style: normal;">&#8221;) </font><font style="font-style: normal;">installations, weather routing, slow steaming, ballast and </font><font style="font-style: normal;">trim optimization during the ballast voyage legs and frequent propeller and hull cleaning policy constitute examples </font><font style="font-style: normal;">of the environmental practices our management team has deployed. The&#160;</font><font style="font-style: normal;">Capesize vessel that will comprise our initial </font><font style="font-style: normal;">fleet </font><font style="font-style: normal;">was drydocked in mid-</font><font style="font-style: normal;">April 2022</font><font style="font-style: normal;">,</font><font style="font-style: normal;"> </font><font style="font-style: normal;">where</font><font style="font-style: normal;"> a Ballast Water Treatment System</font><font style="font-style: normal;"> and various </font><font style="font-style: normal;">ESDs were installed,</font><font style="font-style: normal;"> </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">39<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">that will ensure compliance with the new environmental regulations and that the vessel will remain competitive for the years to come. Moreover, we pay considerable attention to our human resources both on our vessels and ashore, proven by a variety of practices, including, gender discrimination elimination, performance KPIs, worldwide training and medical insurance.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Management of Our Fleet</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We and our vessel-owning subsidiaries will, prior to the Spin-Off, enter into a master management agreement with the Parent, a technical management agreement with Seanergy Shipmanagement and a commercial management agreement with Seanergy Management, pursuant to which the Parent (directly or through Seanergy Management or Seanergy Shipmanagement), Seanergy Management and Seanergy Shipmanagement shall provide us with or arrange on our behalf (through unrelated third parties) administrative, accounting, finance, commercial management, technical management, brokerage and certain other services. In relation to the technical services, Seanergy Shipmanagement will be responsible for arranging (directly or by subcontracting) for the crewing of the vessels, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. Administrative functions that will be performed by the Parent include but are not limited to investor relations, back-office, reporting, legal and secretarial services. In addition, the Parent will provide (directly or through Seanergy Management) services for the chartering of our vessels and monitoring thereof, freight collection, and sale and purchase. In providing these services, the Managers may subcontract and pay third parties and shall receive reimbursement from us or arrange for the appointment of third parties to provide these services in which cases such third parties may be paid directly by us. Seanergy Shipmanagement may subcontract the technical management and crew management for our current vessel and other vessels we may acquire to third parties or arrange for the appointment of such third parties, including V.Ships Limited, V.Ships Greece Ltd., Anglo-Eastern Crew Management (Asia) Limited and Global Seaways S.A.. The Parent may sub-contract certain commercial management services to Fidelity Marine Inc., an independent third party, which provides commercial management services for all of the vessels in the Parent&#8217;s fleet or any other third party. These third party-managers will be supervised by Seanergy Shipmanagement and Seanergy Management. We or our designated subsidiaries may enter into agreements relating to commercial or technical management services directly with such third party managers and may incur additional costs for technical management under such agreements. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The management agreements which will be entered into in conjunction with our separation from the Parent and the Spin-Off will provide for: a fixed management fee of $14,000 per vessel per month payable to Seanergy Shipmanagement and a fixed administration fee of&#160;$325 per vessel per day payable to the Parent. We expect to pay to Seanergy Management a fee equal to&#160;1.25% of the gross freight, demurrage and charter hire collected from the employment of our vessel, except for any vessels that are chartered-out to the Parent. Seanergy Management will also earn a fee equal to 1% of the contract price of any vessel bought or sold by them on our behalf, except for any vessels bought or sold from or to the Parent, or in respect of any vessel sale relating to a sale leaseback transaction. Additional vessels that we may acquire in the future may be managed by the Managers or by other unaffiliated management companies. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The initial term of our master management agreement with the Parent will expire on December 31, 2024. Unless three months&#8217; notice of non-renewal is given by either party prior to the end of the then current term, this agreement will automatically extend for additional 12-month periods. The master management agreement may be terminated immediately only for cause and at any time by either party with three months&#8217; prior notice, and no termination fee will be payable.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may enter into similar or new management agreements for the management of any additional vessels we may acquire in the future. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Employment of Our Fleet</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of the date of this registration statement, our current vessel is chartered on a time charter whose daily rate is linked to the BCI. A time charter is generally a contract to provide your ship for a predefined period to the charterer for an agreed daily US$ rate. This rate can be fixed or index-linked, with the latter mounting volatility of freight earnings, as shipping freight indices fluctuate on a seasonal and year-to-year basis. Fluctuations derive from imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes. Vessels operating in the time charter market ensure that there will be employment on the vessel for the defined period, while the index-linked hire rate may enable us to capture increased profit margins during periods of improvements in dry bulk vessel charter rates. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">40<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The Dry Bulk Shipping Industry</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The global dry bulk vessel fleet is divided into four categories based on a vessel's carrying capacity. These categories are:</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Capesize. <font style="font-style: normal;">Capesize vessels have a carrying capacity of exceeding 100,000 dwt. Only the largest ports around </font><font style="font-style: normal;">the world possess the infrastructure to accommodate vessels of this size. Capesize vessels are primarily used to </font><font style="font-style: normal;">transport iron ore or coal and, to a much lesser extent, grains, primarily on long-haul routes.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Panamax<font style="font-style: normal;">. Panamax vessels have a carrying capacity of between 60,000 and 100,000 dwt. These vessels are </font><font style="font-style: normal;">designed to meet the physical restrictions of the Panama Canal locks (hence their name &#8220;Panamax&#8221; &#8212; the largest </font><font style="font-style: normal;">vessels able to transit the Panama Canal prior to its 2016 expansion, making them more versatile than larger vessels). </font><font style="font-style: normal;">These vessels carry coal, grains, and, to a lesser extent, minerals such as bauxite/alumina and phosphate rock.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Handymax/Supramax<font style="font-style: normal;">. Handymax vessels have a carrying capacity of between 30,000 and 60,000 dwt. </font><font style="font-style: normal;">These&#160;vessels operate on a large number of geographically dispersed global trade routes, carrying primarily grains </font><font style="font-style: normal;">and minor bulks. The standard vessels are usually built with 25-30 ton cargo gear, enabling them to discharge cargo </font><font style="font-style: normal;">where grabs are required (particularly industrial minerals), and to conduct cargo operations in countries and ports </font><font style="font-style: normal;">with limited infrastructure. This type of vessel offers good trading flexibility and can, therefore, be used in a wide </font><font style="font-style: normal;">variety of bulk and neobulk trades, such as steel products. Supramax are a sub-category of this category typically </font><font style="font-style: normal;">having a cargo carrying capacity of between 50,000 and 60,000 dwt.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Handysize<font style="font-style: normal;">. Handysize vessels have a carrying capacity of up to 30,000 dwt. These vessels are almost exclusively </font><font style="font-style: normal;">carry minor bulk cargo. Increasingly, vessels of this type operate on regional trading routes, and may serve as </font><font style="font-style: normal;">trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft </font><font style="font-style: normal;">restrictions. Their cargo gear enables them to service ports lacking the infrastructure for cargo loading and </font><font style="font-style: normal;">discharging.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The supply of dry bulk vessels is dependent on the delivery of new vessels and the removal of vessels from the global fleet, either through scrapping or loss. The level of scrapping activity is generally a function of scrapping prices in relation to current and prospective charter market conditions, as well as operating, repair and survey costs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The demand for dry bulk vessel capacity is determined by the underlying demand for commodities transported in dry bulk vessels, which in turn is influenced by trends in the global economy. Demand for dry bulk vessel capacity is also affected by the operating efficiency of the global fleet, with port congestion, which has been a feature of the market since 2004, absorbing tonnage and therefore leading to a tighter balance between supply and demand. In&#160;evaluating demand factors for dry bulk vessel capacity, we believe that dry bulk vessels can be the most versatile element of the global shipping fleets in terms of employment alternatives.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Charter Hire Rates</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Charter hire rates fluctuate by varying degrees among dry bulk vessel size categories. The volume and pattern of trade in a small number of commodities (major bulks) affect demand for larger vessels. Therefore, charter rates and vessel values of larger vessels often show greater volatility. Conversely, trade in a greater number of commodities (minor bulks) drives demand for smaller dry bulk vessels. Accordingly, charter rates and vessel values for those vessels are subject to less volatility.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Charter hire rates paid for dry bulk vessels are primarily a function of the underlying balance between vessel supply and demand, although at times other factors may play a role. Furthermore, the pattern seen in charter rates is broadly mirrored across the different charter types and the different dry bulk vessel categories. However, because demand for larger dry bulk vessels is affected by the volume and pattern of trade in a relatively small number of commodities, charter hire rates (and vessel values) of larger ships tend to be more volatile than those for smaller vessels.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the time charter market, rates vary depending on the length of the charter period and vessel specific factors such as age, speed and fuel consumption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the voyage charter market, rates are influenced by cargo size, commodity, port dues and canal transit fees, as well as commencement and termination regions. In general, a larger cargo size is quoted at a lower rate per ton than a smaller cargo size. Routes with costly ports or canals generally command higher rates than routes with low port dues and no canals to transit. Voyages with a load port within a region that includes ports where vessels usually discharge cargo or a discharge port within a region with ports where vessels load cargo also are generally quoted at </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">41<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">lower rates, because such voyages generally increase vessel utilization by reducing the unloaded portion (or ballast leg) that is included in the calculation of the return charter to a loading area.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Within the dry bulk shipping industry, the charter hire rate references most likely to be monitored are the freight rate indexes issued by the Baltic Exchange. These references are based on actual charter hire rates under charters entered into by market participants as well as daily assessments provided to the Baltic Exchange by a panel of major shipbrokers.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Competition</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in markets that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on its reputation. The&#160;Parent negotiates the terms of our charters (whether voyage charters, period time charters, bareboat charters or pools) based on market conditions. We currently compete primarily with other owners of dry bulk vessels, many of which may have more resources than us and may operate vessels that are newer, and therefore more attractive to charterers than vessels we may operate. Ownership of dry bulk vessels is highly fragmented and is divided among publicly listed companies, state-controlled companies and independent dry bulk vessel owners. We currently compete primarily with owners of dry bulk vessels in the Capesize class size.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Customers</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The customers of the United Maritime Predecessor during the last two years include national, regional and international companies. Customers individually accounting for more than 10% of the United Maritime Predecessor&#8217; revenues during the years ended December&#160;31, 2021, 2020 and 2019 were:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 82.05%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Customer</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.42%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021 </div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.42%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.42%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 82.05%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A<font style="padding-left: 4.28pt;"></font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;">100% </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;">100%</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;">52%</div></td></tr><tr><td style="width: 82.05%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">B<font style="padding-left: 4.83pt;"></font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;">42%</div></td></tr><tr><td style="width: 82.05%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 1.09pt;"></font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;">100%</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.5pt; text-align: left;">100%</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.42%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;">94%</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Seasonality</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Coal, iron ore and grains, which are the major bulks of the dry bulk shipping industry, are somewhat seasonal in nature. The energy markets primarily affect the demand for coal, with increases during hot summer periods when air conditioning and refrigeration require more electricity and towards the end of the calendar year in anticipation of the forthcoming winter period. The demand for iron ore tends to decline in the summer months because many of the major steel users, such as automobile makers, reduce their level of production significantly during the summer holidays. Grain trades are seasonal as they are driven by the harvest within a climate zone. Because three of the five&#160;largest grain producers (the United States of America, Canada and the European Union) are located in the northern hemisphere and the other two (Argentina and Australia) are located in the southern hemisphere, harvests occur throughout the year and grains transportation requires dry bulk shipping accordingly.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Environmental and Other Regulations </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessel and other vessels we may acquire may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating procedures.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A variety of government and private entities subject our vessel and other vessels we may acquire to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard, or USCG, harbor master or equivalent), classification societies, flag state administrations (countries of registry), terminal operators and charterers. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessel and other vessels we may acquire. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessel and other vessels we may acquire.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">42<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for our vessel and other vessels we may acquire that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessel is in substantial compliance with applicable environmental laws and regulations and that our vessel has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessel and other vessels we may acquire. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">International Maritime Organization</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO, the United Nations agency for maritime safety and the prevention of pollution by vessels, has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978&#160;relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, the International Convention for the Safety of Life at Sea of 1974, or SOLAS Convention, the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW, and the International Convention on Load Lines of 1966, or LL Convention. MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, the handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to dry bulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex&#160;I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex&#160;VI, lastly, relates to air emissions. Annex&#160;VI was separately adopted by the IMO in September of 1997.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2013, the IMO's Marine Environmental Protection Committee, or the MEPC, adopted a resolution amending MARPOL Annex&#160;I Condition Assessment Scheme, or CAS. These amendments became effective on October&#160;1, 2014 and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or ESP Code, which provides for enhanced inspection programs. We may need to make certain financial expenditures to comply with these amendments.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Air Emissions</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In September of 1997, the IMO adopted Annex&#160;VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex&#160;VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex&#160;VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January&#160;1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. We believe that our vessel is currently compliant in all material respects with these regulations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The MEPC adopted amendments to Annex&#160;VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July&#160;1, 2010. The amended Annex&#160;VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. Effective January&#160;1, 2020, there has been a global limit of 0.5% m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Ships are required to obtain bunker delivery notes and International Air Pollution Prevention, or IAPP, Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex&#160;VI to prohibit the carriage of bunkers above 0.5% sulfur on ships became effective on March&#160;1, 2020. Additional amendments to Annex&#160;VI revising, among other terms, the definition of &#8220;Sulphur content of fuel oil&#8221; and &#8220;low-flashpoint fuel&#8221; and pertaining to the sampling and testing of onboard fuel oil, will become effective in 2022. These regulations subject ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or ECAs. As of January&#160;1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Amended </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">43<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Annex&#160;VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean Sea area. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency, or EPA, or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amended Annex&#160;VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex&#160;VI provides for a three-tier reduction in NOx emissions from marine diesel engines, with the final tier (or Tier III) to apply to engines installed on vessels constructed on or after January&#160;1, 2016 and which operate in the North American ECA or the U.S. Caribbean Sea ECA as well as ECAs designated in the future by the IMO. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built after January&#160;1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in late 2009. Additionally, amendments to Annex&#160;II, which strengthen discharge requirements for cargo residues and tank washings in specified sea areas (including North West European waters, Baltic Sea area, Western European waters and Norwegian Sea), came into effect in January 2021.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex&#160;VI became effective as of March&#160;1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January&#160;1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of January&#160;1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All&#160;ships are now required to develop and implement Ship Energy Efficiency Management Plans, or SEEMPS, and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index, or EEDI. Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 14pt; margin-left: 0pt; text-align: left;">Safety Management System Requirements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The&#160;Convention of Limitation of Liability for Maritime Claims, or the LLMC, sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessel is in substantial compliance with SOLAS and LLMC standards.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for our vessel for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code, or IMDG Code. Effective </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">44<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">January&#160;1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements. Amendments to the IMDG Code relating to segregation requirements for certain substances, and classification and transport of carbon, following incidents involving the spontaneous ignition of charcoal, come into effect in June 2022.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW. As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, recent actions by the IMO's Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, effective January 2021, cyber-risk management systems must be incorporated by shipowners and managers. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Pollution Control and Liability Requirements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted the International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, in 2004. The BWM Convention entered into force on September&#160;9, 2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Specifically, ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast Water Management systems (or BWMS), which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water, must be approved in accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMS installed on or after October&#160;28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October&#160;23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Costs of compliance with these regulations may be substantial. The cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. Amendments to the BWM Convention concerning commissioning testing of BWMS will become effective in 2022. The Capesize vessel that will comprise our initial fleet was drydocked during mid-April 2022 where a Ballast Water Treatment System was installed that ensures compliance with the new environmental regulations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">45<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions such as the United States where the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Anti-Fouling Requirements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the &#8220;Anti-fouling Convention.&#8221; The Anti-fouling Convention entered into force in September 2008, and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti-fouling System Certificate is issued for the first time; and subsequent surveys when the anti-fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention will come into effect which include controls on the biocide cybutryne; ships shall not apply or re-apply anti-fouling systems containing this substance from January&#160;1, 2023. We have obtained Anti-fouling System Certificates for our vessel that is subject to the Anti-fouling Convention.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Compliance Enforcement</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this registration statement, our vessel is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future<font style="font-weight: bold;">.</font> The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">United States Regulations</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-align: left;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The U.S. Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.'s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">injury to, or economic losses resulting from, the destruction of real and personal property;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loss of subsistence use of natural resources that are injured, destroyed or lost;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iv)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(v)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(vi)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA contains statutory caps on liability and damages; such caps do not apply to direct clean-up costs. Effective November&#160;12, 2019, the USCG adjusted the limits of OPA liability for non-tank vessels, edible oil tank vessels, and </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">46<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">any oil spill response vessels, to the greater of $1,200 per gross ton or $997,100 (subject to periodic adjustment for inflation). These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct. The&#160;limitation on liability similarly does not apply if the responsible party fails or refuses to (i)&#160;report the incident where the responsible party knows or has reason to know of the incident; (ii)&#160;reasonably cooperate and assist as requested in connection with oil removal activities; or (iii)&#160;without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for clean-up, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0&#160;million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG's financial responsibility regulations by providing applicable certificates of financial responsibility.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The 2010 <font style="font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement's, or BSEE, revised Production Safety Systems Rule, or PSSR, effective December&#160;27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, the BSEE released a final Well Control Rule, which eliminated a number of provisions which could affect offshore drilling operations. Compliance with any new requirements of OPA&#160;and future legislation or regulations applicable to the operation of our vessel and other vessels we may acquire could negatively impact the cost of our operations and adversely affect our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners' responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the Company's vessels call.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We currently maintain pollution liability coverage insurance in the amount of $1&#160;billion per incident for our vessel. If the damages from a catastrophic spill were to exceed our insurance coverage, that could have an adverse effect on our business and results of operation.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 14pt; margin-left: 0pt; text-align: left;">Other United States Environmental Initiatives</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990), or CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessel and other vessels we may acquire.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">47<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The U.S. Clean Water Act, or CWA, prohibits the discharge of oil, hazardous substances and ballast water in U.S.&#160;navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA&#160;expanded the definition of &#8220;waters of the United States,&#8221; or WOTUS, thereby expanding federal authority under the CWA. In April 2020, the EPA and Department of the Army published the Navigable Waters Protection Rule to finalize a revised WOTUS definition, which rule became effective in June 2020. However, in light of a court order issued by the U.S. District Court for the District of Arizona on August&#160;30, 2021, the EPA and U.S. Army Corps of Engineers are interpreting WOTUS consistent with the pre-2015 regulatory regime. In November 2021, the EPA and U.S. Army Corps of Engineers announced the signing of a proposed rule to revise the definition of WOTUS, which proposes to put back into place the pre-2015 definition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessel and other vessels we may acquire to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessel and other vessels we may acquire from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December&#160;4, 2018 and will replace the 2013 Vessel General Permit, or VGP, program (as discussed above) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act, or NISA, such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent, or NOI, or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessel where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessel and other vessels we may acquire or the implementation of other port facility disposal procedures at potentially substantial cost or may otherwise restrict our vessel and other vessels we may acquire from entering U.S. waters.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">European Union Regulations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (&#160;amended by Regulation (EU) 2016/2071 with respect to methods of calculating, inter alia, emission and consumption) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses. As of January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. The system entered into force on 1&#160;March 2018. July 2020 saw the European Parliament&#8217;s Committee on Environment, Public Health and Food Safety vote in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System (in addition to voting for a revision to the monitoring, reporting and verification of CO2 emissions). In September 2020, the European Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime transport.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July 14, 2021, the European Commission published a package of draft proposals as part of its &#8216;Fit for 55&#8217; environmental legislative agenda and as part of the wider EU Green Deal growth strategy. The Proposals are not yet in final form and may be subject to amendment. There are two key initiatives relevant to maritime arising from the Proposals: (a) a bespoke emissions trading scheme for the maritime sector (Maritime ETS) which is due to commence in 2023 and which is to apply to all ships above a gross tonnage of 5,000; and (b) a FuelEU draft regulation which seeks to require all ships above a gross tonnage of 5,000 to carry on board a &#8216;FuelEU certificate of compliance&#8217; from 30 June 2025 as evidence of compliance with the limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use of on-shore power supply (OPS) at berth. More specifically, Maritime </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">48<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">ETS is to apply gradually over the period from 2023-2025. The cap under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports; and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). More recent proposed amendments signal that 100% of non-EU emissions may be caught if the IMO does not introduce a global market-based measure by 2028. Furthermore, the proposals envisage that all maritime allowances would be auctioned and there will be no free allocation. Both proposals are currently being negotiated and final drafts are expected in the summer of 2022.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Responsible recycling and scrapping of ships is becoming an increasingly important issue for shipowners and charterers alike as the industry strives to replace old ships with cleaner, more energy efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new. In 2009, the IMO oversaw the creation of the Hong Kong Ship Recycling Convention (the &#8220;Hong Kong Convention&#8221;), which sets standards for ship recycling. Concerned at the lack of progress in satisfying the conditions needed to bring the Hong Kong Convention into force, the EU published its own Ship Recycling Regulation 1257/2013 (SRR) in 2013, with a view to facilitating early ratification of the Hong Kong Convention both within the EU and in other countries outside the EU. As the Hong Kong Convention has yet to come into force, the 2013 regulations are vital to responsible ship recycling in the EU. SRR requires that, from 31 December 2020, all existing ships sailing under the flag of EU member states and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM) with a certificate or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling Certificate) will be necessary, while non-EU flagged vessels will need a Statement of Compliance. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. Since January&#160;1, 2015, vessels have been required to burn fuel with sulfur content not exceeding 0.1% while within EU member states' territorial seas, exclusive economic zones and pollution control zones that are included in &#8220;SOx Emission Control Areas.&#8221; EU Directive (EU) 2016/802 establishes limits on the maximum sulfur content of gas oils and heavy fuel oil and contains fuel-specific requirements for ships calling at EU ports.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">EU Directive 2004/35/CE (as amended) regarding the prevention and remedying of environmental damage addresses liability for environmental damage (including damage to water, land, protected species and habitats) on the basis of the &#8220;polluter pays&#8221; principle. Operators whose activities caused the environmental damage are liable for the damage (subject to certain exceptions). With regard to specified activities causing environmental damage, operators are strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of damage. The directive requires preventative and remedial actions, and that operators report environmental damage or an imminent threat of such damage.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">International Labor Organization</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The International Labor Organization, or the ILO, is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006, or MLC 2006. A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade. We believe that our vessel is in substantial compliance with and are certified to meet MLC 2006.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Greenhouse Gas Regulation</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this task having been delegated to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">49<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November&#160;4, 2016 and does not directly limit greenhouse gas emissions from ships. The United States rejoined the Paris Agreement in February 2021.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies &#8220;levels of ambition&#8221; to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the Energy-Efficiency Design Index for new ships (while the Ship Energy-Efficiency Management Plan is mandatory for all vessels); (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As noted above, the 70th MEPC meeting in October 2016 adopted a mandatory data collection system (DCS) which requires ships above 5,000 gross tons to report consumption data for fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The SEEMPs of all ships covered by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarizing the data collected. Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the European Economic Area (EEA) must be reported in two separate, but largely overlapping, systems: the EU MRV &#8211; which applies since 2018 &#8211; and the IMO DCS &#8211; which applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February 2019 aims to align and facilitate the simultaneous implementation of the two systems however it is still not clear when the proposal will be adopted. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">IMO&#8217;s MEPC 76 adopted amendments to MARPOL Annex&#160;VI that will require ships to reduce their greenhouse gas emissions. Effective November&#160;1, 2022, the Revised MARPOL Annex&#160;VI will enter into force. The revised Annex&#160;VI includes carbon intensity measures (requirements for ships to calculate their Energy Efficiency Existing Ship Index (EEXI) following technical means to improve their energy efficiency and to establish their annual operational carbon intensity indicator and rating. MEPC 76 also adopted guidelines to support implementation of the amendments. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the Fit for 55 (described above) to support the climate policy agenda. As of January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states could enact environmental regulations that could negatively affect our operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Vessel Security Regulations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Since the terrorist attacks of September&#160;11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002, or MTSA. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">50<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">To&#160;implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facilities Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel's flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel's hull; a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S.&#160;vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel's compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant negative financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and Arabian Sea area. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly and negatively affect our business. Costs may be incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Inspection by Classification Societies</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July&#160;1, 2015. The Rules attempt to create a level of consistency between IACS Societies. Our vessel is certified as being &#8220;in class&#8221; by her Classification Society (American Bureau of Shipping).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Risk of Loss and Liability Insurance</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">General</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">51<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_105-info_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected and we might not be always able to obtain adequate insurance coverage at reasonable rates.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Hull &amp; Machinery and War Risks Insurances</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We maintain marine hull and machinery and war risks insurances, which include the risk of actual or constructive total loss, for our vessel. Our vessel is covered up to at least its fair market value with a deductible of $150,000 per incident. We also maintain increased value coverage for our vessel. Under this increased value coverage, in the event of total loss of the vessel, we will be able to recover the sum insured under the increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities which are not recoverable under our hull and machinery policy by reason of under insurance.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Protection and Indemnity Insurance</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Protection and indemnity insurance, provided by mutual protection and indemnity associations, or P&amp;I&#160;Associations, covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury, illness or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property such as fixed and floating objects, pollution arising from oil or other substances, salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or &#8220;clubs.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our coverage limit is as per International Group&#8217;s rules, where there are standard sub-limits for oil pollution at $1&#160;billion, passenger liability at $2&#160;billion and seamen liabilities at $3&#160;billion. The 13 P&amp;I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities in excess of each association&#8217;s own retention of $10&#160;million up to, currently, approximately $8&#160;billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Permits and Authorizations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessel and other vessels we may acquire. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel's crew and the age of a vessel. We believe that we have obtained all permits, licenses and certificates currently required to permit our vessel to operate as planned. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business in the future.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">C.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Organizational Structure</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">United Maritime Corporation is a wholly owned subsidiary of the Parent and following the Spin-Off will be the owner of all of the issued and outstanding shares of the United Maritime Predecessor, Sea Glorius Shipping Co., incorporated under the laws of the Republic of the Marshall Islands.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">D.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Property, Plants and Equipment</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not own any real estate property. We maintain our principal executive offices at 154 Vouliagmenis Avenue, 166 74 Glyfada, Greece. Other than our vessel, we do not have any material property. See &#8220;<font style="font-style: italic;">Item 4.B. </font><font style="font-style: italic;">Business Overview - Our Current Fleet</font>&#8221; </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI4A"><!--Anchor--></a>ITEM 4A.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">UNRESOLVED STAFF COMMENTS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">None.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">52<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI5"><!--Anchor--></a>ITEM 5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following discussion of the results of our operations and our financial condition should be read in conjunction with the financial statements and the notes to those statements included in &#8220;Item 18. Financial Statements.&#8221; This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth in &#8220;Item 3. Key Information&#8211;D. Risk Factors.&#8221;</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">A.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Operating Results</font></div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Principal Factors Affecting Our Business</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The principal factors that affect our financial position, results of operations and cash flows include the following:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of vessels owned and operated;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">voyage charter rates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">time charter trip rates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">period time charter rates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the nature and duration of our voyage charters;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessels repositioning;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessel operating expenses and direct voyage costs;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">maintenance and upgrade work;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the age, condition and specifications of our vessel and other vessels we may acquire;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">issuance of our common shares and other securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">amount of debt obligations; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">financing costs related to debt obligations.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are also affected by the types of charters we enter into. Vessels operating on period time charters and bareboat time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessels operating in the spot charter market generate revenues that are less predictable, but can yield increased profit margins during periods of improvements in dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in case of voyage charters. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Critical Accounting Policies </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Critical accounting policies are those that are both most important to the portrayal of the company's financial condition and results, and require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. We have described below and in Item 5. Operating and Financial Review and Prospects &#8211; E. Critical Accounting Estimates our critical accounting policies, because they potentially result in material different results under different assumptions and conditions. For a description of all our significant accounting policies, see Note 2 to our annual audited financial statements included in this registration statement. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Leases </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel&#8217;s off hire days due to major repairs, dry dockings or special or intermediate surveys. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">53<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In February 2016, the FASB issued ASU No. 2016-02 - <font style="font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. We early adopted ASC 842, as amended from time to time, retrospectively from January 1, 2018. We also elected to apply the additional and optional transition method to new and existing leases at the adoption date as well as all the practical expedients which allowed our existing lease arrangements, in which we were a lessee or lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. We concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. In this respect, we account for the combined component as an operating lease in accordance with ASC 842. We recognize income from lease payments over the lease term on a straight line basis. We assessed our new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. We recognize income for variable lease payments in the period when changes in facts and circumstances on which the variable lease payments occur. Rental income on our time charterers is mostly calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Results of Operations of United Maritime Predecessor </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Year ended December 31, 2021 as compared to year ended December 31, 2020 </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Revenue, Net<font style="font-style: normal;"> &#8211; Vessel revenue, net increased by $3.3 million or 79% from $4.1 million during 2020 to </font><font style="font-style: normal;">$7.4 million during 2021 and is attributable to the increase in prevailing charter rates. Charter rates were considerably </font><font style="font-style: normal;">higher during 2021 compared to the same period in 2020, especially during the second and third quarters of 2021. </font><font style="font-style: normal;">Our time charter equivalent rate for 2021 was 81% higher than that of 2020. Please see the reconciliation below of </font><font style="font-style: normal;">TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.</font><font style="font-style: normal;"> </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage Expenses<font style="font-style: normal;"> &#8211; Voyage expenses amounted to $0.1 million for both 2021 and 2020. Our vessel was chartered </font><font style="font-style: normal;">under time charter arrangement throughout 2021 and 2020.</font><font style="font-style: normal;"> </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Operating Expenses<font style="font-style: normal;"> &#8211; Vessel operating expense amounted to $2.3 million in 2021 and to $2.0 million in </font><font style="font-style: normal;">2020. The daily vessel operating expense increased by 17% during 2021 and the increase is mainly attributable to </font><font style="font-style: normal;">increased crew expenses due to COVID-19 and the resulting port restrictions which impaired our ability to optimize </font><font style="font-style: normal;">crew changes. In addition, we incurred additional insurance expenses due to supplementary (retrospective) calls and </font><font style="font-style: normal;">premiums by our protection and indemnity associations, which are outside our control.</font><font style="font-style: normal;"> </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management Fees &#8211; related party<font style="font-style: normal;"> &#8211; Management fees to related party amounted to $0.2 million for both 2021 </font><font style="font-style: normal;">and 2020 and relate to fees paid to Seanergy Management.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Management Fees<font style="font-style: normal;"> &#8211; Management fees amounted to $0.1 million for both 2021 and 2020. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and Administrative Expenses<font style="font-style: normal;"> &#8211; General and administrative expenses amounted to $0.6 million and </font><font style="font-style: normal;">$0.3</font><font style="font-style: normal;"> million for 2021 and 2020, respectively, and represent the allocation of the expenses incurred by the Parent based </font><font style="font-style: normal;">on the number of ownership days of the fleet vessel. The increase in the Parent&#8217;s general and administrative expenses </font><font style="font-style: normal;">from 2020 to 2021 was mainly attributable to an increase in staff costs,</font><font style="font-style: normal;"> including stock based compensation, </font><font style="font-style: normal;">as the </font><font style="font-style: normal;">total number of support staff at the end of 2021 were 47 compared to 35 at the end of 2020.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Depreciation<font style="font-style: normal;"> &#8211; Depreciation amounted to $0.8 million for both 2021 and 2020.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amortization of deferred drydocking costs<font style="font-style: normal;"> &#8211; Amortization of deferred drydocking costs for 2021 and 2020 </font><font style="font-style: normal;">amounted to $0.3 million.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest and Finance Costs<font style="font-style: normal;"> &#8211; Interest and finance cost amounted to $0.7 million in both 2021 and 2020. The </font><font style="font-style: normal;">weighted average interest rate on our outstanding debt for 2021 and 2020 was approximately 10.5% and 7.3%, </font><font style="font-style: normal;">respectively. The New EnTrust Loan Facility entered into in July 2020 bears fixed interest of 10.50% while the </font><font style="font-style: normal;">HCOB facility, which was settled in July 2020, bore interest of LIBOR plus a margin of 3.75%</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Gain on debt refinancing<font style="font-style: normal;"> &#8211; The gain in the year ended December 31, 2020, is attributable to the settlement </font><font style="font-style: normal;">agreement entered into with Hamburg Commercial Bank AG on June 26, 2020.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">54<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Year ended December&#160;31, 2020 as compared to year ended December&#160;31, 2019 </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Revenue, Net<font style="font-style: normal;"> &#8211; Vessel revenue, net decreased by $2.8&#160;million and is attributable to the decrease in </font><font style="font-style: normal;">prevailing charter rates, partly attributable to the COVID-19 pandemic, and was partially offset by an increase in </font><font style="font-style: normal;">operating days. We had 362 operating days in 2020, as compared to 347 operating days in 2019. The operating days </font><font style="font-style: normal;">in 2019 were affected by the drydocking which took place, incurring 18 repair days. The TCE rate decreased by 11% </font><font style="font-style: normal;">in 2020 to $11,025, as compared to $12,343 in 2019. Please see the reconciliation below of TCE rate to net revenues </font><font style="font-style: normal;">from vessels, the most directly comparable U.S. GAAP measure.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage Expenses<font style="font-style: normal;"> &#8211; Voyage expenses amounted to $0.1&#160;million in 2020 compared to $2.6&#160;million in 2019. The </font><font style="font-style: normal;">decrease was primarily attributable to the fact that our vessel was chartered under time charter arrangement </font><font style="font-style: normal;">throughout 2020, since under these agreements, voyage expenses are borne by the charterer, whereas in 2019, the </font><font style="font-style: normal;">vessel was employed in the spot market for 126 of the total 347 operating days.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Operating Expenses<font style="font-style: normal;"> &#8211; Vessel operating expense amounted to approximately $2.0&#160;million for both 2020 </font><font style="font-style: normal;">and 2019. The daily vessel operating expense decreased slightly by 4%.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management Fees &#8211; related party<font style="font-style: normal;"> &#8211; Management fees to related party amounted to $0.2&#160;million for both 2020 </font><font style="font-style: normal;">and 2019 and relate to fees paid to Seanergy Management.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Management Fees<font style="font-style: normal;"> &#8211; Management fees amounted to $0.1&#160;million for both 2020 and 2019.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and Administrative Expenses<font style="font-style: normal;"> &#8211; General and administrative expenses amounted to $0.3&#160;million for both </font><font style="font-style: normal;">2020 and 2019 and represent the allocation of the expenses incurred by the Parent based on the number of ownership </font><font style="font-style: normal;">days of the fleet vessel.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Depreciation<font style="font-style: normal;"> &#8211; Depreciation amounted to $0.8&#160;million for both 2020 and 2019.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amortization of deferred drydocking costs<font style="font-style: normal;"> &#8211; Amortization of deferred drydocking costs for 2020 amounted to </font><font style="font-style: normal;">$0.3&#160;million compared to $0.2&#160;million for 2019, and the increase is attributable to the vessel undergoing drydocking </font><font style="font-style: normal;">in the first half of 2019.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest and Finance Costs<font style="font-style: normal;"> &#8211; Interest and finance cost amounted to $0.7&#160;million in 2020 compared to </font><font style="font-style: normal;">$0.9&#160;million in 2019. The decrease was mainly attributable to the reduction in our overall debt through the refinancing </font><font style="font-style: normal;">from a loan facility with Hamburg Commercial Bank AG, or HCOB (previously known as HSH&#160;Nordbank AG), or </font><font style="font-style: normal;">the HCOB facility, to the</font><font style="font-style: normal;"> </font><font style="font-style: normal;">New</font><font style="font-style: normal;"> EnTrust </font><font style="font-style: normal;">Facility</font><font style="font-style: normal;"> (as defined below), going from an outstanding balance of $8.5&#160;million </font><font style="font-style: normal;">under the HCOB facility at repayment date to a new loan of $6.5&#160;million with certain nominees of EnTrust Global, </font><font style="font-style: normal;">or EnTrust, as lenders (the &#8220;</font><font style="font-style: normal;">New</font><font style="font-style: normal;"> </font><font style="font-style: normal;">EnTrust </font><font style="font-style: normal;">Facility</font><font style="font-style: normal;">&#8221;). The weighted average interest rate on our outstanding debt for </font><font style="font-style: normal;">2020 and 2019 was approximately 7.3% and 6.2%, respectively.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Gain on debt refinancing<font style="font-style: normal;"> &#8211; The gain in the year ended December&#160;31, 2020, is attributable to the settlement </font><font style="font-style: normal;">agreement entered into with Hamburg Commercial Bank AG on June&#160;26, 2020.</font><font style="font-style: normal;"> </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Implications of Being an Emerging Growth Company</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We had less than $1.07&#160;billion in revenue during our last fiscal year, which means that we qualify as an &#8220;emerging growth company&#8221; as defined in the JOBS Act. An emerging growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from the auditor attestation requirement in the assessment of the emerging growth company&#8217;s internal controls over financial reporting under Section 404(b) of Sarbanes-Oxley;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and financial statements.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company if, among other things, we have more than $1.07&#160;billion in &#8220;total annual gross revenues&#8221; during the most recently completed fiscal year. We may choose to take advantage of some, but not all, of these reduced burdens. For as long as we take advantage of the reduced reporting obligations, the information that </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">55<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">we provide shareholders may be different from information provided by other public companies. We are choosing to &#8220;opt out&#8221; of the extended transition period relating to the exemption from new or revised financial accounting standards and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">B.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Liquidity and Capital Resources </font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of December 31, 2021 and December&#160;31, 2020, we did not have any contractual obligations other than the loan agreement described below and as of the date of this registration statement, we do not have capital expenditures for vessel acquisitions, but we incur capital expenditures when our vessels undergo surveys and for vessel improvements to meet new regulations. We will require capital to fund ongoing operations and vessel improvements to meet requirements under new regulations. Prior to the Spin-Off, we are a fully consolidated subsidiary of the Parent, a holding company with significant cash reserves and proven access to the equity capital markets and debt financing. Therefore, the Parent has and will be supporting our liquidity needs, to the extent that these are not covered by our operations. At the time of the Spin-Off, the Parent intends to increase its investment by a cash amount that will be deemed adequate, in combination with cash generated from our operations, for us to meet our short-term liquidity needs. Following the Spin-Off, our principal sources of funds for our liquidity needs will be cash flows from operations and bank borrowings. Potential additional sources of funds include equity offerings and contributions from the Parent.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As at December&#160;31, 2021 and 2020, working capital deficit amounted to $1.1 million and $0.6 million, respectively. The slight increase was mainly due to the increase of the current portion of our loan facility as well as an increase in our trade accounts and other payables.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Cash Flows</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash and cash equivalents as at December&#160;31, 2021 and 2020 was $0.8 million and $0.4&#160; million, respectively. We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of around three months or less to be cash equivalents. Cash and cash equivalents are held in U.S. dollars.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Net Cash from Operating Activities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Net cash from operating activities increased by $4.1 million to $3.7 million net cash provided by operating activities in 2021 compared to $0.4 million net cash used in operating activities in 2020. This increase was mainly attributable to increased revenues.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Net cash from operating activities decreased by $1.0&#160;million to $0.4&#160;million net cash used in operating activities in 2020 compared to $0.6&#160;million net cash provided by operating activities in 2019. This decrease was mainly attributable to decreased revenues.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Net Cash from Investing Activities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Net cash used in investing activities was $0.06 million, $0.01&#160;million and $0.01 million for 2021, 2020 and 2019, respectively, and all relate to vessel improvements due to new regulations.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Net Cash from Financing Activities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Net cash used in financing activities was $3.2 million for 2021 and relates to a decrease in net distribution to Parent of $2.4 million and repayment of $0.8 million of the New EnTrust Facility. Net cash used in financing activities was $0.7&#160;million for 2020 and relates to additional investment by Parent of $2.0&#160;million, repayment of an old loan facility of $8.8&#160;million, repayment of $0.2&#160;million of the New EnTrust Facility, proceeds from a new loan facility of $6.5&#160;million and financing fees payments of $0.2&#160;million. Net cash provided by financing activities was $1.0&#160;million for 2019 and relates to additional investment by Parent of $2.8&#160;million and loan repayments of $1.8&#160;million.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As part of Parent, United Maritime Predecessor is dependent upon Parent for all of its working capital and financing requirements, as Parent uses a centralized approach to cash management and financing of its operations. Financial transactions relating to United Maritime Predecessor are accounted for through the Parent equity account. Accordingly, none of Parent&#8217;s cash, cash equivalents or debt at the corporate level have been assigned to the United Maritime Predecessor in the financial statements.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">56<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Loan Arrangements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On September&#160;1, 2015, the Parent&#8217;s subsidiaries owning the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a loan agreement with HCOB, for a secured loan facility of $44.4&#160;million, or the HCOB Facility, with the Parent acting as the guarantor. The loan was fully drawn down in 2015 and was used to pay the acquisition of the <font style="font-style: italic;">Gloriuship</font> as well as for the <font style="font-style: italic;">Geniuship</font> and had an original final maturity date of June&#160;30, 2020. The loan was divided into two tranches, where $27.6&#160;million was secured by the <font style="font-style: italic;">Geniuship</font> and $16.8&#160;million was secured by the <font style="font-style: italic;">Gloriuship,</font> the vessel owned by the United Maritime Predecessor. On June&#160;26, 2020, the two vessel owning subsidiaries of the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a settlement agreement with HCOB; pursuant to the terms of the settlement agreement, in order to fully settle the obligations under the HCOB Facility, a total amount of $23.5&#160;million out of the then outstanding amount of $29.1&#160;million was required to be paid until July&#160;31, 2020. Of the $29.1&#160;million, an amount of $20.6&#160;million was outstanding under the <font style="font-style: italic;">Geniuship </font>tranche and $8.4&#160;million was outstanding under the <font style="font-style: italic;">Gloriuship</font> tranche, with the latter corresponding to the United Maritime Predecessor. On July&#160;17, 2020, the HCOB Facility was settled through a $23.5&#160;million payment with the funds obtained from the proceeds of a new loan facility (described below) and cash on hand, following which all securities created in favor of HCOB were irrevocably and unconditionally released. As a result, United Maritime Predecessor recognized a gain of $1.5&#160;million. As of December&#160;31, 2020, no amounts were outstanding under the HCOB Facility.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2020, the Parent&#8217;s subsidiaries owning the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a secured loan facility of $22.5&#160;million with Lucid Agency Services Limited and Lucid Trustee Services Limited as facility agent and security agent, respectively, and certain nominees of EnTrust as lenders, or the New EnTrust Facility, with the Parent acting as the guarantor, and the amount of $22.5&#160;million was drawn down on July&#160;16, 2020. The New EnTrust Facility was split into two tranches, secured by the <font style="font-style: italic;">Geniuship</font> and the <font style="font-style: italic;">Gloriuship</font>. Of the total amount, $16.0&#160;million was drawn under the <font style="font-style: italic;">Geniuship</font> tranche and $6.5&#160;million under the <font style="font-style: italic;">Gloriuship</font> tranche. The New EnTrust Loan Facility is maturing in July 2025 and was originally secured by first priority mortgages over the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font>, general assignments covering earnings, insurances and requisition compensation of each vessel, account pledge agreements concerning the earnings account of each vessel, share pledge agreements concerning each vessel-owning subsidiaries&#8217; shares and relevant technical and commercial managers' undertakings. On December&#160;20, 2021, the vessel owning subsidiary of the <font style="font-style: italic;">Geniuship</font> fully prepaid the amount of $14.6&#160;million outstanding under the <font style="font-style: italic;">Geniuship</font> tranche. As of December 31, 2021 and December 31, 2020, the total amount outstanding under this facility was $5.5 million and $22.0 million respectively, of which the amount outstanding under the Gloriuship tranche was $5.5 million and $6.3 million, respectively. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of the date of this registration statement, the amount outstanding under the New EnTrust Facility is $5.0 million and has a maturity date in July 2025. The loan facility bears fixed interest of 10.50% and is repayable in 13 quarterly installments of $0.4 million and a balloon payment of $0.4 million payable at maturity. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The New EnTrust Facility is currently secured by the <font style="font-style: italic;">Gloriuship</font> and contains financial covenants and undertakings requiring the Company to maintain a security cover ratio, minimum guarantor&#8217;s liquidity, applying on the Parent and a minimum borrower&#8217;s liquidity. Specifically, the facility provides that: (i)&#160;the security cover percentage requirement (as defined therein) is required to be equal to 110% for the first 18 months following drawdown, 115% for months 19 to 24 following drawdown, 120% for months 25 to 36 following drawdown and 130% at all times thereafter until maturity, (ii)&#160;minimum liquidity of $0.3&#160;million for the first three months following drawdown of the facility and $0.4&#160;million at all times thereafter, reduced to $0.3 million if the <font style="font-style: italic;">Gloriuship</font> is subject to a time-charter exceeding 12&#160;months in duration, shall be maintained in the borrower&#8217;s earnings account. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In April 2022, we received approval from the lender to amend this loan facility to replace the Parent with us as guarantor upon consummation of the Spin-Off, to waive all applicable financial covenants with no material changes in the other terms of the loan facility. We expect to enter into an amendment with the lender prior to the Spin-Off substantially in the form filed as an exhibit to this registration statement. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">C.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Research and development, patents and licenses, etc.</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">D.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Trend Information </font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our results of operations depend primarily on the charter rates earned by our vessel. Over the course of 2021, the BDI registered a low of 1,303 on February&#160;10, 2021 and a high of 5,650 on October&#160;7, 2021.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">57<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Since the start of the financial crisis in 2008 the performance of the BDI has been characterized by high volatility, as the growth in the size of the dry bulk fleet outpaced growth in vessel demand for an extended period of time.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Specifically, in the period from 2010 to 2020, the size of the fleet in terms of deadweight tons grew by an annual average of about 6.0% while the corresponding growth in demand for dry bulk carriers grew by 3.1%, resulting in a drop of about 61% in the value of the BDI over the period. In 2021, the total size of the dry bulk fleet is rose by about 3.6% in 2021, compared to demand growth of 3.9%, which resulted in a 177% increase in the BDI. According to tentative projections, the total size of the dry bulk fleet is expected to rise by about 2.2% in 2022, compared to similar expected demand growth of 1.9%.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Meanwhile, the war in Ukraine has amplified the volatility in the dry bulk market with the BDI ranging since the beginning of the year between 1,296 and 3,369. In the short term, the effect of the invasion of Ukraine has been mildly positive for the dry bulk market, yet the overall longer term effect on ton-mile demand is uncertain given that cargoes such as grains, coal and iron ore exported previously from Ukraine and Russia will need to be substituted by cargoes from different sources.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, the continuing war in Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. As described above, the initial effect of the invasion in Ukraine on the dry bulk freight market ranged from neutral to positive, despite the short-term volatility in charter rates and increases on specific items of operating costs, mainly in the context of increased crew costs. If these conditions are sustained, the longer-term net impact on the dry bulk freight market and our business would be difficult to predict. Historically, a positive relationship is registered between global inflation and Capesize freight rates, and therefore the inflationary trends have not, and we do not expect them to have, a material impact on our results of operations. However, such events may have unpredictable consequences, and contribute to instability in global economy, a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping. Regarding the possible impact of supply chain disruptions that have or may emanate from the military conflict in Ukraine, our operations have not been affected materially and we do not expect them to be in the future. The trading patterns of the Gloriuship do not involve calling at Russian or Ukrainian ports, while on the other hand our suppliers and service providers have so far not been subject to any restrictions or disruptions in their operations. However, one potential area of impact has to do with the crewing of our vessels, as Ukraine, Russia and Belarus are all major crewing hubs for the shipping industry. As a result, we expect disruptions and increased costs might be encountered in sourcing crew members for our fleet. This is expected to be a general issue for the shipping industry, which we do not expect will materially worsen our competitive position in the market. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Since its outbreak in late 2019, the COVID-19 pandemic has caused severe global disruptions and may continue to affect the economic conditions regionally as well as globally and otherwise impact our operations and the operations of our customers and suppliers. The reopening of the global economy and consequent increased demand across key dry bulk commodities has positively affected our revenues. However, there is still high uncertainty on how the pandemic will evolve, with new variants emerging, forcing governments in affected countries to impose travel bans, quarantines and other emergency public health measures depending on the severity of the situation on each case. The recent lockdowns in certain cities in China have caused disruptions in the country&#8217;s production and supply chain and further continuation or expansion of these lockdowns may have an adverse impact on the global economy, including volatility in the market for dry bulk commodities. Despite the improved Capesize sector freight rates observed during this period, the long-term impacts on the Capesize sector remain uncertain. An increase in the severity or duration or a resurgence of the COVID-19 pandemic could have an adverse impact on the Company&#8217;s business, results of operations, cash flows, financial condition, the carrying value of the Company&#8217;s assets and the fair values of the Company&#8217;s vessels. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">58<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Important Measures and Definitions for Analyzing Results of Operations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We use a variety of financial and operational terms and concepts. These include the following:</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ownership days.<font style="font-style: normal; font-weight: normal;"> Ownership days are the total number of calendar days in a period during which we owned or </font><font style="font-style: normal; font-weight: normal;">chartered in on bareboat basis for our vessel initially comprising our fleet and other vessels we may acquire. </font><font style="font-style: normal; font-weight: normal;">Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the </font><font style="font-style: normal; font-weight: normal;">amount of expenses recorded during that period.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Available days.<font style="font-style: normal; font-weight: normal;"> Available days are the number of ownership days less the aggregate number of days that our </font><font style="font-style: normal; font-weight: normal;">vessel and other vessels we may acquire are off-hire due to major repairs, dry-dockings, lay-up or special or </font><font style="font-style: normal; font-weight: normal;">intermediate surveys. The shipping industry uses available days to measure the aggregate number of days in a period </font><font style="font-style: normal; font-weight: normal;">during which vessels are available to generate revenues.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Operating days.<font style="font-style: normal; font-weight: normal;"> Operating days are the number of available days in a period less the aggregate number of days </font><font style="font-style: normal; font-weight: normal;">that our vessel and other vessels we may acquire are off-hire due to unforeseen circumstances. Operating days include </font><font style="font-style: normal; font-weight: normal;">the days that our vessel and other vessels we may acquire are in ballast voyages without having fixed their next </font><font style="font-style: normal; font-weight: normal;">employment. The shipping industry uses operating days to measure the aggregate number of days in a period during </font><font style="font-style: normal; font-weight: normal;">which vessels could actually generate revenues.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fleet utilization.<font style="font-style: normal; font-weight: normal;"> Fleet utilization is the percentage of time that our vessel was generating revenues and is </font><font style="font-style: normal; font-weight: normal;">determined by dividing operating days by ownership days for the relevant period.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Off-hire.<font style="font-style: normal; font-weight: normal;"> The period a vessel is not being chartered or is unable to perform the services for which it is required </font><font style="font-style: normal; font-weight: normal;">under a charter.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dry-docking.<font style="font-style: normal; font-weight: normal;"> We periodically dry-dock our vessel for inspection, repairs and maintenance and any </font><font style="font-style: normal; font-weight: normal;">modifications to comply with industry certification or governmental requirements.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Time charter.<font style="font-style: normal; font-weight: normal;"> A time charter is a contract for the use of a vessel for a specific period of time (period time charter) </font><font style="font-style: normal; font-weight: normal;">or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, </font><font style="font-style: normal; font-weight: normal;">including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel </font><font style="font-style: normal; font-weight: normal;">operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, </font><font style="font-style: normal; font-weight: normal;">maintenance and repairs. The vessel owner is also responsible for each vessel's dry-docking and intermediate and </font><font style="font-style: normal; font-weight: normal;">special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates </font><font style="font-style: normal; font-weight: normal;">do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter </font><font style="font-style: normal; font-weight: normal;">agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter </font><font style="font-style: normal; font-weight: normal;">into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes </font><font style="font-style: normal; font-weight: normal;">in spot charter rates.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Bareboat charter.<font style="font-style: normal; font-weight: normal;"> A bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel </font><font style="font-style: normal; font-weight: normal;">to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes </font><font style="font-style: normal; font-weight: normal;">responsibility for all voyage and vessel operating expenses and risk of operation.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage charter.<font style="font-style: normal; font-weight: normal;"> A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge </font><font style="font-style: normal; font-weight: normal;">port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker </font><font style="font-style: normal; font-weight: normal;">expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating </font><font style="font-style: normal; font-weight: normal;">expenses.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">TCE.<font style="font-style: normal; font-weight: normal;"> Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period </font><font style="font-style: normal; font-weight: normal;">divided by the number of our operating days during the period. Voyage expenses include port charges, bunker </font><font style="font-style: normal; font-weight: normal;">expenses, canal charges and other commissions.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Daily Vessel Operating Expenses.<font style="font-style: normal; font-weight: normal;"> Daily Vessel Operating Expenses are calculated by dividing vessel operating </font><font style="font-style: normal; font-weight: normal;">expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses </font><font style="font-style: normal; font-weight: normal;">include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel </font><font style="font-style: normal; font-weight: normal;">operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated </font><font style="font-style: normal; font-weight: normal;">with initial crew manning and supply of stores of Company's vessels upon delivery.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">59<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Performance Indicators</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessel. For the &#8220;Fleet Data&#8221; figures, there are no comparable U.S. GAAP measures.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 26.92%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="header"><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.12%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.12%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.12%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fleet Data:<br></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ownership days<font style="padding-left: 2.97pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">365</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;"><font style="padding-left: 17.13pt;">366</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">365</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Available days<font style="padding-left: 3.71pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">365</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;"><font style="padding-left: 17.13pt;">366</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">347</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating days<font style="padding-left: 1.86pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">363</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;"><font style="padding-left: 17.13pt;">362</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 17.5pt;">347</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fleet utilization<font style="padding-left: 4.63pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 15pt;">99.</font>5%</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;"><font style="padding-left: 14.63pt;">98.9%</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;"><font style="padding-left: 15pt;">95.1%</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Average Daily Results:<br></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">TCE rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 2.55pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;">$19,972</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;">$11,025</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;">$12,343</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily Vessel Operating Expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 4.44pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;">$<font style="padding-left: 5pt;">&#8203;</font>6,321</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.93pt; text-align: left;">$<font style="padding-left: 4.63pt;">5,393</font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.12%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.75pt; text-align: left;">$<font style="padding-left: 5pt;">5,622</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessel to TCE rate.</div></td></tr></table><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 27.81%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31</div></td></tr><tr class="header"><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.8%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.74%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.8%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr class="header"><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(In thousands of US Dollars, except operating days and TCE rate)</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.8%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.61%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.74%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.8%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net revenues from vessels<font style="padding-left: 1.83pt;"></font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 4pt;">&#8203;</font>7,395 </div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.7pt;">4,124</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4pt;">6,885</font></div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses<font style="padding-left: 2.62pt;"></font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 14pt; border-bottom: 1pt solid #000000; min-width: 26pt;">145</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 13.7pt; border-bottom: 1pt solid #000000; min-width: 25.7pt;">133</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 8pt; border-bottom: 1pt solid #000000; min-width: 26pt;">2,602</font></div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Time charter equivalent revenues<font style="padding-left: 4.45pt;"></font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 4pt;">&#8203;</font>7,250</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.7pt;">3,991</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4pt;">4,283</font></div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating days<font style="padding-left: 2.79pt;"></font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 14pt;">363</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 13.7pt;">362</font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 14pt;">347</font></div></td></tr><tr><td style="width: 66.97%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily time charter equivalent rate<font style="padding-left: 2.84pt;"></font></div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$19,972</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td style="width: 5.74%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$11,025</div></td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td class="gutter" style="width: 2.61%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt;">&#8203;</td><td style="width: 5.8%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$12,343</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating expenses, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of Daily Vessel Operating Expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.</div></td></tr></table><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 28.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31 ,</div></td></tr><tr class="header"><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr class="header"><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.48%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.04%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 3.15pt;"></font></div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.54pt; text-align: left;">$2,307</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.53pt; text-align: left;">$1,974</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.53pt; text-align: left;">$2,052</div></td></tr><tr><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td></tr><tr><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ownership days<font style="padding-left: 0.57pt;"></font></div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 2.54pt; text-align: left;"><font style="padding-left: 10pt;">365</font></div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 2.53pt; text-align: left;"><font style="padding-left: 10pt;">366</font></div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 2.53pt; text-align: left;"><font style="padding-left: 10pt;">365</font></div></td></tr><tr><td style="width: 66.96%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily Vessel Operating Expenses<font style="padding-left: 4.75pt;"></font></div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.54pt; text-align: left;">$6,321</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.53pt; text-align: left;">$5,393</div></td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.48%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 2.53pt; text-align: left;">$5,622</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">E.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Critical Accounting Estimates</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions and conditions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Critical accounting estimates are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We have described below what we believe is our most critical accounting estimate, because it generally involves a comparatively higher degree of judgment in its application. For a description of all our significant accounting policies, see Note 2 to our annual audited financial statements included in this registration statement.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">60<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Impairment of Long-lived Assets</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We review our long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolescence or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus unamortized dry-docking costs and cost of any equipment not yet installed, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions we consider to be indicators of a potential impairment for our vessels. We determine undiscounted projected operating cash flows, for each vessel and compare it to the vessel's carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than its carrying amount, we impair the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimate and the average of the trailing 10-year historical charter rates, excluding the outliers) adjusted for commissions, expected off hires due to scheduled vessels' maintenance and estimated unexpected breakdown off hires. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses, management fees and scheduled vessels' maintenance.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our assessment concluded that no impairment loss should be recorded as of December&#160;31, 2021 and 2020.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Historically, the market values of vessels have experienced volatility, which from time to time may be substantial. As a result, the charter-free market value of our vessel may have declined below the vessel's carrying value, even though we would not impair the vessel's carrying value under our accounting impairment policy. The table set forth below indicates (i)&#160;the carrying value of our vessel as of December 31, 2021 and December&#160;31, 2020, respectively, and (ii)&#160;if we believe our vessel had a basic market value below its carrying value. The carrying value includes, as applicable, vessel costs, plus any unamortized deferred dry-docking costs and costs of any equipment not yet installed. The difference between the carrying value of our vessel and its market value of $1.4&#160;million, as of December&#160;31, 2020, represents the amount by which we believe we would have had to reduce our net income if we sold our vessel, on industry standard terms, in cash transactions, and to a willing buyer where we are not under any compulsion to sell, and where the buyer was not under any compulsion to buy as of December&#160;31, 2020. For purposes of this calculation, we assumed that the vessel would be sold at a price that reflected our estimate of their charter-free market value as of December&#160;31, 2020.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.27%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.94%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 39.67%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">Carrying value plus unamortized dry-docking costs <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">and cost of any equipment not yet installed as of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">(in millions of U.S. dollars)</div></td></tr><tr class="header"><td style="width: 41.03%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel</div></td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 4.27%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Built</div></td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.94%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Dwt</div></td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.35%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020 </div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gloriuship<font style="font-style: normal; padding-left: 1.17pt;"></font></div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.27%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">2004</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">171,314</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 34.52pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 17.5pt;">12.</font><font style="border-bottom: 1pt solid #000000; min-width: 17.5pt;">4</font></div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 34.52pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 17.5pt;">13.</font><font style="border-bottom: 1pt solid #000000; min-width: 17.5pt;">4</font><font style="border-bottom: 1pt solid #000000; min-width: 17.5pt;"></font><font style="min-width: 17.5pt;">*</font></div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TOTAL<font style="font-weight: normal; padding-left: 0.42pt;"></font></div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.27%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 34.52pt; text-align: left;">12.4</div></td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.35%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 18.49%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 34.52pt; text-align: left;">13.4</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Indicates dry bulk carrier vessel for which we believe, as of December&#160;31, 2020, the basic charter-free market value was lower than the vessel's carrying value plus unamortized dry-docking costs and cost of any equipment not yet installed.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our estimate of charter-free market value assume that our vessel was in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimate is based on information available from various industry sources, including:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">news and industry reports of similar vessel sales;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">news and industry reports of sales of vessels that are not similar to our vessel and other vessels we may acquire where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">61<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_106-prospects_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">approximate market values for our vessel and other vessels we may acquire or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">offers that we may have received from potential purchasers of our vessel and other vessels we may acquire; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As we obtain information from various industry and other sources, our estimates of basic market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future basic market value of our vessel and other vessels we may acquire or prices that we could achieve if we were to sell them. We refer you to the risk factor entitled &#8220;The market values of our vessel and other vessels we may acquire may decrease, which could limit the amount of funds that we can borrow in the future, trigger breaches of certain financial covenants under any future loan agreements and other financing agreements, and we may incur an impairment or, if we sell vessels following a decline in their market value, a loss.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although we believe that the assumptions used to evaluate potential asset impairment are based on historical trends and are reasonable and appropriate, such assumptions are highly subjective. To minimize such subjectivity, our analysis for the year ended December&#160;31, 2020, for which indicators of impairment were identified, also involved sensitivity analysis to the model input we believe is more important and likely to change. In particular, in terms of our estimates for the time charter equivalent for the unfixed period, we use a combination of one-year charter rates estimate and the average of the trailing 10-year historical charter rates, excluding outliers. Although the trailing 10-year historical charter rates, excluding the outliers, cover at least a full business cycle, we sensitized our model with regards to long-term historical charter rate assumptions for the unfixed period beyond the first year. Our sensitivity analysis revealed that, to the extent that going forward the 10-year historical charter rates, excluding the outliers, would not decline by more than 52% for Capesize vessels, we would not require to recognize impairment for the years ended December&#160;31, 2020.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">62<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_107-directors_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI6"><!--Anchor--></a>ITEM 6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">A.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Directors and Senior Management</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Set forth below are the names, ages and positions of our directors and executive officers following the Spin-Off. Members of our board of directors are elected annually on a staggered basis, and each director elected holds office for a three-year term. Officers are elected from time to time by vote of our board of directors and hold office until a successor is elected. The business address of each of our directors and executive officers listed below is 154&#160;Vouliagmenis Avenue, 166 74 Glyfada, Greece.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 41.03%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name</div></td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Age</div></td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 40.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Position</div></td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.81%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Director Class</div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stamatios Tsantanis<font style="padding-left: 4.29pt;"></font></div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.66pt; text-align: left;">50</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 40.72%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Chairman, Chief Executive Officer &amp; Director</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.12pt; text-align: left;"><font style="padding-left: 0.55pt;">C</font></div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stavros Gyftakis<font style="padding-left: 1.75pt;"></font></div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.66pt; text-align: left;">43</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 40.72%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Chief Financial Officer &amp; Director</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.12pt; text-align: left;"><font style="padding-left: 0.55pt;">B</font></div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Christina Anagnostara<font style="padding-left: 4.53pt;"></font></div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.66pt; text-align: left;">51</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 40.72%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.12pt; text-align: left;">A</div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ioannis Kartsonas<font style="padding-left: 1.76pt;"></font></div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.66pt; text-align: left;">50</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 40.72%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.12pt; text-align: left;">A</div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dimitrios Kostopoulos<font style="padding-left: 2.3pt;"></font></div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.85%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.66pt; text-align: left;">47</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 40.72%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.81%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.12pt; text-align: left;"><font style="padding-left: 0.55pt;">B</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 11.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Independent Director</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The term of our Class A directors expires in 2023, the term of our Class&#160;B directors expires in 2024, and the term of our Class&#160;C directors expires in 2025. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Biographical information with respect to each of our directors and our executive officers is set forth below.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Stamatios Tsantanis<font style="font-style: normal; font-weight: normal;"> has served as a member of our board of directors and Chief Executive Officer since </font><font style="font-style: normal; font-weight: normal;">January&#160;20, 2022 and has been a member of our board of directors and Chief Executive Officer of the Parent since </font><font style="font-style: normal; font-weight: normal;">October&#160;1, 2012</font><font style="font-style: normal; font-weight: normal;"> and has led the Parent&#8217;s significant growth to a world renowned Capesize dry bulk company of more </font><font style="font-style: normal; font-weight: normal;">than 3.0 million dwt. In addition,</font><font style="font-style: normal; font-weight: normal;"> Mr.&#160;Tsantanis has </font><font style="font-style: normal; font-weight: normal;">been the Chairman of the Parent&#8217;s board of directors since </font><font style="font-style: normal; font-weight: normal;">October&#160;1, 2013 and </font><font style="font-style: normal; font-weight: normal;">also </font><font style="font-style: normal; font-weight: normal;">served as its Interim Chief Financial Officer from November&#160;1, 2013 until October&#160;2, 2018. </font><font style="font-style: normal; font-weight: normal;">Mr.&#160;Tsantanis brings more than 24&#160;years of experience in shipping and finance and held senior management positions </font><font style="font-style: normal; font-weight: normal;">in prominent</font><font style="font-style: normal; font-weight: normal;"> private and public</font><font style="font-style: normal; font-weight: normal;"> shipping companies and financial institutions.</font><font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">Prior to that, he was an investment </font><font style="font-style: normal; font-weight: normal;">banker at Alpha Finance, a member of the Alpha Bank Group, with active roles in a number of </font><font style="font-style: normal; font-weight: normal;">major </font><font style="font-style: normal; font-weight: normal;">shipping </font><font style="font-style: normal; font-weight: normal;">corporate finance transactions</font><font style="font-style: normal; font-weight: normal;"> in the U.S capital markets</font><font style="font-style: normal; font-weight: normal;">. Mr.&#160;Tsantanis holds a Master of Science (MSc) in Shipping </font><font style="font-style: normal; font-weight: normal;">Trade and Finance from </font><font style="font-style: normal; font-weight: normal;">Bayes Business School (formerly known as Cass Business School) of City University in </font><font style="font-style: normal; font-weight: normal;">London and a Bachelor of Science (BSc) in Shipping Economics from the University of Piraeus. He is also a </font><font style="font-style: normal; font-weight: normal;">member </font><font style="font-style: normal; font-weight: normal;">of the board of directors of </font><font style="font-style: normal; font-weight: normal;">Breakwave Advisors LLC, the advisor of ETFMG</font><font style="font-style: normal; font-weight: normal;"> which is the </font><font style="font-style: normal; font-weight: normal;">manager of</font><font style="font-style: normal; font-weight: normal;"> the</font><font style="font-style: normal; font-weight: normal;"> NYSE </font><font style="font-style: normal; font-weight: normal;">listed BDRY and BSEA</font><font style="font-style: normal; font-weight: normal;"> and a f</font><font style="font-style: normal; font-weight: normal;">ellow of the Institute of Chartered Shipbrokers. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Stavros Gyftakis<font style="font-style: normal; font-weight: normal;"> has served as Chief Financial Officer and as a member of our board of directors since </font><font style="font-style: normal; font-weight: normal;">January&#160;20, 2022 and was appointed as the Parent&#8217;s Chief Financial Officer on October&#160;3, 2018, and previously </font><font style="font-style: normal; font-weight: normal;">served as its Finance Director since November 2017. </font><font style="font-style: normal; font-weight: normal;">Mr. Gyftakis has been instrumental in the Parent&#8217;s capital </font><font style="font-style: normal; font-weight: normal;">raising, debt financing and refinancing activities since 2017. </font><font style="font-style: normal; font-weight: normal;">He has more than 16&#160;years of experience in</font><font style="font-style: normal; font-weight: normal;"> the shipping </font><font style="font-style: normal; font-weight: normal;">finance industry</font><font style="font-style: normal; font-weight: normal;">, having held key positions across a broad shipping finance spectrum, including, asset backed lending, </font><font style="font-style: normal; font-weight: normal;">debt and corporate restructurings, risk management and loan syndications</font><font style="font-style: normal; font-weight: normal;">. Before joining Seanergy, he was a Senior </font><font style="font-style: normal; font-weight: normal;">Vice President in the Greek shipping finance desk at DVB Bank SE. Mr.&#160;Gyftakis holds a BSc in Mathematics from </font><font style="font-style: normal; font-weight: normal;">the Aristotle University of Thessaloniki, a MSc in Business Mathematics awarded with Honors, from the Athens </font><font style="font-style: normal; font-weight: normal;">University of Economics and Business and a MSc in Shipping, Trade and Finance, awarded with Distinction, from </font><font style="font-style: normal; font-weight: normal;">City&#8217;s Business School (formerly known as Cass Business School) of City University in London.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Christina Anagnostara<font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">will be appointed</font><font style="font-style: normal; font-weight: normal;"> as a member of our board of directors </font><font style="font-style: normal; font-weight: normal;">effective as of the effective time </font><font style="font-style: normal; font-weight: normal;">of this registration statement</font><font style="font-style: normal; font-weight: normal;"> and served as the Parent&#8217;s Chief Financial Officer from November&#160;17, 2008 until </font><font style="font-style: normal; font-weight: normal;">October&#160;31, 2013 and as a member of the Parent&#8217;s board of directors since December 2008. She has more than </font><font style="font-style: normal; font-weight: normal;">24&#160;years of maritime and international business experience in the areas of finance, banking, capital markets, </font><font style="font-style: normal; font-weight: normal;">consulting, accounting and audit. She has served in executive and board positions of publicly listed companies in the </font><font style="font-style: normal; font-weight: normal;">maritime industry and she was responsible for the financial, capital raising and accounting functions. Since June 2017 </font><font style="font-style: normal; font-weight: normal;">she is a </font><font style="font-style: normal; font-weight: normal;">Managing </font><font style="font-style: normal; font-weight: normal;">Director of the Investment Banking Division of AXIA Ventures Group and from 2014 to 2017 she </font><font style="font-style: normal; font-weight: normal;">provided advisory services to corporate clients involved in all aspects of the maritime industry. Between 2006 and </font><font style="font-style: normal; font-weight: normal;">2008 she served as Chief Financial Officer and member of our board of directors of Global Oceanic Carriers Ltd, a </font><font style="font-style: normal; font-weight: normal;">dry bulk shipping company listed on the Alternative Investment Market of the London Stock Exchange. Between </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">63<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_107-directors_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">1999 and 2006, she was a senior management consultant of the Geneva-based EFG Group. Prior to EFG Group she worked for Eurobank EFG and Ernst &amp; Young, the international accounting firm. Ms.&#160;Anagnostara studied Economics in Athens and is a Certified Chartered Accountant. She is a member of various industry organizations including ACCA, Propeller Club, WISTA, Shipping Finance Executives and American Hellenic Chamber of Commerce.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ioannis Kartsonas<font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">will be appointed</font><font style="font-style: normal; font-weight: normal;"> as a member of our board of directors </font><font style="font-style: normal; font-weight: normal;">effective as of the effective time of </font><font style="font-style: normal; font-weight: normal;">this registration statement</font><font style="font-style: normal; font-weight: normal;"> and has been a member of the Parent&#8217;s board of directors since May 2017. Mr.&#160;Kartsonas </font><font style="font-style: normal; font-weight: normal;">has more than 22&#160;years of experience in finance and commodities trading. He is currently the Principal and Managing </font><font style="font-style: normal; font-weight: normal;">Partner of Breakwave Advisors LLC., a commodity-focused advisory firm based in New York. From 2011 to 2017, </font><font style="font-style: normal; font-weight: normal;">he was a Senior Portfolio Manager at Carlyle Commodity Management, a commodity-focused investment firm based </font><font style="font-style: normal; font-weight: normal;">in New York and part of the Carlyle Group, being responsible for the firm's Shipping and Freight investments. During </font><font style="font-style: normal; font-weight: normal;">his tenure, he managed one of the largest freight futures funds globally. Prior to his role, Mr.&#160;Kartsonas was a </font><font style="font-style: normal; font-weight: normal;">Co-Founder and Portfolio Manager at Sea Advisors Fund, an investment fund focused in Shipping. From 2004 to </font><font style="font-style: normal; font-weight: normal;">2009, he was the leading Transportation Analyst at Citi Investment Research covering the broader transportation </font><font style="font-style: normal; font-weight: normal;">space including Shipping. Prior to that, he was an Equity Analyst focusing on Shipping and Energy for Standard &amp; </font><font style="font-style: normal; font-weight: normal;">Poor's Investment Research. Mr.&#160;Kartsonas holds an MBA in Finance from the Simon School of Business, University </font><font style="font-style: normal; font-weight: normal;">of Rochester.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dimitrios Kostopoulos<font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">will be appointed</font><font style="font-style: normal; font-weight: normal;"> as a member of our board of directors </font><font style="font-style: normal; font-weight: normal;">effective as of the effective time </font><font style="font-style: normal; font-weight: normal;">of this registration statement</font><font style="font-style: normal; font-weight: normal;">. Mr.&#160;Kostopoulos has more than 20&#160;years of experience in the financial services industry. </font><font style="font-style: normal; font-weight: normal;">Since January 2022, he is the Chief Executive Officer of Alpha Finance S.A., the brokerage arm of Alpha Bank </font><font style="font-style: normal; font-weight: normal;">Group, a leading financial institution in South-Eastern Europe. Prior to Alpha Finance, he served as Head of Investor </font><font style="font-style: normal; font-weight: normal;">Relations for the Alpha Bank Group for more than 10&#160;years, with a focus on the institutional shareholding base of </font><font style="font-style: normal; font-weight: normal;">the bank. During his tenure, he was actively engaged in all the significant capital raisings that Alpha Bank Group </font><font style="font-style: normal; font-weight: normal;">successfully concluded in the Equity and Debt Capital markets. Prior to that, Mr.&#160;Kostopoulos served as Fund </font><font style="font-style: normal; font-weight: normal;">Manager in Alpha Asset Management M.F.M.C. and he has also held positions in the Private Banking and Treasury </font><font style="font-style: normal; font-weight: normal;">units of the Alpha Bank Group. Mr.&#160;Kostopoulos holds a Master of Science (MSc) in Shipping Trade &amp; Finance from </font><font style="font-style: normal; font-weight: normal;">the Bayes Business School (formerly known as Cass Business School) of City University in London.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">No family relationships exist among any of the directors and executive officers.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">B.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Compensation</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Spin-Off, we expect to pay aggregate cash compensation of $0.4 million per year for the services of our executive officers and directors. In addition, each director will be reimbursed for out-of-pocket expenses in connection with attending meetings board of directors or committees. Each director will be fully indemnified by us for actions associated with being a director to the extent permitted under Marshall Islands law.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to completion of the Spin-Off, we anticipate that our board of directors will adopt an equity incentive plan, or the Plan, and that 150,000 of our common shares will be reserved for issuance pursuant to the Plan. The Plan will be administered by the compensation committee of our board of directors, or such other committee of the board of directors as may be designated by the board of directors. Under the Plan, our officers, key employees, directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, unrestricted stock, restricted stock units, and unrestricted stock at the discretion of our compensation committee. Any awards granted under the Plan that are subject to vesting are conditioned upon the recipient's continued service as an employee or a director of the Company, through the applicable vesting date. We have not granted any awards to directors or officers of the Company.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We do not have a retirement plan for our officers or directors.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">C.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Board Practices</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our directors do not have service contracts and do not receive any benefits upon termination of their directorships. Our board of directors has an audit committee, a compensation committee and a nominating committee. Our board of directors has adopted a charter for each of these committees.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">64<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_107-directors_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Audit Committee</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our audit committee consists of Christina Anagnostara and Dimitrios Kostopoulos. Our board of directors has determined that the members of the audit committee meet the applicable independence requirements of the Commission and the Nasdaq Stock Market Rules. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The audit committee has powers and performs the functions customarily performed by such a committee (including those required of such a committee by Nasdaq and the Commission). The audit committee is responsible for selecting and meeting with our independent registered public accounting firm regarding, among other matters, audits and the adequacy of our accounting and control systems.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Compensation Committee</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our compensation committee consists of Dimitrios Kostopoulos and Ioannis Kartsonas, each of whom is an independent director. The compensation committee reviews and approves the compensation of our executive officers.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Nominating Committee</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our nominating committee consists of Christina Anagnostara and Ioannis Kartsonas, each of whom is an independent director. The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">D.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Employees</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have two executive officers, Mr. Stamatios Tsantanis and Mr. Stavros Gyftakis, and we employ Ms.&#160;Theodora Mitropetrou, our general counsel.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">E.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">Share Ownership</font></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The common shares beneficially owned by our directors and executive officers are disclosed below in &#8220;Item 7. Major Shareholders and Related Party Transactions.&#8221;</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">65<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI7"><!--Anchor--></a>ITEM 7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.<font style="font-weight: normal;">&#8195;Major Shareholders </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table sets forth information regarding ownership of our common shares immediately following the completion of the Spin-Off by each person or entity known by us to be the beneficial owner of more than 5% of our outstanding common shares, each of our directors and executive officers, and all of our directors and executive officers as a group. To the best of our knowledge, except as disclosed in the table below or with respect to our directors and executive officers, we are not, and will not be following the Spin-Off, controlled, directly or indirectly, by another corporation, by any foreign government or by any other natural or legal persons. All of our common shareholders, including the shareholders listed in this table, will be entitled to one vote for each common share held.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Except as otherwise noted below, we based the share amounts reported in the table below on each person&#8217;s beneficial ownership of Parent common shares on the date of this registration statement, assuming the shareholding structure of Parent immediately prior to the Spin-Off will be the same as its shareholding structure as of the date of this registration statement, and giving effect to a distribution in the Spin-Off at the distribution ratio of one common share for every 118 common shares of Parent held by such person. As of May&#160;30, 2022, Parent had 178,316,471 shares of common stock outstanding. Information for certain holders is based on their latest filings with the Securities and Exchange Commission with respect to beneficial ownership of common shares of Parent or information delivered to us.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 79.49%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Identity of Person or Group</div></td><td class="gutter" style="width: 2.22%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.22%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.07%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Owned</div></td><td class="gutter" style="width: 2.22%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.22%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.57%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class</div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stamatios Tsantanis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 0.55pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;">30,932</div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;">2.05%</div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stavros Gyftakis<font style="padding-left: 1.75pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;"><font style="padding-left: 17.5pt;">*</font></div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Christina Anagnostara<font style="padding-left: 4.53pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;"><font style="padding-left: 17.5pt;">*</font></div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ioannis Kartsonas<font style="padding-left: 1.76pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;"><font style="padding-left: 17.5pt;">*</font></div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dimitrios Kostopoulos<font style="padding-left: 2.3pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;"><font style="padding-left: 17.5pt;">*</font></div></td></tr><tr><td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Directors and executive officers as a group (5 individuals)<font style="padding-left: 0.35pt;"></font></div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.07%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.46pt; text-align: left;">52,378</div></td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.57%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.27pt; text-align: left;">3.47%</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 8.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Less than one percent.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">In addition, Stamatios Tsantanis will own 100% of our issued and outstanding Series B Preferred Shares, or 40,000 of our Series B Preferred Shares. Through his beneficial ownership of our Series B Preferred Shares, Stamatios Tsantanis will, immediately following the Spin-Off, control approximately 49.99% of the vote of any matter submitted to the vote of the common shareholders. See &#8220;Item 10. Additional Information &#8211; A. Share Capital &#8211; Series B Preferred Stock&#8221; for a description of the terms, including the voting power, of the Series B Preferred Shares.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the completion of the Spin-Off, we expect to have 49 shareholders of record, 3 of which are located in the United States holding an aggregate of approximately 1,452,305 of our common shares, representing 96.1% of our outstanding common shares. However, one of the U.S. shareholders of record will be Cede &amp; Co., a nominee of The Depository Trust Company, which will hold approximately 1,446,998 of our common shares immediately following the completion of the Spin-Off. Accordingly, we believe that the shares that will be held by Cede &amp; Co. will include common shares beneficially owned by both holders in the United States and non-U.S. beneficial owners. We are not aware of any arrangements the operation of which may at a subsequent date result in our change of control.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">B.<font style="font-weight: normal;">&#8195;Related Party Transactions</font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Seanergy Maritime Holdings Corp. Right of First Refusal</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will enter into a rights of first refusal agreement with the Parent prior to the Spin-Off where we agree that the Parent will have a right of first refusal with respect to any opportunity available to us to sell, acquire or charter-in any Capesize vessel as well as with respect to chartering opportunities, other than short-term charters with a term of 13 months or less, available to us for Capesize vessels. In addition, we will have a right of first offer with respect to any vessel sales by the Parent.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Management Agreements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We and our vessel-owning subsidiaries will, prior to the Spin-Off, enter into a master management agreement with the Parent, a technical management agreement with Seanergy Shipmanagement and a commercial management </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">66<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">agreement with Seanergy Management, pursuant to which the Parent (directly or through Seanergy Management or Seanergy Shipmanagement), Seanergy Management and Seanergy Shipmanagement shall provide us with or arrange on our behalf (through unrelated third parties) administrative, accounting, finance, commercial management, technical management, brokerage and certain other services. In relation to the technical services, Seanergy Shipmanagement will be responsible for arranging (directly or by subcontracting) for the crewing of the vessels, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. Administrative functions that will be performed by the Parent include but are not limited to investor relations, back-office, reporting, legal and secretarial services. In addition, the Parent will provide (directly or through Seanergy Management) services for the chartering of our vessels and monitoring thereof, freight collection, and sale and purchase. In providing these services, the Managers may subcontract and pay third parties and shall receive reimbursement from us or arrange for the appointment of third parties to provide these services in which cases such third parties may be paid directly by us. Seanergy Shipmanagement may subcontract the technical management and crew management for our current vessel and other vessels we may acquire to third parties or arrange for the appointment of such third parties, including V.Ships Limited, V.Ships Greece Ltd., Anglo-Eastern Crew Management (Asia) Limited and Global Seaways S.A.. The Parent may sub-contract certain commercial management services to Fidelity Marine Inc., an independent third party, which provides commercial management services for all of the vessels in the Parent&#8217;s fleet or any other third party. These third-party managers will be supervised by Seanergy Shipmanagement and Seanergy Management. We or our designated subsidiaries may enter into agreements relating to commercial or technical management services directly with such third-party managers and may incur additional costs for technical management under such agreements. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The management agreements which will be entered into in conjunction with our separation from the Parent and the Spin-Off will provide for: a fixed management fee of $14,000 per vessel per month to Seanergy Shipmanagement and a fixed administration fee of&#160;$325 per vessel per day payable to the Parent. We expect to pay to Seanergy Management a fee equal to&#160;1.25% of the gross freight, demurrage and charter hire collected from the employment of our vessel, except for any vessels that are chartered-out to the Parent. Seanergy Management will also earn a fee equal to 1% of the contract price of any vessel bought or sold by them on our behalf, except for any vessels bought or sold from or to the Parent, or in respect of any vessel sale relating to a sale leaseback transaction. Additional vessels that we may acquire in the future may be managed by the Managers or by other unaffiliated management companies. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The initial term of our master management agreement with the Parent will expire on December 31, 2024. Unless three months&#8217; notice of non-renewal is given by either party prior to the end of the then current term, this agreement will automatically extend for additional 12-month periods. The master management agreement may be terminated immediately only for cause and at any time by either party with three months&#8217; prior notice, and no termination fee will be payable. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may enter into similar or new management agreements for the management of any additional vessels we may acquire in the future.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Contribution and Conveyance Agreement</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will enter into the Contribution and Conveyance Agreement with the Parent prior to the Spin-Off. Pursuant to the Contribution and Conveyance Agreement, the Parent will, immediately prior to the Spin-Off, (i) contribute the United Maritime Predecessor, together with $5.0 million in working capital, to us in exchange for all issued and outstanding Common Shares and 5,000 Series C Preferred Shares, and (ii) indemnify us and United Maritime Predecessor for any and all obligations and other liabilities arising from or relating to the operation, management or employment of our vessel prior to the effective date of the Spin-Off. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">C.<font style="font-weight: normal;">&#8195;Interests of Experts and Counsel</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI8"><!--Anchor--></a>ITEM 8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">FINANCIAL INFORMATION</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.<font style="font-weight: normal;">&#8195;Carve-out Statements and Other Financial Information</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">See Item 18.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">67<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Legal Proceedings </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. We are not a party to any material litigation where claims or counterclaims have been filed against us other than routine legal proceedings incidental to our business.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Dividend Policy</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The declaration, timing and amount of any dividend is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects, capital expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of the Marshall Islands law affecting the payment of dividends to shareholders, overall market conditions and other factors. We have not declared any dividends since our inception. Our board of directors may review and amend our dividend policy from time to time in light of our plans for future growth and other factors. In addition, since we are a holding company with no material assets other than the shares of our subsidiary and affiliates through which we conduct our operations, our ability to pay dividends will depend on our subsidiary and affiliates distributing to us their earnings and cash flow. Our loan agreement imposes certain limitations on our ability to pay dividends and our subsidiary&#8217;s ability to make distributions to us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cumulative dividends on our Series C Preferred Shares are payable in cash or, at our election, in kind, quarterly on each January 15, April 15, July 15 and October 15, or, if any such dividend payment date otherwise would fall on a date that is not a business day, the immediately succeeding business day. The dividend rate for our Series C Preferred Shares is 6.5% per annum per $1,000 stated liquidation preference per share (equal to $65.00 per annum per share) and is not subject to adjustment. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">B.<font style="font-weight: normal;">&#8195;Significant Changes</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There have been no significant changes since the date of the carve-out financial statements included in this registration statement, other than those described in note 11 &#8220;Subsequent events&#8221; of these statements.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI9"><!--Anchor--></a>ITEM 9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">THE OFFER AND LISTING</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.<font style="font-weight: normal;">&#8195;Offer and Listing Details</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There currently is no existing public trading market for our common shares. However, we have applied to have our common shares listed on the Nasdaq Capital Market under the ticker symbol &#8220;USEA&#8221;.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">B.<font style="font-weight: normal;">&#8195;Plan of Distribution</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our common shares will be distributed by Parent by the declaration and issuance of a distribution to holders of Parent&#8217;s common stock. The Spin-Off is conditioned on, among other things, the approval of Parent&#8217;s board of directors and obtaining certain regulatory and third-party consents and approvals, including the approval of our request for our common shares to be listed on the Nasdaq Capital Market and the effectiveness of this registration statement. As of May&#160;30, 2022, Parent has 178,316,471 shares of common stock outstanding. Parent may sell additional shares of common stock and it may have a greater number of shares outstanding on the Spin-Off record date; but we do not expect the distribution ratio to change if this occurs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Spin-Off is not being underwritten by an investment bank or otherwise. The purpose of the Spin-Off is described in the section of this registration statement entitled &#8220;History and Development of the Company.&#8221; Parent will pay any fees or other expenses incurred in connection with the Spin-Off and the application for the listing of our common shares on the Nasdaq Capital Market. We anticipate the aggregate fees and expenses in connection with the Spin-Off to be approximately $400,000.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">C.<font style="font-weight: normal;">&#8195;Markets</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our common shares are expected to be listed and traded on the Nasdaq Capital Market under the symbol&#160;&#8220;USEA&#8221;.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">D.<font style="font-weight: normal;">&#8195;Selling Shareholders</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">68<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">E.<font style="font-weight: normal;">&#8195;Dilution</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">F.<font style="font-weight: normal;">&#8195;Expenses of the Issue</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI10"><!--Anchor--></a>ITEM 10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">ADDITIONAL INFORMATION</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">A.<font style="font-weight: normal;">&#8195;Share Capital</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a summary of the description of our capital stock and the material terms of our amended and restated articles of incorporation and bylaws which we will adopt prior to the Spin-Off. Because the following is a summary, it does not contain all of the information that you may find useful. We refer you to our amended and restated articles of incorporation and bylaws, which are filed as exhibits hereto and are incorporated herein by reference. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Authorized Capitalization</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Upon consummation of the spin-off, our authorized capital stock will consist of 2,000,000,000 shares of common stock, par value $0.0001, of which approximately 1,511,156&#160;shares will be issued and outstanding, and 100,000,000 shares of preferred stock, par value $0.0001, of which 40,000 shares are designated Series B Preferred Stock and 5,000 shares are designated Series C Preferred Stock. All of our shares of stock are in registered form.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Common Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our common stock will be entitled to receive pro rata our remaining assets available for distribution. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of our preferred stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to the Spin-Off, the Parent as our sole shareholder will also approve the amendment of our articles of incorporation to effect one or more reverse stock splits of the shares of our common stock issued and outstanding at the time of the reverse split at a cumulative exchange ratio of between one-for-two and one-for-five hundred, with our board of directors to determine, in its sole discretion, whether to implement any reverse stock split, as well as the specific timing and ratio, within such approved range of ratios; provided that any such reverse stock split or splits are implemented prior to the third anniversary of the Spin-Off. While our board of directors will exercise its sole discretion as to whether and in what circumstances to effect any reverse stock split pursuant to this amendment of our articles of incorporation, the Parent&#8217;s determination to approve such amendment is intended to provide us the means to maintain compliance with the continued listing requirements of the Nasdaq Capital Market, in particular the bid price requirement, as well as to realize certain beneficial effects of a higher trading price for our common shares, including the ability to appeal to certain investors and potentially increased trading liquidity.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">American Stock Transfer &amp; Trust Company, LLC is the transfer agent and registrar for our common shares.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our board of directors is authorized to provide for the issuance of preferred stock in one or more series with designations as may be stated in the resolution or resolutions providing for the issue of such preferred stock. At the time that any series of our preferred stock is authorized, our board of directors will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights, preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation. Our board of directors could, without shareholder approval, cause us to issue preferred stock which has voting, conversion and other rights and preferences that could adversely affect the voting power and other rights of holders of our common stock, Series B Preferred Stock and Series C Preferred Stock, or make it more difficult to effect a </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">69<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">change in control. In addition, preferred stock could be used to dilute the share ownership of persons seeking to obtain control of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders. The material terms of any series of preferred stock that we offer through a prospectus supplement will be described in that prospectus supplement.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Series B Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following description of the characteristics of the Series B Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation which is filed as an exhibit hereto and is incorporated herein by reference.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voting<font style="font-style: normal;">. To the fullest extent permitted by law, each Series B preferred share entitles the holder hereof to </font><font style="font-style: normal;">25,000&#160;votes per share on all matters submitted to a vote of the shareholders of the Company, </font>provided however, <font style="font-style: normal;">that </font><font style="font-style: normal;">no holder of Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares may exercise voting rights pursuant to Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares that would </font><font style="font-style: normal;">result in the aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to </font><font style="font-style: normal;">ownership of Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares, common shares or otherwise) to exceed 49.99% of the total number of votes </font><font style="font-style: normal;">eligible to be cast on any matter submitted to a vote of shareholders of the Company. To the fullest extent permitted </font><font style="font-style: normal;">by law, the holder of Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares shall have no special voting or consent rights and shall vote together </font><font style="font-style: normal;">as one class with the holders of the common shares on all matters put before the shareholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Conversion<font style="font-style: normal;">. The Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares are not convertible into common shares or any other security.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Redemption<font style="font-style: normal;">. The Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares are not redeemable.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Dividends. <font style="font-style: normal;">The Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares have no dividend rights.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Transferability.<font style="font-style: normal;"> All issued and outstanding Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares must be held of record by one holder, and </font><font style="font-style: normal;">the Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares shall not be transferred or sold without the prior approval of our board of directors.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Liquidation Preference<font style="font-style: normal; font-weight: bold;">. </font><font style="font-style: normal;">Upon any liquidation, dissolution or winding up of the Company, the Series B </font><font style="font-style: normal;">P</font><font style="font-style: normal;">referred </font><font style="font-style: normal;">S</font><font style="font-style: normal;">hares will rank pari-passu with the common shareholders and shall be entitled to receive a payment equal to </font><font style="font-style: normal;">$0.0001&#160;per share. The Series B preferred holder has no other rights to distributions upon any liquidation, dissolution </font><font style="font-style: normal;">or winding up of the Company.</font></div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Series C Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Series C Preferred Shares will have a cumulative preferred dividend accruing at the rate of 6.5% per annum, will contain a liquidation preference equal to its stated value and will be convertible into common shares at the holder&#8217;s option commencing upon the first anniversary of the original issue date, at a conversion price equal to the lesser of $9.00 and the 10-trading-day trailing VWAP of our common shares, subject to certain anti-dilution and other customary adjustments. Except under certain circumstances, a holder of Series C Preferred Shares may not convert its Series C Preferred Shares into common shares if such conversion would result in the holder beneficially owning greater than 29.9% of our outstanding common shares. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cumulative dividends on our Series C Preferred Shares are payable in cash or, at our election, in kind, quarterly on each January 15, April 15, July 15 and October 15, or, if any such dividend payment date otherwise would fall on a date that is not a business day, the immediately succeeding business day. The dividend rate for our Series C Preferred Shares is 6.5% per annum per $1,000 of liquidation preference per share (equal to $65.00 per annum per share) and is not subject to adjustment.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We shall have the right, at our option, at any time on or after the date which is three months after the original date of issuance of the Series C Preferred Shares, to redeem the Series C Preferred Shares, in whole or from time to time in part, from any source of funds legally available for such purpose, at a price per Series C Preferred Share equal to 105% of the stated value plus accrued and unpaid dividends to the date of redemption. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Series C Preferred Shares will have no voting rights except (1) in respect of amendments to our articles of incorporation which would adversely alter the preferences, powers or rights of the Series C Preferred Shares or (2) in the event that we propose to issue any parity stock if the cumulative dividends payable on outstanding Preferred Stock are in arrears or any senior stock. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not intend to list the Series C Preferred Shares on any securities exchange or other trading market, and therefore do not expect an established trading market for the Series C Preferred Shares to develop.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">70<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Preferred Stock Purchase Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to the Spin-Off, we will enter into a Shareholders Rights Agreement, or the Rights Agreement, with American Stock Transfer &amp; Trust Company, LLC, as Rights Agent.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the Rights Agreement, we will declare a dividend payable of one preferred stock purchase right, or Right, for each share of common stock outstanding immediately prior to the Spin-Off. Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series A Participating Preferred Stock, par value $0.0001, at an exercise price of $40.00 per share. The Rights will separate from the common stock and become exercisable only if a person or group acquires beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of our common stock (including through entry into certain derivative positions) in a transaction not approved by our board of directors. In that situation, each holder of a Right (other than the acquiring person, whose Rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price, a number of shares of our common stock having a then-current market value equal to twice the exercise price. In addition, if the Company is acquired in a merger or other business combination after an acquiring person acquires 10% (15% in the case of a passive institutional investor) or more of our common stock, each holder of the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of shares of common stock of the acquiring person having a then-current market value equal to twice the exercise price. The acquiring person will not be entitled to exercise these Rights. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other shareholder rights.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our board of directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our board of directors can approve a redemption of the Rights or a permitted offer, the Rights should not interfere with a merger or other business combination approved by our board of directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have summarized the material terms and conditions of the Rights Agreement and the Rights below. For a complete description of the Rights, we encourage you to read the Rights Agreement, which we have filed as an exhibit hereto.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Detachment of the Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Rights are attached to all certificates representing our currently outstanding common stock, or, in the case of uncertificated common shares registered in book entry form, which we refer to as &#8220;book entry shares,&#8221; by notation in book entry accounts reflecting ownership, and will attach to all common stock certificates and book entry shares we issue prior to the Rights distribution date that we describe below. The Rights are not exercisable until after the Rights distribution date and will expire at the close of business on July 1, 2032, unless we redeem or exchange them earlier as we describe below. The Rights will separate from the common stock and a Rights distribution date would occur, subject to specified exceptions, on the earlier of the following two dates:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the 10th day after public announcement that a person or group has acquired ownership of 10% (15% in the case of a passive institutional investor) or more of the Company's common stock; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the 10th business day (or such later date as determined by the Company's board of directors) after a person or group announces a tender or exchange offer which would result in that person or group holding 10% (15% in the case of a passive institutional investor) or more of the Company's common stock.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">&#8220;Acquiring person&#8221; is generally defined in the Rights Agreement as any person, together with all affiliates or associates, who beneficially owns 10% or more of the Company's common stock then outstanding. However, the Company, any subsidiary of the Company or any employee benefit plan of the Company or of any subsidiary of the Company, any person holding shares of common stock for or pursuant to the terms of any such plan, or a passive institutional investor, are excluded from the definition of &#8220;acquiring person.&#8221; Inadvertent owners that would otherwise become an acquiring person, including those who would have this designation as a result of repurchases of common stock by us, will not become acquiring persons as a result of those transactions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our board of directors may defer the Rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an acquiring person if the person promptly divests itself of a sufficient number of shares of common stock.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">71<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Until the Rights distribution date: (i)&#160;the Rights will be evidenced by the certificates for shares of Common Stock registered in the names of the holders thereof or, in the case of uncertificated shares of Common Stock registered in book-entry form by notation in book entry accounts reflecting the ownership of such shares of Common Stock (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii)&#160;the right to receive Rights Certificates will be transferable only in connection with the transfer of shares of Common Stock. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As soon as practicable after the Distribution Date, we will prepare, execute and send, or cause to be sent (and the Rights Agent will, if requested and provided with all necessary information and documents, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate evidencing one Right for each share of Common Stock so held.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will not issue Rights with any shares of common stock we issue after the Rights distribution date, except as our board of directors may otherwise determine.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Flip-In Event</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If an Acquiring Person obtains beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of the Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below under &#8220;Redemption of Rights&#8221;. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Flip-Over Event</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If, after an Acquiring Person obtains 10% (15% in the case of a passive institutional investor) or more of the Common Shares, (i)&#160;the Company merges into another entity; (ii)&#160;an acquiring entity merges into the Company; or (iii)&#160;the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt; text-align: left;">Anti-dilution</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or Common Shares. No adjustments to the Exercise Price of less than 1% will be made.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt; text-align: left;">Redemption of Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may redeem the Rights for $0.0001 per Right under certain circumstances. If we redeem any Rights, we must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted if we effect a stock dividend or a stock split.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt; text-align: left;">Exchange of Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding Common Shares, the our board of directors may extinguish the Rights by exchanging one Common Share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, we may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">72<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Amendment of Terms of Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i)&#160;cure any ambiguities; (ii)&#160;correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii)&#160;shorten or lengthen any time period pursuant to the Rights Agreement; or (iv)&#160;make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">B.<font style="font-weight: normal;">&#8195;Memorandum and Articles of Incorporation</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Information regarding the rights, preferences and restrictions attaching to each class of our shares is described in the section entitled &#8220;Item 10.A. &#8211; Share Capital&#8221; above.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Our Amended and Restated Articles of Incorporation and Bylaws</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following description of our amended and restated articles of incorporation and bylaws is a summary of the amended and restated articles of incorporation and bylaws that we intend to adopt prior to the Spin-Off and is qualified by reference to our amended and restated articles of incorporation and bylaws which shall be filed by amendment as an exhibit to this registration statement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under our bylaws, annual shareholder meetings will be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the chairman of the board of directors, a majority of the entire board of directors, or the chief executive officer. Notice of every annual and special meeting of shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Directors</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our directors are elected by the affirmative vote of a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our amended and restated articles of incorporation and bylaws do not provide for cumulative voting in the election of directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The board of directors must consist of at least one member. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office. The board of directors has the authority to fix the amounts which shall be payable to the members of our board of directors, and to members of any committee, for attendance at any meeting or for services rendered to us.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8pt; margin-left: 0pt; text-align: left;">Classified Board</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly equal in number as possible, serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay shareholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for two years.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Election and Removal</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our bylaws require parties other than the board of directors to give advance written notice of nominations for the election of directors. The entire board of directors or any individual director may be removed, with cause, by the vote of two-thirds of the votes eligible to be cast by the holders of outstanding shares of our capital stock then entitled to vote at an election of directors. No director may be removed without cause by either the shareholders or the board of directors. Except as otherwise provided by applicable law, cause for the removal of a director shall be deemed to exist only if the director whose removal is proposed: (i)&#160;has been convicted, or has been granted immunity to testify in any proceeding in which another has been convicted, of a felony by a court of competent jurisdiction and that conviction is no longer subject to direct appeal; (ii)&#160;has been found to have been negligent or guilty of misconduct in the performance of his duties to the Company in any matter of substantial importance to the Company by (A) the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">73<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">affirmative vote of at least 80% of the directors then in office at any meeting of the board of directors called for that purpose or (B) a court of competent jurisdiction; or (iii)&#160;has been adjudicated by a court of competent jurisdiction to be mentally incompetent, which mental incompetence directly affects his ability to serve as a director of the Company. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Dissenters&#8217; Rights of Appraisal and Payment</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the BCA, our shareholders generally have the right to dissent from the sale of all or substantially all of our assets not made in the usual course of our business and receive payment of the fair value of their shares. However, the right of a dissenting shareholder to receive payment of the appraised fair value of his shares is not available under the BCA for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i)&#160;listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii)&#160;held of record by more than 2,000 holders. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; Derivative Actions</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Anti-takeover Provisions of our Charter Documents</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Several provisions of our amended and restated articles of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Limited Actions by Shareholders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our bylaws provide that the chairman of the board of directors, a majority of the board of directors, or the chief executive officer may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our board of directors and shareholder consideration of a proposal may be delayed until the next annual meeting.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing. Our bylaws also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">Blank Check Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the terms of our amended and restated articles of incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue up to 100,000,000 shares of blank check preferred stock. Our board of directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Classified Board of Directors</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation provide for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. This classified board provision </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">74<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">could discourage a third party from making a tender offer for our shares or attempting to obtain control of the Company. It could also delay shareholders who do not agree with the policies of our board of directors from removing a majority of our board of directors for two years.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Election and Removal of Directors</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation and bylaws prohibit cumulative voting in the election of directors. Our bylaws require parties other than our board of directors to give advance written notice of nominations for the election of directors. Our bylaws also provide that our directors may be removed only for cause and only upon the affirmative vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock then entitled to vote at an election of directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Super-Majority Approval Requirements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation and bylaws provide that the vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock then entitled to vote at an election of directors is required to amend our bylaws or certain provisions of our articles of incorporation at any annual or special meeting of shareholders.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Business Combinations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although the BCA does not contain specific provisions regarding &#8220;business combinations&#8221; between companies organized under the laws of the Marshall Islands and &#8220;interested shareholders,&#8221; we will include these provisions in our amended and restated articles of incorporation. Specifically, our amended and restated articles of incorporation will prohibit us from engaging in a &#8220;business combination&#8221; with certain persons for three years following the date the person becomes an interested shareholder. Interested shareholders generally include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any person who is the beneficial owner of 15% or more of our issued and outstanding voting stock; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any person who is our affiliate or associate and who held 15% or more of our issued and outstanding voting stock at any time within three years before the date on which the person's status as an interested shareholder is determined, and the affiliates and associates of such person.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Subject to certain exceptions, a business combination includes, among other things:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: left;"><font style="font-size: 10pt;">certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any </font><font style="font-size: 10pt;">subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate </font><font style="font-size: 10pt;">market value of all of our assets, determined on a combined basis, or the aggregate value of all of our </font><font style="font-size: 10pt;">issued and outstanding stock;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">certain transactions that result in the issuance or transfer by us of any stock of ours to the interested </font><font style="font-size: 10pt;">shareholder;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any transaction involving us or any of our subsidiaries that has the effect of increasing the </font><font style="font-size: 10pt;">proportionate share of any class or series of stock, or securities convertible into any class or series of </font><font style="font-size: 10pt;">stock, of ours or any such subsidiary that is owned directly or indirectly by the interested shareholder </font><font style="font-size: 10pt;">or any affiliate or associate of the interested shareholder; and</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately </font><font style="font-size: 10pt;">as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by </font><font style="font-size: 10pt;">or through us.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">These provisions of our amended and restated articles of incorporation do not apply to a business combination if:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">before a person became an interested shareholder, our board of directors approved either the business </font><font style="font-size: 10pt;">combination or the transaction in which the shareholder became an interested shareholder;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">upon consummation of the transaction which resulted in the shareholder becoming an interested </font><font style="font-size: 10pt;">shareholder, the interested shareholder owned at least 85% of our voting stock issued and outstanding </font><font style="font-size: 10pt;">at the time the transaction commenced, other than certain excluded shares;</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">75<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">at or following the transaction in which the person became an interested shareholder, the business </font><font style="font-size: 10pt;">combination is approved by our board of directors and authorized at an annual or special meeting of </font><font style="font-size: 10pt;">shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds </font><font style="font-size: 10pt;">of our issued and outstanding voting stock that is not owned by the interest shareholder;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">the shareholder was or became an interested shareholder prior to the consummation of the </font><font style="font-size: 10pt;">transactions;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">a shareholder became an interested shareholder inadvertently and (i)&#160;as soon as practicable divested </font><font style="font-size: 10pt;">itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; </font><font style="font-size: 10pt;">and (ii)&#160;would not, at any time within the three-year period immediately prior to a business </font><font style="font-size: 10pt;">combination between us and such shareholder, have been an interested shareholder but for the </font><font style="font-size: 10pt;">inadvertent acquisition of ownership; or</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">the business combination is proposed prior to the consummation or abandonment of and subsequent to the </font><font style="font-size: 10pt;">earlier of the public announcement or the notice required under our amended and restated articles of </font><font style="font-size: 10pt;">incorporation which (i)&#160;constitutes one of the transactions described in the following sentence; (ii)&#160;is with </font><font style="font-size: 10pt;">or by a person who either was not an interested shareholder during the previous three years or who became </font><font style="font-size: 10pt;">an interested shareholder with the approval of the board; and (iii)&#160;is approved or not opposed by a majority </font><font style="font-size: 10pt;">of the members of the board of directors then in office (but not less than one) who were directors prior to </font><font style="font-size: 10pt;">any person becoming an interested shareholder during the previous three years or were recommended for </font><font style="font-size: 10pt;">election or elected to succeed such directors by a majority of such directors. The proposed transactions </font><font style="font-size: 10pt;">referred to in the preceding sentence are limited to:</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders is required);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market value of all the issued and outstanding shares; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a proposed tender or exchange offer for 50% or more of our issued and outstanding voting stock.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Certain Marshall Islands Company Considerations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our corporate affairs are governed by our amended and restated articles of incorporation, bylaws and the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States, including Delaware. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands, and we cannot predict whether Marshall Islands courts would reach the same conclusions as Delaware or other courts in the United States. Accordingly, you may have more difficulty in protecting your interests under Marshall Islands law in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction that has developed a substantial body of case law. Furthermore, the Marshall Islands lacks a bankruptcy statute, and in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving the Company, the bankruptcy laws of the United States or of another country having jurisdiction over the Company would apply. The following table provides a comparison between certain statutory provisions of the BCA and the Delaware General Corporation Law relating to shareholders&#8217; rights.</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware</div></td></tr><tr><td colspan="4" style="width: 100%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shareholder Meetings</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Held at a time and place as designated in the bylaws.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Special meetings of the shareholders may be called by the board of directors or by such person or persons as</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Special meetings of the shareholders may be called by the board of directors or by such person or persons as </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">76<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">may be authorized by the articles of incorporation or by the bylaws.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">may be authorized by the certificate of incorporation or by the bylaws.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May be held in or outside of the Marshall Islands.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May be held in or outside of Delaware. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Notice<font style="font-style: normal;">:</font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Notice<font style="font-style: normal;">:</font></div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Written notice shall be given not less than 10 nor more than 60 days before the meeting.</div></td></tr><tr><td colspan="4" style="width: 100%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shareholders&#8217; Voting Rights</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unless otherwise provided in the articles of incorporation, any action required by the BCA to be taken at a meeting of shareholders may be taken without a meeting if a consent or consents in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any person authorized to vote may authorize another person or persons to act for him by proxy.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any person authorized to vote may authorize another person or persons to act for him by proxy.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unless otherwise provided in the articles of incorporation or the bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the common shares entitled to vote at a meeting.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The articles of incorporation may provide for cumulative voting in the election of directors.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The certificate of incorporation may provide for cumulative voting in the election of directors. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Removal<font style="font-style: normal;">:</font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Removal<font style="font-style: normal;">:</font></div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">&#8195;<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Any or all of the directors may be removed for cause by vote of the shareholders. The articles of incorporation or the specific provisions of a bylaw may provide for such removal by action of the board.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, shareholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">77<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">director&#8217;s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of directors, at an election of the class of directors of which such director is a part. </div></td></tr><tr><td colspan="4" style="width: 100%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Directors<font style="font-weight: normal;"> </font></div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number of board members can be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment to the certificate of incorporation. </div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The board of directors must consist of at least one member.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The board of directors must consist of at least one member.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">If the board of directors is authorized to change the number of directors, it can only do so by a majority of the entire board of directors and so long as no decrease in the number shortens the term of any incumbent director.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td colspan="4" style="width: 100%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Dissenter&#8217;s Rights of Appraisal</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares is not available for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation or any sale or exchange of all or substantially all assets, were either (i)&#160;listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii)&#160;held of record by more than 2,000 holders.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed shares are the offered consideration or if such shares are held of record by more than 2,000 holders.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Alters or abolishes any preferential right of any outstanding shares having preference; or</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Creates, alters or abolishes any provision or right in respect to the redemption of any outstanding shares.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-indent: -10pt; text-align: left;">&#8195;Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">78<br></div></div></div>
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<!--Begin Page 81-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware</div></td></tr><tr><td colspan="4" style="width: 100%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shareholders&#8217; Derivative Actions</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time the action is brought and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">In any derivative suit instituted by a shareholder or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder&#8217;s stock thereafter devolved upon such shareholder by operation of law.</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or the reasons for not making such effort. Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic of The Marshall Islands.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Reasonable expenses including attorneys&#8217; fees may be awarded if the action is successful.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the common shares have a value of $50,000 or less.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.25pt; margin-left: 0pt; text-align: left;">C.<font style="font-weight: normal;">&#8195;Material contracts</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Attached as exhibits to this registration statement are the contracts we consider to be both material and outside the ordinary course of business and are to be performed in whole or in part after the filing of this registration statement. We refer you to &#8220;Item 4. Information on the Company &#8211; A. History and Development of the Company,&#8221; &#8220;Item 4. Information on the Company &#8211; B. Business Overview,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects &#8211; B. Liquidity and Capital Resources,&#8221; and &#8220;Item 7. Major Shareholders and Related Party Transactions &#8211; B. Related Party Transactions&#8221; for a discussion of these contracts. Other than as discussed in this registration statement, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we are a party.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">D.<font style="font-weight: normal;">&#8195;Exchange controls</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls, or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common shares.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">E.<font style="font-weight: normal;">&#8195;Taxation </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a summary of the material U.S. federal income tax and Marshall Islands tax consequences of the ownership and disposition of our common stock as well as the material U.S. federal and Marshall Islands income tax consequences applicable to us and our operations. The discussion below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of our common stock that is treated for U.S. federal income tax purposes as:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an individual citizen or resident of the United States;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">79<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a trust if (i)&#160;a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii)&#160;it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If you are not described as a U.S. Holder and are not an entity treated as a partnership or other pass-through entity for U.S. federal income tax purposes, you will be considered a &#8220;Non-U.S. Holder.&#8221; The U.S. federal income tax consequences applicable to Non-U.S. Holders is described below under the heading &#8220;United States Federal Income Taxation of Non-U.S. Holders.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our common stock through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our common stock, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, its legislative history, Treasury Regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder's individual circumstances. In particular, this discussion considers only holders that will own and hold our common stock as capital assets within the meaning of Section 1221 of the Code and does not address the potential application of the alternative minimum tax or the U.S. federal income tax consequences to holders that are subject to special rules, including:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">financial institutions or &#8220;financial services entities&#8221;;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">broker-dealers;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">taxpayers who have elected mark-to-market accounting for U.S. federal income tax purposes;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tax-exempt entities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">governments or agencies or instrumentalities thereof;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">insurance companies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">regulated investment companies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">real estate investment trusts;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">certain expatriates or former long-term residents of the United States;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons that actually or constructively own 10% or more (by vote or value) of our shares;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons that own shares through an &#8220;applicable partnership interest&#8221;;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons required to recognize income for U.S. federal income tax purposes no later than when such income is reported on an &#8220;applicable financial statement&#8221;;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons that hold our common stock as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons whose functional currency is not the U.S. dollar.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S. tax laws.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have not sought, nor do we intend to seek, a ruling from the Internal Revenue Service, or the IRS, as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description herein, and its determination may be upheld by a court.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Because of the complexity of the tax laws and because the tax consequences to any particular holder of our common stock may be affected by matters not discussed herein, each such holder is urged to consult with its tax advisor with respect to the specific tax consequences of the ownership and disposition of our common stock, including the applicability and effect of state, local and non-U.S. tax laws, as well as U.S. federal tax laws.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">80<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">United States Federal Income Tax Consequences</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Taxation of Operating Income in General</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless exempt from United States federal income taxation under the rules discussed below, a foreign corporation is subject to United States federal income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a shipping pool, partnership, strategic alliance, joint operating agreement, code sharing arrangements or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as &#8220;shipping income,&#8221; to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States, exclusive of certain U.S. territories and possessions, constitutes income from sources within the United States, which we refer to as &#8220;U.S. source gross shipping income.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are prohibited by law from engaging in transportation that produces income considered to be 100% from sources within the United States.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income earned by us that is derived from sources outside the United States will not be subject to any United States federal income tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For our subsidiary&#8217;s 2021 taxable year, our subsidiary had no U.S. source gross shipping income.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are subject to a 4% tax imposed without allowance for deductions for such taxable year, as described in &#8220;&#8211;&#160;Taxation in Absence of Exemption,&#8221; unless we qualify for exemption from tax under Section 883 of the Code, the requirements of which are described in detail below. For our subsidiary&#8217;s 2021 taxable year, our subsidiary was not subject to the 4% tax because it earned no U.S. source gross shipping income.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Exemption of Operating Income from United States Federal Income Taxation</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Section 883 of the Code and the regulations thereunder, we will be exempt from United States federal income taxation on our U.S. source shipping income if (i) we are organized in a foreign country (our &#8220;country of organization&#8221;) that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States and (ii) one of the following statements is true:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">more than 50% of the value of our stock is owned, directly or indirectly, by &#8220;qualified shareholders,&#8221; that are persons (i)&#160;who are &#8220;residents&#8221; of our country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States, and (ii)&#160;we satisfy certain substantiation requirements, which we refer to as the &#8220;50% Ownership Test&#8221;; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our stock is &#8220;primarily&#8221; and &#8220;regularly&#8221; traded on one or more established securities markets in our country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to United States corporations, or in the United States, which we refer to as the &#8220;Publicly-Traded Test.&#8221;</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The jurisdictions where we and our subsidiary are incorporated grant &#8220;equivalent exemptions&#8221; to United States corporations. Therefore, we will be exempt from United States federal income taxation with respect to our U.S. source shipping income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">50% Ownership Test</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the regulations, a foreign corporation will satisfy the 50% Ownership Test for a taxable year if (i)&#160;for at least half of the number of days in the taxable year, more than 50% of the value of its stock is owned, directly or constructively through the application of certain attribution rules prescribed by the regulations, by one or more shareholders who are residents of foreign countries that grant &#8220;equivalent exemption&#8221; to corporations organized in the United States and (ii)&#160;the foreign corporation satisfies certain substantiation and reporting requirements with respect to such shareholders. These substantiation requirements are onerous and therefore there can be no assurance that we would be able to satisfy them, even if our share ownership would otherwise satisfy the requirements of the 50% Ownership Test. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">81<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Publicly-Traded Test</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The regulations provide that the stock of a foreign corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of stock used to satisfy the Publicly Traded Test that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in any other single country.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the regulations, the stock of a foreign corporation will be considered &#8220;regularly traded&#8221; if one or more classes of its stock representing 50% or more of its outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets (such as the Nasdaq Capital Market), which we refer to as the &#8220;listing threshold.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The regulations further require that with respect to each class of stock relied upon to meet the listing requirement: (i)&#160;such class of the stock is traded on the market, other than in minimal quantities, on at least sixty (60) days during the taxable year or one-sixth (1/6) of the days in a short taxable year; and (ii)&#160;the aggregate number of shares of such class of stock traded on such market is at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year. Even if a foreign corporation does not satisfy both tests, the regulations provide that the trading frequency and trading volume tests will be deemed satisfied by a class of stock if such class of stock is traded on an established market in the United States and such class of stock is regularly quoted by dealers making a market in such stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Notwithstanding the foregoing, the regulations provide, in pertinent part, that a class of stock will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class of stock are owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock, whom we refer to as &#8220;5% Shareholders.&#8221; We refer to this restriction in the regulations as the &#8220;Closely-Held Rule.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of being able to determine our 5% Shareholders, the regulations permit a foreign corporation to rely on Schedule 13G and Schedule 13D filings with the Commission. The regulations further provide that an investment company that is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Due to the factual nature of the issues involved, there can be no assurance that we or our subsidiary will qualify for the benefits of Section 883 of the Code for the subsequent taxable years.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Taxation in Absence of Exemption</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">To the extent the benefits of Section 883 are unavailable, our U.S. source gross shipping income, to the extent not considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, otherwise referred to as the &#8220;4% Tax.&#8221; Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% Tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">To the extent the benefits of the Section 883 exemption are unavailable and our U.S. source gross shipping income is considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, any such &#8220;effectively connected&#8221; U.S. source gross shipping income, net of applicable deductions, would be subject to the U.S. federal corporate income tax currently imposed at a rate of 21%. In addition, we may be subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and for certain interest paid or deemed paid attributable to the conduct of our U.S. trade or business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our U.S. source gross shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business only if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">82<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg18"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">substantially all of our U.S. source gross shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States, or, in the case of income from the leasing of a vessel, is attributable to a fixed place of business in the United States.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not intend to have, or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis, or earning income from the leasing of a vessel attributable to a fixed place of business in the United States. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S. source gross shipping income will be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">United States Taxation of Gain on Sale of Vessels</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Regardless of whether we qualify for exemption under Section 883, we will not be subject to United States federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">United States Federal Income Taxation of U.S. Holders</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt; text-align: left;">Taxation of Distributions Paid on Common Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subject to the passive foreign investment company, or PFIC, rules discussed below, any distributions made by us with respect to common shares to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or &#8220;qualified dividend income&#8221; as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder's tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends-received deduction with respect to any distributions they receive from us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends paid on common shares to a U.S. Holder which is an individual, trust, or estate (a &#8220;U.S. Non-Corporate Holder&#8221;) will generally be treated as &#8220;qualified dividend income&#8221; that is taxable to such shareholders at preferential U.S. federal income tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market on which the common shares are expected to be listed); (2) we are not a passive foreign investment company, or PFIC, for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not believe we are or have been, and do not expect to be); (3) the U.S. Non-Corporate Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4)&#160;certain other conditions are met.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Holder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Special rules may apply to any &#8220;extraordinary dividend&#8221; &#8212; generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted basis in a common share &#8212; paid by us. If we pay an &#8220;extraordinary dividend&#8221; on our common stock that is treated as &#8220;qualified dividend income,&#8221; then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such common stock will be treated as long-term capital loss to the extent of such dividend.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt; text-align: left;">Sale, Exchange or other Disposition of Common Shares</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Assuming we do not constitute a PFIC for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such stock. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder's holding period in the common shares is greater than one year at the time of the sale, exchange or other disposition. A U.S. Holder's ability to deduct capital losses is subject to certain limitations.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">83<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg19"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Passive Foreign Investment Company Rules</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common shares, either:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">at least 50% of the average value of the assets held by us during such taxable year produce, or is held for the production of, passive income.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary companies in which we own at least 25% of the value of the subsidiary's stock or other ownership interest. Income earned, or deemed earned, by us in connection with the performance of services should not constitute passive income. By contrast, rental income, which includes bareboat hire, would generally constitute &#8220;passive income&#8221; unless we are treated under specific rules as deriving rental income in the active conduct of a trade or business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Based on our current operations and future projections, we do not believe that we or our subsidiary were a PFIC during our 2021 taxable year, nor do we expect that we or our subsidiary will become a PFIC with respect to our 2022 taxable year or any future taxable year. Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, we believe that such income does not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular the vessels, do not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and Internal Revenue Service pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. It should be noted that in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the Internal Revenue Service or a court could disagree with this position. In addition, although we intend to conduct our affairs in a manner so as to avoid being classified as a PFIC with respect to any taxable year, there can be no assurance that the nature of our operations will not change in the future.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder makes an election to treat us as a &#8220;Qualified Electing Fund,&#8221; which election is referred to as a &#8220;QEF election.&#8221; As an alternative to making a QEF election, a U.S. Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to the common shares, as discussed below. In addition, if we were to be treated as a PFIC, a U.S. Holder would be required to file an IRS Form&#160;8621 with respect to such holder's common stock.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Making a Timely QEF Election</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If a U.S. Holder makes a timely QEF election, which U.S. Holder is referred to as an &#8220;Electing Holder,&#8221; the Electing Holder must report each year for U.S. federal income tax purposes its pro rata share of our ordinary earnings and its net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from us by the Electing Holder. The Electing Holder's adjusted tax basis in the common shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the common shares and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of the common shares. A U.S. Holder would make a QEF election with respect to any year that we are a PFIC by filing IRS Form 8621 with his, her or its U.S. federal income tax return. After the end of each taxable year, we will determine whether we were a PFIC for such taxable year. If we determine or otherwise become aware that we are a PFIC for any taxable year, we will use commercially best efforts to provide each U.S. Holder with all necessary information, including a PFIC Annual Information Statement, in order to enable such holder to make a QEF election for such taxable year. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">84<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg20"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Making a &#8220;Mark-to-Market&#8221; Election</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Alternatively, if we were to be treated as a PFIC for any taxable year and, as anticipated, our common stock is treated as &#8220;marketable stock,&#8221; a U.S. Holder would be allowed to make a &#8220;mark-to-market&#8221; election with respect to our common shares. If that election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the common shares at the end of the taxable year over such U.S. Holder's adjusted tax basis in the common shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder's adjusted tax basis in the common shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder's tax basis in his common shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of the common shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder. </div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a &#8220;mark-to-market&#8221; election for that year, whom we refer to as a &#8220;Non-Electing Holder,&#8221; would be subject to special rules with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our common stock in a taxable year in excess of 125 percent of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common stock), and (2) any gain realized on the sale, exchange or other disposition of our common stock. Under these special rules:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the excess distribution or gain would be allocated ratably over the Non-Electing Holders' aggregate holding period for the common stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the amount allocated to the current taxable year and any taxable year before we became a passive foreign investment company would be taxed as ordinary income; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our common stock. If a Non-Electing Holder who is an individual dies while owning our common stock, such Non-Electing Holder's successor generally would not receive a step-up in tax basis with respect to such stock.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Net Investment Income Tax</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (1) such U.S. Holder's &#8220;net investment income&#8221; (or undistributed &#8220;net investment income&#8221; in the case of estates and trusts) for the relevant taxable year and (2) the excess of such U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending on the individual's circumstances). A U.S. Holder's net investment income will generally include its gross dividend income and its net gains from the disposition of the common shares, unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). Net investment income generally will not include a U.S. Holder's pro rata share of the Company's income and gain (if we are a PFIC and that U.S. Holder makes a QEF election, as described above in &#8220;&#8212; Taxation of U.S. Holders Making a Timely QEF Election&#8221;). However, a U.S. Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure to make this election could result in a mismatch between a U.S. Holder's ordinary income and net investment income. If you are a U.S. Holder that is an individual, estate or trust, you are urged to consult your tax advisor regarding the applicability of the net investment income tax to your income and gains in respect of your investment in our common shares.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">85<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg21"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">U.S. Federal Income Tax Treatment of the Spin-Off</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Generally, any cash and the fair market value of property, such as the Company&#8217;s common shares in the hands of another corporation, that is distributed by such corporation will be treated as a distribution, as described below. However, under Section 355 of the Code, a company may undergo a corporate division, such as the Spin-Off, and distribute stock of a controlled corporation, such as the Company when it was wholly-owned by Parent, on a tax-free basis if both the distributing and controlled corporations are treated as having been engaged in the conduct of an active trade or business for the prior five years and certain other requirements are met. The Company and Parent intend to take the position that they are unable to satisfy all of the requirements imposed by Section 355 of the Code to treat the Spin-Off as a tax-free corporate division for U.S. federal income tax purposes.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Company and Parent were able to satisfy the requirements of the Section 355 of the Code, U.S. Holders that receive the Company&#8217;s common shares in the Spin-Off would not be treated as receiving a taxable dividend, as described below, and a U.S. Holder that received the Company&#8217;s common shares would generally be required to allocate a portion of such holder&#8217;s tax basis in its Parent common stock to the Company&#8217;s common shares the holder received in the Spin-Off. The amount of that basis should be allocated in proportion to the relevant fair market values of the Parent&#8217;s common stock and the Company&#8217;s common shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The remainder of this discussion will assume that the Spin-Off will not qualify as a tax-free corporate division for U.S. federal income tax purposes. U.S. Holders that receive the Company&#8217;s common shares and cash in lieu of fractional shares in the Spin-Off will be treated as receiving a distribution from Parent. The fair market value of the Company&#8217;s common shares distributed will be treated as a dividend to the extent of the Parent&#8217;s current and accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent the Spin-Off represents a distribution in excess of such current and accumulated earnings or profits, for a U.S. Holder of Parent common stock, the fair market value of the Company&#8217;s common shares distributed will be treated first as a non-taxable return of capital dollar-for-dollar until such holder&#8217;s tax basis is $0, and thereafter as capital gain. Because Parent is not a United States corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions such corporate U.S. Holders receive. U.S. Holders&#8217; basis in the Company&#8217;s common shares received in the Spin-Off will be equal to the fair market value as of the date of distribution of such shares. Please consult your personal tax advisor regarding the U.S. federal income tax consequences of the Spin-Off to you.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">United States Federal Income Taxation of Non-U.S. Holders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends paid to a Non-U.S. Holder with respect to our common stock generally should not be subject to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, a Non-U.S. Holder generally should not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our common stock unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and certain other conditions are met (in which case such gain from United States sources may be subject to tax at a 30% rate or a lower applicable tax treaty rate).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally should be subject to tax in the same manner as for a U.S. Holder and, if the Non-U.S. Holder is a corporation for U.S. federal income tax purposes, it also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Backup Withholding and Information Reporting</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In general, information reporting for U.S. federal income tax purposes should apply to distributions made on our common stock within the United States to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our common stock to or through a U.S. office of a broker by a non-corporate U.S. Holder. Payments made (and sales and other dispositions effected at an office) outside the United States will be subject to information reporting in limited circumstances.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">86<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg22"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, backup withholding of U.S. federal income tax, currently at a rate of 24%, generally should apply to distributions paid on our common stock to a non-corporate U.S. Holder and the proceeds from sales and other dispositions of our common stock by a non-corporate U.S. Holder, who:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">fails to provide an accurate taxpayer identification number;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">is notified by the IRS that backup withholding is required; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">fails in certain circumstances to comply with applicable certification requirements.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form&#160;W-8 or by otherwise establishing an exemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Backup withholding is not an additional tax. Rather, the amount of any backup withholding generally should be allowed as a credit against a U.S. Holder's or a Non-U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information is timely furnished to the IRS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Individuals who are U.S. Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other assets, our common shares, unless the shares are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Marshall Islands Tax Consequences</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are incorporated in the Republic of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, no Marshall Islands withholding tax will be imposed upon payment of dividends by us to its shareholders, and holders of our common stock that are not residents of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands tax on the sale or other disposition of our common stock.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">F.<font style="font-weight: normal;">&#8195;Dividends and paying agents</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We refer you to the section of this registration statement entitled &#8220;Item 8. Financial Information &#8211; Carve-out Statements and Other Information &#8211; Dividend Policy&#8221; for a discussion of our dividend policy.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">G.<font style="font-weight: normal;">&#8195;Statement by experts</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The carve out financial statements of United Maritime Predecessor at December&#160;31, 2021 and 2020, and for each of the three years in the period ended December&#160;31, 2021, appearing in this Registration Statement have been audited by Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The address of Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. is 8B Chimarras Street, 15125 Maroussi, Greece and is registered as a corporate body with the public register for company auditors-accountants kept with the Body of Certified Auditors Accountants, or SOEL, Greece with registration number 107.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">H.<font style="font-weight: normal;">&#8195;Documents on display</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">When the SEC declares this registration statement effective, we will be subject to the informational requirements of the Securities Exchange Act. In accordance with these requirements we will file reports and other information with the SEC. You may inspect and copy any report or document we file, including this registration statement and the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">87<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_108-transaction_pg23"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">accompanying exhibits, at the Commission's public reference facilities located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain information on the operation of the public reference facilities by calling the Commission at 1-800-SEC-0330, and you may obtain copies at prescribed rates. Our Commission filings are also available to the public at the website maintained by the Commission at http://www.sec.gov, as well as on our website at www.usea.gr. Information on our website does not constitute a part of this registration statement and is not incorporated by reference.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will also provide without charge to each person, including any beneficial owner of our common stock, upon written or oral request of that person, a copy of any and all of the information that has been incorporated by reference in this registration statement. Please direct such requests to United Maritime Corporation, 154 Vouliagmenis Avenue, 16674 Glyfada, Greece, telephone number +30 2130181507 or facsimile number +30 2109638404.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">I.<font style="font-weight: normal;">&#8195;Subsidiary information</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI11"><!--Anchor--></a>ITEM 11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Interest Rate Risk</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Currently, the loan secured by the <font style="font-style: italic;">Gloriuship </font>is subject to a fixed interest rate. In the future, depending on our vessel acquisitions and financing arrangements we may be exposed to risks associated with changes in interest rates relating to our unhedged variable&#8211;rate borrowings, according to which we will pay interest at LIBOR or SOFR plus a margin; as such increases in interest rates could affect our results of operations and ability to service our debt. We have not entered into any hedging contracts to protect against interest rate fluctuations.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Foreign Currency Exchange Rate Risk</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We generate all of our revenue in U.S. dollars. The minority of our operating expenses and the slight majority of our general and administration expenses are anticipated to be in currencies other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. We do not consider the risk from exchange rate fluctuations to be material for our results of operations. However, the portion of our business conducted in other currencies could increase in the future, which could expand our exposure to losses arising from exchange rate fluctuations. We have not hedged currency exchange risks associated with our expenses.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI12"><!--Anchor--></a>ITEM 12.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">88<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_109-part2_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tP2"><!--Anchor--></a>PART II</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI13"><!--Anchor--></a>ITEM 13.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI14"><!--Anchor--></a>ITEM 14.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI15"><!--Anchor--></a>ITEM 15.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">CONTROLS AND PROCEDURES</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">ITEM 16.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16A"><!--Anchor--></a>ITEM 16A.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">AUDIT COMMITTEE FINANCIAL EXPERT</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16B"><!--Anchor--></a>ITEM 16B.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">CODE OF ETHICS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16C"><!--Anchor--></a>ITEM 16C.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16D"><!--Anchor--></a>ITEM 16D.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16E"><!--Anchor--></a>ITEM 16E.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16F"><!--Anchor--></a>ITEM 16F.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16G"><!--Anchor--></a>ITEM 16G.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">CORPORATE GOVERNANCE</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16H"><!--Anchor--></a>ITEM 16H.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">MINE SAFETY DISCLOSURE</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI16I"><!--Anchor--></a>ITEM 16I.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Not applicable.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">89<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_110-part3_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tP3"><!--Anchor--></a>PART III</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI17"><!--Anchor--></a>ITEM 17.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">FINANCIAL STATEMENTS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">See Item 18.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI18"><!--Anchor--></a>ITEM 18.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">FINANCIAL STATEMENTS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The financial information required by this item, together with the report of Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., is set forth on pages F-<a href="#tFINTOC">1</a> through F-<a href="#tENOTE">19</a> and are filed as part of this registration statement.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 55pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tI19"><!--Anchor--></a>ITEM 19.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">EXHIBITS</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 10.26%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit Number</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.75pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 88.46%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Description</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20004194x3_ex1-1.htm">1.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 88.46%; text-align: left; vertical-align: top; padding-top: 3.75pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Articles of Incorporation of the Company</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td style="width: 88.46%; text-align: left; vertical-align: top; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20004194x3_ex1-2.htm">1.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 88.46%; text-align: left; vertical-align: top; padding-top: 2.5pt; padding-bottom: 2.5pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Bylaws of the Company</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 2.5pt; padding-bottom: 2.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 2.5pt; padding-bottom: 2.5pt;">&#8203;</td><td class="gutter" style="width: 0.64%; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_110-part3_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">SIGNATURES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 43.59%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 53.85%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">United Maritime Corporation</div></td></tr><tr><td style="width: 43.59%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; 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text-align: left;">Chief Executive Officer</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">Date: June 6, 2022</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">91<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_200-fintoc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tFINTOC"><!--Anchor--></a>United Maritime Predecessor</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 19.5pt; text-align: center;">INDEX TO AUDITED CARVE-OUT FINANCIAL STATEMENTS</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.09%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.51%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; 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padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCBS">Carve-out Balance Sheets as of December&#160;31, 2021 and 2020<font style="padding-left: 1.55pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; 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font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCSC">Carve-out Statements of Cash Flows for the years ended December&#160;31, 2021, 2020 and 2019<font style="padding-left: 1.88pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.28pt; text-align: left;"><a href="#tCSC">F-6</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; 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margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_201-fintab_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRIR"><!--Anchor--></a>Report of Independent Registered Public Accounting Firm</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">To the Stockholders and the Board of Directors of Seanergy Maritime Holdings Corp.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Opinion on the Financial Statements</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have audited the accompanying carve-out balance sheets of United Maritime Predecessor as of December&#160;31, 2021 and 2020, the related carve-out statements of operations, parent&#8217;s equity and cash flows for each of the three&#160;years in the period ended December&#160;31, 2021, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of United Maritime Predecessor at December&#160;31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December&#160;31, 2021, in conformity with U.S. generally accepted accounting principles.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Basis for Opinion</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">These financial statements are the responsibility of United Maritime Predecessor's management. Our responsibility is to express an opinion on the United Maritime Predecessor&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to United Maritime Predecessor in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. United Maritime Predecessor is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of United Maritime Predecessor's internal control over financial reporting. Accordingly, we express no such opinion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">We have served as United Maritime Predecessor&#8217;s auditor since 2021.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Athens, Greece <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May 12, 2022</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_201-fintab_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><a name="tCBS"><!--Anchor--></a>Carve-out Balance Sheets<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2021 and 2020<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(In US Dollars)</font></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 4.08%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; 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padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current assets:<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 0.77pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">5</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">765,484</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">406,008</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts receivable trade, net<font style="padding-left: 4.95pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">2</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">70,000</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 35pt;">&#8212;</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Inventories<font style="padding-left: 3.52pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">99,325</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">54,135</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Prepaid expenses<font style="padding-left: 3.53pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">59,461</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">47,328</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current assets<font style="font-weight: normal; padding-left: 3.53pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">994,270</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">507,471</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fixed assets:<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessels, net<font style="padding-left: 1.02pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">6</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">12,280,271</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">13,037,036</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total fixed assets<font style="font-weight: normal; padding-left: 4.45pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">12,280,271</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">13,037,036</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other non-current assets:<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred charges and other long-term investments, non-current<font style="padding-left: 1.3pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">155,549</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">399,681</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TOTAL ASSETS<font style="font-weight: normal; padding-left: 4.96pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">13,430,090</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">13,944,188</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">LIABILITIES AND PARENT EQUITY<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current liabilities:<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Current portion of long-term debt, net of deferred finance costs of $72,926 and $95,123, respectively<font style="padding-left: 1.86pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">7</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt;">1,177,074</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">704,877</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Trade accounts and other payables<font style="padding-left: 2.25pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">268,429</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.87pt;">118,288</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued liabilities<font style="padding-left: 4.09pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.87pt;">309,611</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">206,841</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred revenue<font style="padding-left: 2.99pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">2</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">326,374</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">123,142</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current liabilities<font style="font-weight: normal; padding-left: 4.07pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">2,081,488</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">1,153,148</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current liabilities:<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Long-term debt, net of current portion and deferred finance costs of $46,330 and $119,255, respectively<font style="padding-left: 2.23pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">7</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt;">4,203,670</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt;">5,380,745</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other liabilities, non-current<font style="padding-left: 2.71pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">104,554</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">98,387</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total liabilities<font style="font-weight: normal; padding-left: 4.43pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">6,389,712</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">6,632,280</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commitments and contingencies<font style="font-weight: normal; 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font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 35pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 35pt;">&#8212;</font></div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; 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font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">PARENT EQUITY<br></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; 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border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">4</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; 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border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TOTAL LIABILITIES AND PARENT EQUITY<font style="font-weight: normal; padding-left: 4.26pt;"></font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">13,430,090</font></div></td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">13,944,188</font></div></td></tr></table><div class="footer" style="color: #000000; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_201-fintab_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><a name="tCSO"><!--Anchor--></a>Carve-out Statements of Operations<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">For the years ended December&#160;31, 2021, 2020 and 2019<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(In US Dollars)</font></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 4.08%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenues:<br></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel revenue<font style="padding-left: 4.98pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">7,786,022</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">4,338,076</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">7,240,139</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commissions - related party<font style="padding-left: 4.99pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(97,695)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(53,515)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(88,885)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commissions<font style="padding-left: 1.06pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(293,086</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(160,545</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(266,655</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel revenue, net<font style="font-weight: normal; padding-left: 3.59pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">7,395,241</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">4,124,016</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">6,884,599</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expenses:<br></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses<font style="padding-left: 1.27pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(144,614)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(132,796)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(2,602,048)</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 4.44pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">(2,306,600)</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(1,973,636)</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(2,051,805)</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees - related party<font style="padding-left: 2.8pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(237,250)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(237,900)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(237,250)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees<font style="padding-left: 3.87pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(105,000)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(101,850)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(98,880)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administration expenses<font style="padding-left: 0.56pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(613,399)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(300,705)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(313,657)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred dry-docking costs<font style="padding-left: 3.35pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(316,450)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(317,317)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(235,712)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation<font style="padding-left: 3.86pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">6</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(756,765</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(758,839</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(755,037</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating income<font style="font-weight: normal; padding-left: 2.74pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">2,915,163</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">300,973</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">590,210</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other (expenses) / income, net:<br></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest and finance costs<font style="padding-left: 1.67pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">10</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(743,687)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(708,445)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(870,342)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gain on debt refinancing<font style="padding-left: 3.32pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,490,601</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest and other income<font style="padding-left: 1.1pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">9,932</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">8,796</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Foreign currency exchange losses, net<font style="padding-left: 4.74pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.87pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(1,211</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(1,844</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(4,309</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total other (expenses) / income, net<font style="font-weight: normal; padding-left: 1.39pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(744,898</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">790,244</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(865,855</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income / (loss)<font style="font-weight: normal; padding-left: 4.99pt;"></font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.08%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">2,170,265</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">1,091,217</font></div></td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">(275,645</font><font style="min-width: 43.33pt;">)</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these carve-out financial statements.<br></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_201-fintab_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><a name="tCSP"><!--Anchor--></a>Carve-out Statements of Parent&#8217;s Equity<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">For the years ended December&#160;31, 2021, 2020 and 2019<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(In US Dollars)</font></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 11.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Parent <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Investment, Net</div></td><td class="gutter" style="width: 0.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.68%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Accumulated <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Deficit</div></td><td class="gutter" style="width: 0.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total Equity</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, January&#160;1, 2019<font style="padding-left: 4.21pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 5.37pt;">5,533,611</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;">(3,814,137)</div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,719,474</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent investment, net (Note 4)<font style="padding-left: 3.94pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 5pt;">2,816,175</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">2,816,175</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss<font style="padding-left: 4.18pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 35pt; border-bottom: 1pt solid #000000; min-width: 45pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(275,645</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(275,645</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2019<font style="padding-left: 4.22pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 5pt;">8,349,786</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;">(4,089,782)</div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">4,260,004</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent investment, net (Note 4)<font style="padding-left: 3.94pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 5pt;">1,960,687</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,960,687</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income<font style="padding-left: 0.3pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 35pt; border-bottom: 1pt solid #000000; min-width: 45pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">1,091,217</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">1,091,217</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2020<font style="padding-left: 4.22pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">10,310,473</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 43.33pt;">(2,998,565</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.7pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">7,311,908</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent investment, net (Note 4)<font style="padding-left: 3.94pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 1.67pt;">(2,441,795)</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(2,441,795) </div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income<font style="padding-left: 0.3pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 35pt; border-bottom: 1pt solid #000000; min-width: 45pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">2,170,265</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">2,170,265</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2021<font style="padding-left: 4.22pt;"></font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.72%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.92pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; min-width: 45pt;">7,868,678</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.99pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">(828,300</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">7,040,378</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these carve-out financial statements.<br></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_201-fintab_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><a name="tCSC"><!--Anchor--></a>Carve-out Statements of Cash Flows<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">For the years ended December&#160;31, 2021, 2020 and 2019<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(In US Dollars)</font></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.93%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.93%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.93%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.93%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from operating activities:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income / (loss)<font style="padding-left: 0.65pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">2,170,265</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,091,217</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(275,645)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Adjustments to reconcile net income to net cash provided by / (used in) operating activities:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation<font style="padding-left: 2.86pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">756,765</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">758,839</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">755,037</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred dry-docking costs<font style="padding-left: 2.35pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">316,450</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">317,317</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">235,712</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred finance charges<font style="padding-left: 1.43pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">101,289</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15.83pt;">96,300</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15.83pt;">73,538</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gain on debt refinancing<font style="padding-left: 2.32pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(1,490,601)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Changes in operating assets and liabilities:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts receivable trade, net<font style="padding-left: 0.95pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(70,000)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">480,769</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15.83pt;">96,277</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Inventories<font style="padding-left: 4.52pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(45,190)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">(3,354)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">707,229</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Prepaid expenses<font style="padding-left: 4.53pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(12,132)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">3,223</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(18,851)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred voyage expenses<font style="padding-left: 2.34pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15.83pt;">95,997</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred charges, non-current<font style="padding-left: 2.81pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(851,451)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Trade accounts and other payables<font style="padding-left: 3.25pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">133,888</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(1,932,686)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(77,790)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued liabilities<font style="padding-left: 0.09pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">102,770</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 11.57pt;">111,226</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.87pt;">(118,997)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred revenue<font style="padding-left: 3.99pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">203,232</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">123,142</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">&#8212;</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash provided by / (used in) operating activities<font style="font-weight: normal; padding-left: 4.21pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">3,657,337</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(444,608)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">621,056</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from investing activities:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel&#8217;s improvements<font style="padding-left: 1.75pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(56,066</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(10,782</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(10,248</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash used in investing activities<font style="font-weight: normal; padding-left: 0.12pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(56,066)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(10,782)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(10,248)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from financing activities:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent investment, net<font style="padding-left: 3.7pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(2,441,795)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,960,687</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">2,816,175</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Repayments of long term debt<font style="padding-left: 0.1pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(800,000)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(9,015,940)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(1,797,812)</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds from long term debt<font style="padding-left: 2.33pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">6,500,000</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt;">&#8212;</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Payments of financing costs<font style="padding-left: 4.54pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 33.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(175,695</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.87pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(37,511</font><font style="min-width: 43.33pt;">)</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash (used in) / provided by financing activities<font style="font-weight: normal; padding-left: 0.31pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(3,241,795)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt;">(730,948)</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">980,852</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net increase/ (decrease) in cash and cash equivalents and restricted cash<font style="padding-left: 2.45pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">359,476</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">(1,186,338)</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt;">1,591,660</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents and restricted cash at beginning of year<font style="font-weight: normal; padding-left: 2.56pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">406,008</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">1,592,346</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 28.33pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">686</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents and restricted cash at end of year<font style="font-weight: normal; padding-left: 4.23pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">765,484</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">406,008</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">1,592,346</font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">SUPPLEMENTAL CASH FLOW INFORMATION<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash paid during the year:<br></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest<font style="padding-left: 4.52pt;"></font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">642,221</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">454,583</font></div></td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.93%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10.83pt;">724,992</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these carve-out financial statements.<br></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2021<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tNCO"><!--Anchor--></a>1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Basis of Presentation and General Information:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">United Maritime Corporation (the &#8220;Company&#8221;) was incorporated by Seanergy Maritime Holdings Corp. (or&#160;&#8220;Seanergy&#8221; or &#8220;Parent&#8221;) on January&#160;20, 2022 under the laws of the Republic of the Marshall Islands, having a share capital of 500 registered shares, of no par value, issued to Parent. The Company will serve as the holding company of the following vessel-owning company which is currently a subsidiary of Seanergy (the &#8220;Subsidiary&#8221;, or &#8220;United Maritime Predecessor&#8221;):</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Sea Glorius Shipping Co.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Parent will contribute the Subsidiary to United Maritime Corporation and, as the sole shareholder of the Company, intends to distribute the Company&#8217;s common shares to its shareholders on a pro rata basis.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying predecessor carve-out financial statements are those of the Subsidiary for all periods presented using the historical carrying costs of the assets and the liabilities of the ship-owning company above from the dates of its incorporation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is incorporated to provide global shipping transportation services through the ownership of vessels. Each vessel will be owned through a separate wholly-owned subsidiary.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December&#160;31, 2021, the Subsidiary reported a working capital deficit of $1,087,218, which is mainly attributable to the current portion of the long-term debt (Note 7). The projected cash flows of the Subsidiary indicate that it will be able to meet its liquidity requirements for the twelve-month period ended following the date of these financial statements.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Following Russia&#8217;s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries have announced sanctions against Russia. The sanctions announced by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU nations and other countries could impose wider sanctions and take other actions as a result of the war. With uncertainty remaining at high levels with regards to the global impact of the sanctions already announced to date and the possibility of additional sanctions as well as retaliation measures from Russia&#8217;s side that may follow in the period to come, it is difficult to accurately assess the exact impact on our Company. To date, no apparent consequences have been identified on the Company&#8217;s business, nor any specific implications on any of its existing counterparties, including clients, suppliers and lenders. It should be noted however that since the Company employs Ukrainian and Russian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims to this respect. Notwithstanding the foregoing, it is possible that these tensions might eventually have an adverse effect our business, financial condition, results of operations and cash flows.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Subsidiary operates. Charter rates during 2020 were lower than those of 2019 due to the pandemic, resulting in that respect to decreased revenues. Charter rates in 2021 rebounded from those of 2020. Additional crew operating expenses were incurred vis-&#224;-vis the pre-pandemic period. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the Subsidiary&#8217;s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Subsidiary is constantly monitoring the developing situation, as well as its charterers&#8217; response to the severe market disruption and is taking necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Subsidiary.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Significant Accounting Policies:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Basis of Presentation</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The accompanying predecessor carve-out financial statements include the accounts of the legal entity comprising the Company as discussed in Note 1. United Maritime Predecessor has historically operated as part </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 20pt; text-align: justify;">of Parent and not as a standalone company. Financial statements representing the historical operations of Parent&#8217;s business have been derived from Parent&#8217;s historical accounting records and are presented on a carve-out basis. All revenues, costs, assets and liabilities directly associated with the business activity of United Maritime Predecessor are included in the financial statements. The financial statements are prepared in conformity with the U.S. generally accepted accounting principles and reflect the financial position, results of operations and cash flows associated with the business activity of the United Maritime Predecessor as they were historically managed.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The predecessor carve-out statements of operations also reflect intercompany expense allocations made to United Maritime Predecessor by Seanergy of certain general and administrative expenses from Parent (Note 4). However, amounts recognized by United Maritime Predecessor are not necessarily representative of the amounts that would have been reflected in the financial statements had the Subsidiary operated independently of Parent as the Subsidiary would have had additional administrative expenses, including legal, professional, treasury and regulatory compliance and other costs normally incurred by a listed public entity. Management has estimated these additional administrative expenses to be $0.6&#160;million, $0.3&#160;million and $0.3&#160;million, for each of the years ended December&#160;31, 2021, 2020 and 2019. Both the United Maritime Predecessor and Seanergy consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented. The allocations may not, however, reflect the expense the Subsidiary would have incurred as an independent, publicly traded company for the periods presented.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">United Maritime Predecessor&#8217;s accounting pronouncements are in alignment with the Parent&#8217;s accounting pronouncement as adopted.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Use of Estimates</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful life and determination of vessel impairment.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(c)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Foreign Currency Translation</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary&#8217;s functional currency is the United States dollar since the Subsidiary&#8217;s vessel operates in international shipping markets and therefore primarily transact business in U.S. Dollars. The Subsidiary&#8217;s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates, which are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to U.S. Dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the statements of operations.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(d)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Concentration of Credit Risk</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Financial instruments, which potentially subject the Subsidiary to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Subsidiary limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(e)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Cash and Cash Equivalents</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(f)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Restricted Cash</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with the bank under the Subsidiary&#8217;s borrowing arrangement. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(g)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Accounts Receivable Trade, Net</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Accounts receivable trade, net, at each balance sheet date, include receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The Subsidiary also assessed the provisions of ASC 326, Financial Instruments&#8212;Credit Losses, by assessing the counterparties&#8217; credit worthiness and concluded that there is no material impact in the Subsidiary&#8217;s financial statements as of the date of the adoption of ASC 326 on January&#160;1, 2020 and as of December&#160;31, 2021 and 2020. No provision for doubtful accounts was established as of December&#160;31, 2021 and 2020, respectively.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(h)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Inventories</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Inventories consist of lubricants and bunkers. Inventory is measured at the lower of cost or net realizable value according to the provisions of ASU 2015-11, <font style="font-style: italic;">Inventory</font>. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined by the first in, first out method.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Vessels</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel&#8217;s initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">In addition, other long-term investments, relating to vessels&#8217; equipment not yet installed, are included in &#8220;Deferred charges and other-long term investments, non-current&#8221; in the balance sheets. Amounts paid (if any) for other-long term investments, non-current, refer to equipment for the vessels not yet installed, and are included in &#8220;Vessels improvements&#8221; under &#8220;Cash flows from investing activities&#8221; in the statements of cash flows.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(j)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Vessel Depreciation</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Depreciation is computed using the straight-line method over the estimated useful life of the vessel, after considering the estimated salvage value. Management estimates the useful life of the Subsidiary&#8217;s vessel to be 25&#160;years from the date of initial delivery from the shipyard. Salvage value is estimated by the Subsidiary by taking the cost of steel times the weight of the ship noted in lightweight ton (&#8220;LWT&#8221;). Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(k)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Impairment of Long-Lived Assets (Vessels)</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary reviews its long-lived asset (vessel) for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolescence or damage to the asset, and business plans </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 20pt; text-align: justify;">to dispose the vessel earlier than the end of its useful life indicate that the carrying amount of the vessel plus unamortized drydocking costs and cost of any equipment not yet installed, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Subsidiary considers indicators of a potential impairment for its vessels.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary determines undiscounted projected operating cash flows for its vessel and compares it to the vessel&#8217;s carrying value, plus unamortized dry-docking costs and cost of any equipment not yet installed. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than its carrying value, plus unamortized dry-docking costs and cost of any equipment not yet installed, the Subsidiary impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary&#8217;s assessment concluded that no impairment loss should be recorded as of December&#160;31, 2021 and December&#160;31, 2020.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(l)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Dry-Docking and Special Survey Costs</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3&#160;years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(m)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Commitments and Contingencies</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(n)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Revenue Recognition</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel&#8217;s off hire days due to major repairs, dry dockings or special or intermediate surveys.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">In February 2016, the FASB issued ASU No. 2016-02 - <font style="font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. The Subsidiary adopted ASC 842, as amended from time to time, retrospectively from January&#160;1, 2018. The Subsidiary also elected to apply the additional and optional transition method to new and existing leases at the adoption date as well as all the practical expedients which allowed the Subsidiary&#8217;s existing lease arrangements, in which it was a lessee or lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. The Subsidiary concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i)&#160;the time </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 20pt; text-align: justify;">pattern of recognizing revenues for crew and other services for the operation of the vessels is similar to the time pattern of recognizing rental income, (ii)&#160;the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii)&#160;the predominant component in its time charter agreements is the lease component. In this respect, the Subsidiary accounts for the combined component as an operating lease in accordance with ASC 842. The Company recognizes income from lease payments over the lease term on a straight line basis. The Subsidiary assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company recognizes income for variable lease payments in the period when changes in facts and circumstances on which the variable lease payments occur. Rental income on the Subsidiary&#8217;s time charterers is mostly calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index. In addition, the Subsidiary had the option to convert the index-linked rate to a fixed one for a period ranging between 2 and 12 months, based on the prevailing Capesize Forward Freight Agreement (&#8220;FFA&#8221;) rate for the selected period. The Subsidiary exercised such option and earned fixed rates for each of the last three quarters of 2021, after which it reverted to earn index-linked rate. On February&#160;21, 2022, the Subsidiary exercised its option and converted the index-linked rate to a fixed rate (Note 11).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. For voyage charters, the Subsidiary satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Subsidiary has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December&#160;31, 2021, 2020 and 2019 was $NIL, $NIL and $73, respectively.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the years ended December&#160;31, 2021, 2020 and 2019 was $NIL, $NIL and $33, respectively.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Charterers individually accounting for more than 10% of revenues during the years ended December&#160;31, 2021, 2020 and 2019 were:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 75%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Customer</div></td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.99%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.99%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A<font style="padding-left: 1.28pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.17pt; text-align: left;">100%</div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.16pt; text-align: left;">100%</div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.66pt; text-align: left;">52%</div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">B<font style="padding-left: 1.83pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 7%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.17pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 15pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.16pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 15pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 10pt;">42</font><font style="min-width: 10pt;">%</font></div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 3.09pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.17pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 15pt;">100</font><font style="min-width: 15pt;">%</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.16pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 15pt;">100</font><font style="min-width: 15pt;">%</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.99%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 10pt;">94</font><font style="min-width: 10pt;">%</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 20pt; text-align: left;">The time charter provides for the option to extend the duration of the charter.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-11<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 20pt; text-align: left;">Disaggregation of Revenue</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The following table presents the Company&#8217;s vessel revenue, net figures derived from spot charters and time charters for the years ended December&#160;31, 2021, 2020 and 2019:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 450pt; margin-left: 20pt;"><tr class="header"><td style="width: 69.33%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 29.33%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended December&#160;31,</div></td></tr><tr class="header"><td style="width: 69.33%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.89%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.89%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.67%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.89%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 69.33%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel revenue, net from spot charters<font style="padding-left: 3.19pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2,858,289</div></td></tr><tr><td style="width: 69.33%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel revenue, net from time charters<font style="padding-left: 2.08pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">7,395,241</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">4,124,016</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">4,026,310</font></div></td></tr><tr><td style="width: 69.33%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 4.09pt;"></font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">7,395,241</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">4,124,016</font></div></td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.67%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.89%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">6,884,599</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company&#8217;s net trade accounts receivable disaggregated by revenue source as at December&#160;31, 2021 and 2020:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.82%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 17.36%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31,</div></td></tr><tr class="header"><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.82%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.14%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 3.82%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.82%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.57%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts receivable trade, net from spot charters<font style="padding-left: 2.22pt;"></font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;">&#8212;</div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts receivable trade, net from time charters<font style="padding-left: 1.11pt;"></font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 27.5pt;">70,000</font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 3.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 10pt;">&#8212;</font></div></td></tr><tr><td style="width: 75%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 3.09pt;"></font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 27.5pt;">70,000</font></div></td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.82%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.57%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 10pt;">&#8212;</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. Deferred revenue as of December&#160;31, 2021 and 2020 was $326,374 and $123,142 respectively and relates entirely to ASC 842. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2021 from amounts included in deferred revenue at the beginning of the period was $123,142.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(o)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Commissions</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions. Brokerage commissions to third parties are included in Voyage expenses.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(p)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Voyage Expenses</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements, bareboat charters and other non-specified voyage expenses. Under a spot charter, the Subsidiary incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 &#8220;Other assets and deferred costs&#8221; for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Subsidiary has adopted the practical expedient not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred. Deferred voyage expenses amortized in the years ended December&#160;31, 2021, 2020 and 2019 amounted to $NIL, $NIL and $95,997, respectively.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-12<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 20pt; text-align: justify;">The following table presents the Company&#8217;s voyage expenses figures derived from spot charters and time charters for the years ended December&#160;31, 2021, 2020 and 2019:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 69.64%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 28.05%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended December&#160;31,</div></td></tr><tr class="header"><td style="width: 69.64%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.25%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.15%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.93%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 69.64%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses from spot charters<font style="padding-left: 2.53pt;"></font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.25%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.93%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">2,072,392</div></td></tr><tr><td style="width: 69.64%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses from time charters<font style="padding-left: 1.42pt;"></font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 7.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 32.5pt;">144,614</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 7.25%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 32.5pt;">132,796</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 8.93%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 40pt;">529,656</font></div></td></tr><tr><td style="width: 69.64%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 4.09pt;"></font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">144,614</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.25%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">132,796</font></div></td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.15%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.93%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">2,602,048</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(q)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Repairs and Maintenance</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(r)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Finance Costs</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. The Subsidiary presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(s)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Income Taxes</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Under the laws of the country of the Subsidiary&#8217;s incorporation and the vessel&#8217;s registration, the Subsidiary is not subject to tax on international shipping income; however, it is subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying carve-out statements of operations.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The vessel-owning companies with vessels that have called on the United States are obliged to file tax returns with the Internal Revenue Service and pay tax at a rate of 4% on U.S.-source gross transportation income (generally, 50% of revenues from voyages to or from the U.S.) unless an exemption applies. The Subsidiary&#8217;s vessel did not call on U.S. ports at any time between 2019 through 2021 and does not expect to call on U.S. ports in the near future. If the vessel had called on U.S. ports, the Subsidiary expects that it would have qualified for the exemption from tax in 2020 and 2021 (although not 2019), so that no U.S. tax would have been owed in such years.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(t)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fair Value Measurements</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary follows the provisions of ASC 820 &#8220;<font style="font-style: italic;">Fair Value Measurements and Disclosures</font>&#8221;, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Subsidiary classifies and discloses its assets and liabilities carried at the fair value in one of the following categories:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: left;"><font style="font-size: 10pt;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: left;"><font style="font-size: 10pt;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: left;"><font style="font-size: 10pt;">Level 3: Unobservable inputs that are not corroborated by market data.</font></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-13<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(u)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Debt Modifications and Extinguishments</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary follows the provisions of ASC 470-50, <font style="font-style: italic;">Modifications and Extinguishments</font>, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment. Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender&#8217;s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. For loans repaid or refinanced that meet the criteria of debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss in the statements of operations. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(v)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Troubled Debt Restructurings</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Subsidiary&#8217;s financial difficulties grants a concession to the Subsidiary that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Subsidiary is included in the term troubled debt restructuring and is accounted as such.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary, when issuing or otherwise granting an equity interest to a lender or creditor to fully settle a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are deducted in measuring gain on restructuring or expensed for the period if no gain is recognized.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(w)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Going Concern</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-style: italic;">Presentation of Financial Statements - Going Concern</font>. ASU No. 2014-15 provides guidance on management&#8217;s responsibility in evaluating whether there is substantial doubt about a company&#8217;s ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about the Subsidiary&#8217;s ability to continue as a going concern within one year from the date the financial statements are issued (Note 1).</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(x)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Segment Reporting</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">The Subsidiary reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, the Subsidiary has determined that it operates under one reportable segment. Furthermore, a vessel is chartered, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-14<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Significant Accounting Policies:<font style="padding-left: 4pt;">- continued</font><br></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Recent Accounting Pronouncements Not Yet Adopted</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In <font style="font-style: italic;">March 2020, </font>the FASB issued ASU <font style="font-style: italic;">2020</font>-<font style="font-style: italic;">04,</font> Reference Rate Reform (Topic <font style="font-style: italic;">848</font>): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU <font style="font-style: italic;">2020</font>-<font style="font-style: italic;">04</font> applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March&#160;12, 2020 through December&#160;31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. In addition, the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects of hedge accounting. The ASU is effective for all entities as of January&#160;7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be applied through December&#160;31, 2022. As of <font style="font-style: italic;">December&#160;31, 2021, </font>the Subsidiary has <font style="font-style: italic;">not</font> elected any optional expedients provided in the standard. The Subsidiary is currently evaluating its contracts and the impact this optional guidance may have on its financial statements and related disclosures, taking into account that the Company&#8217;s fixed rate credit facility is not based on the U.S. dollar LIBOR rates that were discontinued as of January&#160;1, 2022.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July&#160;19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and for interim periods within those fiscal years. The Subsidiary is currently evaluating the impact this guidance may have on its financial statements and related disclosures.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Transactions with Related Parties:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Subsidiary receives management services from Seanergy Management Corp. (&#8220;Seanergy Management&#8221;), a Marshall Islands corporation, a wholly owned subsidiary controlled by Seanergy. Under the services agreement entered into on September 11, 2015, as amended, United Maritime Predecessor pays Seanergy Management a commission of 1.25% on hire and freight revenue earned for chartering and post fixture services provided. The commission expense for the years ended December&#160;31, 2021, 2020 and 2019 amounted to $97,695, $53,515 and $88,885, respectively, and is separately reflected under Commissions - related party in the accompanying statements of operations. In addition, under the same agreement, the Subsidiary pays Seanergy Management a daily fee of $650 for the provision of management services. Management fees charged for 2021, 2020 and 2019 amounted to $237,250, $237,900 and $237,250, respectively, and are separately reflected as Management fees - related party in the accompanying statements of operations. United Maritime Predecessor&#8217;s amounts due to Seanergy Management as of December&#160;31, 2021, 2020 and 2019 are assumed by the Parent (Note 4).</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Parent Investment, Net:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December&#160;31, 2021 and 2020, Parent investment, net amounting to $7,868,678 and $10,310,473, respectively, consists of the amounts contributed by the Parent, to finance part of the acquisition cost of the vessel, commercial and management services, intercompany amounts due to or from the Parent for working capital purposes, which are forgiven and treated as contributions or distributions of capital and other general and administrative expenses allocated to the United Maritime Predecessor by Parent. Allocated general and administrative expenses include </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-15<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">4.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Parent Investment, Net:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: justify;">expenses of Parent such as executive&#8217;s cost, legal, treasury, regulatory compliance and other costs. These expenses were allocated on a pro rata basis, based on the number of ownership days of the Subsidiary&#8217;s vessel compared to the number of ownership days of the total Seanergy fleet. Such allocations are believed to be reasonable, but may not reflect the actual costs if the United Maritime Predecessor had operated as a standalone company.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As part of Parent, United Maritime Predecessor is dependent upon Parent for all of its working capital and financing requirements, as Parent uses a centralized approach to cash management and financing of its operations. Financial transactions relating to United Maritime Predecessor are accounted for through the Parent equity account and reflected in the carve-out statements of Parent&#8217;s equity as an increase or decrease in Parent investment, net. Accordingly, none of Parent&#8217;s cash, cash equivalents or debt at the corporate level have been assigned to the United Maritime Predecessor in the financial statements. Parent equity, net represents Parent&#8217;s interest in the recorded net assets of the United Maritime Predecessor.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Cash and Cash Equivalents:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2021</div></td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2020</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 4.77pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 32.5pt;">765,484</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 32.5pt;">406,008</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">765,484</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">406,008</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Minimum liquidity, not legally restricted, as of December&#160;31, 2020, of $250,000 as per the Subsidiary&#8217;s credit facility covenants is included in &#8220;Cash and cash equivalents&#8221;.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Vessels, Net:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">The amounts in the accompanying balance sheets are analyzed as follows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2021</div></td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2020</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cost:<br></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Beginning balance<font style="font-weight: normal; padding-left: 3.06pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">16,925,546</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">16,914,764</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">- Additions<font style="padding-left: 1.95pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 35pt; border-bottom: 1pt solid #000000; min-width: 45pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">10,782</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ending balance<font style="font-weight: normal; padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">16,925,546</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">16,925,546</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated depreciation:<br></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Beginning balance<font style="font-weight: normal; padding-left: 3.06pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 1.67pt;">(3,888,510)</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 1.67pt;">(3,129,671)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">- Additions<font style="padding-left: 1.95pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(756,765</font><font style="min-width: 45pt;">)</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(758,839</font><font style="min-width: 45pt;">)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ending balance<font style="font-weight: normal; padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 1.67pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(4,645,275</font><font style="min-width: 45pt;">)</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 1.67pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(3,888,510</font><font style="min-width: 45pt;">)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net book value<font style="font-weight: normal; padding-left: 1.96pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">12,280,271</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">13,037,036</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On November&#160;3, 2015, the Subsidiary acquired the <font style="font-style: italic;">Gloriuship</font> for a purchase price of $16,833,520, which was financed through a loan with Hamburg Commercial Bank AG, or HCOB (formerly known as HSH Nordbank AG). Additionally, expenditures of $81,244 were capitalized during the years ended December&#160;31, 2017 through December&#160;31, 2019 concerning vessel additions. Additionally, amounts of $NIL and $10,782 of expenditures were capitalized during the years ended December&#160;31, 2021 and December&#160;31, 2020, respectively. Amounts paid in each period in relation to the aforementioned additions are included in &#8220;Vessels improvements&#8221; under &#8220;Cash flows from investing activities&#8221; in the statement of cash flows.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The <font style="font-style: italic;">Gloriuship</font> is mortgaged to the secured loan with EnTrust (Note 7).</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-16<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Long-Term Debt:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">The amounts in the accompanying balance sheets are analyzed as follows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2021</div></td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.94%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2020</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Secured loan facilities<font style="padding-left: 1.99pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.25pt; text-align: left;"><font style="padding-left: 3.33pt;">5,500,000</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.91pt; text-align: left;">6,300,000</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: Deferred financing costs<font style="padding-left: 3.12pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.25pt; text-align: left;"><font style="padding-left: 7.87pt; border-bottom: 1pt solid #000000; min-width: 43.33pt;">(119,256</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.91pt; text-align: left;"><font style="padding-left: 4.17pt; border-bottom: 1pt solid #000000; min-width: 40pt;">(214,378</font><font style="min-width: 40pt;">)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.25pt; text-align: left;"><font style="padding-left: 3.33pt;">5,380,744</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 12.91pt; text-align: left;">6,085,622</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less &#8211; current portion<font style="padding-left: 1.98pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.25pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 43.33pt;">(1,177,074</font><font style="min-width: 43.33pt;">)</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.91pt; text-align: left;"><font style="padding-left: 4.17pt; border-bottom: 1pt solid #000000; min-width: 40pt;">(704,877</font><font style="min-width: 40pt;">)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Long-term portion<font style="font-weight: normal; padding-left: 1.41pt;"></font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.25pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; min-width: 43.33pt;">4,203,670</font></div></td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.94%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.06%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 12.91pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">5,380,745</font></div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Existing Loan Facilities </div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">New Entrust Facility </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July&#160;15, 2020, Seanergy&#8217;s two vessel owning subsidiaries of the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a secured loan facility of $22,500,000 with Kroll Agency Services Limited, previously known as Lucid Agency Services Limited, and Kroll Trustee Services Limited, previously known as Lucid Trustee Services Limited, as facility agent and security agent, respectively, and certain nominees of EnTrust Global, as lenders, or the New EnTrust Facility, with Seanergy acting as the guarantor, and the amount of $22,500,000 was drawn down on July&#160;16, 2020. The New EnTrust Facility was split into two tranches, secured by the <font style="font-style: italic;">Geniuship</font> and<font style="font-style: italic;"> </font>the <font style="font-style: italic;">Gloriuship</font>. Of the total amount, $16,000,000 was drawn under the <font style="font-style: italic;">Geniuship</font> tranche and $6,500,000 under the <font style="font-style: italic;">Gloriuship</font> tranche. The New EnTrust Facility is maturing in July 2025 and was originally secured by first priority mortgages over the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font>, general assignments covering earnings, insurances and requisition compensation of each vessel, account pledge agreements concerning the earnings account of each vessel, share pledge agreements concerning each vessel-owning subsidiary&#8217;s shares and relevant technical and commercial managers&#8217; undertakings. On December&#160;20, 2021, the vessel owning subsidiary of the <font style="font-style: italic;">Geniuship</font> fully prepaid the amount of $14,617,500 outstanding under the <font style="font-style: italic;">Geniuship</font> tranche of the New EnTrust Facility. As of December&#160;31, 2021, the total amount outstanding under this facility was $5,500,000.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Loan Facilities repaid during the year ended December&#160;31, 2020</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Hamburg Commercial Bank AG (formerly HSH Nordbank AG) Loan Facility/Settlement Agreement </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On September&#160;1, 2015, Seanergy&#8217;s two vessel owning subsidiaries of the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a loan agreement with HCOB, for a secured loan facility of $44,430,400, or the HCOB Facility, with Seanergy acting as the guarantor. The loan was fully drawn down in 2015 and was used to pay for the acquisition of the <font style="font-style: italic;">Gloriuship</font> as well as for the <font style="font-style: italic;">Geniuship</font> and had an original final maturity date of June&#160;30, 2020. The loan was divided into two tranches, where $27,596,880 was secured by the <font style="font-style: italic;">Geniuship</font> and $16,833,520 was secured by the <font style="font-style: italic;">Gloriuship</font>. On June&#160;26, 2020, the two vessel owning subsidiaries of the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> entered into a settlement agreement with HCOB; pursuant to the terms of the settlement agreement, in order to fully settle the obligations under the loan agreement, a total amount of $23,500,000 out of the then outstanding amount of $29,055,870 was required to be paid until July&#160;31, 2020. Of the $29,055,870, an amount of $20,629,329 was outstanding under the <font style="font-style: italic;">Geniuship </font>tranche and $8,426,541 was outstanding under the <font style="font-style: italic;">Gloriuship</font> tranche. On July&#160;17, 2020, the HCOB Facility was settled through a $23,500,000 payment with the funds obtained from the proceeds of the New Entrust Facility (described above) and cash on hand, following which all securities created in favor of HCOB were irrevocably and unconditionally released. As a result, United Maritime Predecessor recognized a gain of $1,490,601. The settlement agreement was assessed based on provisions of ASC 470-60 and was treated as troubled debt restructuring. As of December&#160;31, 2020, no amounts were outstanding under the HCOB Facility.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-17<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">7.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: -12pt; margin-left: 20pt; text-align: left;">Long-Term Debt:<font style="padding-left: 4pt;">- continued</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">The annual principal payments required to be made after December&#160;31, 2021<font style="font-style: italic;">,</font> are as follows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 87.18%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Year ended December&#160;31,</div></td><td class="gutter" style="width: 2.14%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.14%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.55%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2022<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,250,000</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2023<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,400,000</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2024<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,400,000</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2025<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,450,000</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; min-width: 40pt;">&#8212;</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 3.64pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">5,500,000</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Financial Instruments:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Level 3: Unobservable inputs that are not corroborated by market data.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Significant Risks and Uncertainties, including Business and Credit Concentration</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Subsidiary places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Subsidiary performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Subsidiary&#8217;s investment strategy. The Subsidiary limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fair Value of Financial Instruments</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair values of the financial instruments shown in the balance sheets as of December&#160;31, 2021 and 2020, represent management&#8217;s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Subsidiary&#8217;s own judgments about the assumptions that mark et participants would use in pricing the asset or liability. Those judgments are developed by the Subsidiary based on the best information available in the circumstances.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: justify;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Cash and cash equivalents, accounts receivable trade, net and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Long-term debt: The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Subsidiary believes the terms of its fixed interest long-term debt are similar to those that could be procured as of December&#160;31, 2021, and the carrying value of $5,500,000 is 3.11% lower than the fair market value of $5,670,844. The fair value of the fixed interest long-term debt has been obtained through Level&#160;2 inputs (interest rate curves) of the fair value hierarchy.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-18<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x3_20fr12b_202-finnotes_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">United Maritime Predecessor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes to the Carve-out Financial Statements<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic; font-weight: normal;">(All amounts in US Dollars, unless otherwise stated)</font><br></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Commitments and Contingencies:</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Commitments</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table sets forth the Subsidiary&#8217;s future minimum contractual charter revenue based on vessel&#8217;s committed non-cancelable time charter contracts as at December&#160;31, 2021 (these amounts do not include any assumed off-hire):</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 87.18%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Twelve month periods ending December&#160;31,</div></td><td class="gutter" style="width: 2.14%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.14%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.55%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2021<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4,498,837</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2022<font style="padding-left: 0.5pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">13,510</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 0.09pt;"></font></div></td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.14%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">4,512,347</font></div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Contingencies</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Subsidiary s vessel. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying financial statements.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Subsidiary accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying financial statements. The Subsidiary is covered for liabilities associated with the individual vessel&#8217;s actions to the maximum limits as provided by Protection and Indemnity (P&amp;I) Clubs, members of the International Group of P&amp;I Clubs.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Interest and Finance Costs:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Interest and finance costs are analyzed as follows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 475.5pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 23.03%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended December&#160;31,</div></td></tr><tr class="header"><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.83%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2021</div></td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.83%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020</div></td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.83%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019</div></td></tr><tr><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest on long-term debt<font style="padding-left: 0.88pt;"></font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">621,046</div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">592,801</div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">719,434</div></td></tr><tr><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of debt issuance costs<font style="padding-left: 1.45pt;"></font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">101,289</div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">96,300</font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">73,538</font></div></td></tr><tr><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other<font style="padding-left: 4.73pt;"></font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 32.5pt;">21,352</font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 32.5pt;">19,344</font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 32.5pt;">77,370</font></div></td></tr><tr><td style="width: 75.71%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.83%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">743,687</font></div></td><td class="gutter" style="width: 0.63%; 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font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">870,342</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Subsequent Events:</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For the carve-out financial statements as of December&#160;31, 2021 and 2020 and for each of the three years ended as of December 31, 2021, of those dates, the Subsidiary has evaluated and incorporated the effects of subsequent events through May 12, 2022, the date these carve-out financial statements were available to be issued.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On February&#160;21, 2022, the Subsidiary exercised its option under its current time charter and (i)&#160;extended the charter party period for about 11 to 15 months and (ii)&#160;converted the index-linked rate to a fixed gross daily rate of $28,060 for the period from April&#160;1, 2022 to the remainder of the charter term expiring in November 2022.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2022, the Subsidiary received approval from the lender to amend the New EnTrust Facility to replace Parent with the Company as guarantor upon consummation of the spin-off with no material changes in the terms of the loan <a name="tENOTE"><!--Anchor--></a>facility. This approval is subject to completion of definite documentation.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-19<br></div></div></div>
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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>ny20004194x3_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 1.1</font><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">AMENDED AND RESTATED</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLES OF INCORPORATION</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">OF</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">UNITED MARITIME CORPORATION</div>
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      <div style="text-align: center; color: #000000;">PURSUANT TO THE MARSHALL ISLANDS BUSINESS CORPORATIONS ACT</div>
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            <div style="text-align: justify; color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">FIRST:</div>
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            <div style="text-align: justify; color: #000000;">The name of the Corporation is: United Maritime Corporation (hereinafter called the &#8220;Corporation&#8221;).</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">SECOND:</div>
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            <div style="text-align: justify; color: #000000;">The registered address of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of the Corporation&#8217;s
              registered agent at such address is The Trust Company of the Marshall Islands, Inc.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">THIRD:</div>
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            <div style="text-align: justify; color: #000000;">The purposes for which the Corporation is formed are to engage in any lawful act or activity for which corporations may be organized under the Marshall Islands Business Corporations Act (the
              &#8220;BCA&#8221;). In addition to the powers and privileges conferred upon the Corporation by law and those incidental thereto, the Corporation shall possess and may exercise all the powers and privileges which are necessary or convenient to the
              conduct, promotion or attainment of the business or purposes of the Corporation.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">FOURTH:</div>
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            <div style="text-align: justify; color: #000000;">The aggregate number of shares of capital stock that the Corporation shall have the authority to issue is two billion one hundred million (2,100,000,000) consisting of the following:</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">(1)</div>
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            <div style="text-align: justify; color: #000000;">Two billion (2,000,000,000) registered shares of common stock with a par value of US $0.0001 per share.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">(2)</div>
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            <div style="text-align: justify; color: #000000;">One hundred million (100,000,000) registered shares of preferred stock (&#8220;preferred shares&#8221;), with a par value of US $0.0001 per share. The Board of Directors is expressly granted the authority
              to issue preferred shares and to establish such series of preferred shares and with such designations, preferences and relative participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in
              the resolutions providing for the issue of such preferred shares and without further vote or action by the shareholders.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">FIFTH:</div>
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            <div style="text-align: justify; color: #000000;">No holder of shares of the Corporation of any class, now or hereafter authorized, shall have any preferential or preemptive rights to subscribe for, purchase or receive any shares of the
              Corporation of any class, now or hereafter authorized or any options or warrants for such shares, or any rights to subscribe to or purchase such shares, or any securities convertible into or exchangeable for such shares, which may at any time
              be issued, sold or offered for sale by the Corporation.</div>
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            <div style="text-align: justify; color: #000000;">SIXTH:</div>
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            <div style="text-align: justify; color: #000000;">The bylaws of the Corporation may be amended, repealed or adopted by action of the Board, pursuant to the provisions of the Corporation&#8217;s bylaws as in effect at such time, or by the affirmative
              vote of two-thirds or more of the votes cast by the holders of shares entitled to vote thereon (considered for this purpose as one class).&#160; Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the
              Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of two-thirds or more of the total number of votes eligible
              to be cast by the holders of issued and outstanding shares of common stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or
              repeal this Article Sixth.</div>
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            <div style="text-align: justify; color: #000000;">SEVENTH:</div>
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            <div style="text-align: justify; color: #000000;">Corporate existence began upon the filing of the original Articles of Incorporation with the Registrar of Corporations on January 20, 2022 and the Corporation shall have perpetual existence.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000;">&#160;</div>
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          <td style="width: 0.5in; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 1.5in; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">EIGHTH:</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">The Board of Directors shall be divided into three classes: Class&#160;A, Class&#160;B and Class&#160;C. The number of directors in each class shall be as nearly equal as possible. The Board of Directors shall
              have the right to designate Class&#160;A, Class&#160;B and Class&#160;C directors. The directors in Class&#160;A shall be elected for a term expiring at the first annual meeting of shareholders, the directors in Class&#160;B shall be elected for a term expiring at
              the second annual meeting of shareholders and the directors in Class&#160;C shall be elected for a term expiring at the third annual meeting of shareholders. At each annual meeting of shareholders, directors elected to succeed those directors
              whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting of shareholders after their election. Except as the BCA may otherwise require, in the interim between annual meetings of shareholders or
              special meetings of shareholders called for the election of directors and/or the removal of one or more directors and the filling of any vacancy in that connection, newly created directorships and any vacancies in the Board of Directors,
              including unfilled vacancies resulting from the removal of directors for cause, may be filled by the vote of a majority of the remaining directors then in office, although less than a quorum, or by the sole remaining director. All directors
              shall hold office until the expiration of their respective terms of office and until their successors shall have been elected and qualified. A director elected to fill a vacancy resulting from the death, resignation or removal of a director
              shall serve for the remainder of the full term of the director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified.&#160; Notwithstanding any other provisions of these
              Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of
              two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of common stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one
              class) shall be required to amend, alter, change or repeal this Article Eighth.</div>
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            <div style="color: #000000;">&#160;</div>
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            <div style="text-align: justify; color: #000000;">NINTH:</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">(a)&#160; The Corporation may not engage in any Business Combination with any Interested Shareholder for a period of three years following the time of the transaction in which the person became an
              Interested Shareholder, unless:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(1)&#160; prior to such time, the Board approved either the Business Combination or the transaction which resulted in the shareholder becoming an Interested Shareholder;</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(2)&#160; upon consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder owned at least 85% of the voting
              stock of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock
              plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(3)&#160; at or subsequent to such time, the Business Combination is approved by the Board and authorized at an annual or special meeting of shareholders, and not by written
              consent, by the affirmative vote of the holders of at least two-thirds of the outstanding voting stock that is not owned by the Interested Shareholder; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(4)&#160; the shareholder became an Interested Shareholder prior to the date hereof.</div>
            <div>&#160;</div>
            <div style="text-align: justify; color: #000000;">(b)&#160; The restrictions contained in this Article Ninth shall not apply if:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(1)&#160; A shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the shareholder
              ceases to be an Interested Shareholder; and (ii) would not, at any time within the three-year period immediately prior to a Business Combination between the Corporation and such shareholder, have been an Interested Shareholder but for the
              inadvertent acquisition of ownership; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(2)&#160; The Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required
              hereunder of a proposed transaction which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an Interested Shareholder during the previous three years or who became an
              Interested Shareholder with the approval of the Board; and (iii) is approved or not opposed by a majority of the members of the Board then in office (but not less than one) who were directors prior to any person becoming an Interested
              Shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(A)&#160; a merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to the BCA, no vote of the shareholders of the Corporation is required);</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(B) a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise,
              of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation (other than to any direct or indirect wholly-owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or more
              of either that aggregate market value of all of the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(C) a proposed tender or exchange offer for 50% or more of the outstanding voting shares of the Corporation.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">The Corporation shall give not less than 20 days notice to all Interested Shareholders prior to the consummation of any of the transactions described in clause (i) or (ii)
              of the second sentence of this paragraph.</div>
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            <div style="text-align: justify; color: #000000;">(c)&#160;&#160; For the purpose of this Article Ninth only, the term:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(1)&#160; &#8220;Affiliate&#8221; means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another
              person.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(2)&#160; &#8220;Associate,&#8221; when used to indicate a relationship with any person, means: (i) Any corporation, partnership, unincorporated association or other entity of which such
              person is a director, officer or partner or is, directly or indirectly, the owner of 15% or more of any class of voting shares; (ii) any trust or other estate in which such person has at least a 15% beneficial interest or as to which such
              person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(3)&#160; &#8220;Business Combination,&#8221; when used in reference to the Corporation and any Interested Shareholder of the Corporation, means:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(i)&#160;&#160;&#160; Any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation with (A) the Interested Shareholder or any of
              its affiliates, or (B) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the Interested Shareholder.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(ii)&#160;&#160;&#160; Any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately as a shareholder
              of the Corporation, to or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate
              market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares;</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(iii)&#160;&#160; Any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any shares,
              or any share of such subsidiary, to the Interested Shareholder, except: (A) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which
              securities were outstanding prior to the time that the Interested Shareholder became such; (B) pursuant to a merger with a direct or indirect wholly-owned subsidiary of the Corporation solely for purposes of forming a holding company; (C)
              pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which security is distributed, pro rata
              to all holders of a class or series of shares subsequent to the time the Interested Shareholder became such; (D) pursuant to an exchange offer by the Corporation to purchase shares made on the same terms to all holders of said shares; or (E)
              any issuance or transfer of shares by the Corporation; provided however, that in no case under items (C)-(E) of this subparagraph shall there be an increase in the Interested Shareholder&#8217;s proportionate share of the any class or series of
              shares;</div>
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            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(iv)&#160;&#160; Any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of
              increasing the proportionate share of any class or series of shares, or securities convertible into any class or series of shares, or shares of any such subsidiary, or securities convertible into such shares, which is owned by the Interested
              Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares not caused, directly or indirectly, by the Interested Shareholder; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(v)&#160;&#160;&#160; Any receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the Corporation), of any loans, advances,
              guarantees, pledges or other financial benefits (other than those expressly permitted in subparagraphs (i)-(iv) of this paragraph) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(4)&#160; &#8220;Control,&#8221; including the terms &#8220;controlling,&#8221; &#8220;controlled by&#8221; and &#8220;under common control with,&#8221; 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 15% or more of the outstanding voting shares of any corporation,
              partnership, unincorporated association or other entity shall be presumed 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.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(5)&#160; &#8220;Interested Shareholder&#8221; means any person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of
              15% or more of the outstanding voting shares of the Corporation, or (ii) is an affiliate or associate of the Corporation and was the owner of 15% or more of the outstanding voting shares of the Corporation at any time within the three-year
              period immediately prior to the date on which it is sought to be determined whether such person is an Interested Shareholder; and the affiliates and associates of such person; provided, however, that the term &#8220;Interested Shareholder&#8221; shall
              not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation; provided that such person shall be an Interested Shareholder if thereafter such person
              acquires additional shares of voting shares of the Corporation, except as a result of further Corporation action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an Interested Shareholder,
              the voting shares of the Corporation deemed to be outstanding shall include voting shares deemed to be owned by the person through application of paragraph (8) below, but shall not include any other unissued shares which may be issuable
              pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(6)&#160; &#8220;Person&#8221; means any individual, corporation, partnership, unincorporated association or other entity.</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(7)&#160; &#8220;Voting stock&#8221; means, with respect to any corporation, shares of any class or series entitled to vote generally in the election of directors and, with respect to any
              entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity.</div>
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          <td rowspan="1" style="width: auto; vertical-align: top;">
            <div style="text-align: justify; margin-left: 19.8pt; color: #000000;">(8)&#160; &#8220;Owner,&#8221; including the terms &#8220;own&#8221; and &#8220;owned,&#8221; when used with respect to any shares, means a person that individually or with or through any of its affiliates or
              associates:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(i)&#160;&#160;&#160;&#160; Beneficially owns such shares, directly or indirectly; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(ii)&#160;&#160;&#160; Has (A) the right to acquire such shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or
              understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of shares tendered pursuant to a tender or exchange offer made by
              such person or any of such person&#8217;s affiliates or associates until such tendered shares is accepted for purchase or exchange; or (B) the right to vote such shares pursuant to any agreement, arrangement or understanding; provided, however,
              that a person shall not be deemed the owner of any shares because of such person&#8217;s right to vote such shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response
              to a proxy or consent solicitation made to 10 or more persons; or</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 37.8pt; color: #000000;">(iii)&#160;&#160; Has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in
              item (B) of subparagraph (ii) of this paragraph), or disposing of such shares with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such shares.</div>
            <div>&#160;</div>
            <div style="text-align: justify; color: #000000;">(d)&#160; Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law,
              these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of common stock of the Corporation
              entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or repeal this Article Ninth.</div>
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>ny20004194x3_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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    <title></title>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 1.2</font><br>
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  <div><br>
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  <div>
    <div style="text-align: center; font-weight: bold;">UNITED MARITIME CORPORATION (the &#8220;Corporation&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">AMENDED AND RESTATED BYLAWS</div>
    <div><br>
    </div>
    <div style="text-align: center;">As Adopted [<font style="font-family: Times New Roman">&#9679;</font>], 2022</div>
  </div>
  <div><br>
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  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE&#160;I</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">OFFICES</div>
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    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt;">1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registered Office</u>. The registered office of the Corporation in the Republic of the Marshall Islands shall be established and maintained at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Marshall Islands MH 96960 and The Trust Company of the Marshall Islands, Inc. shall be the registered agent of the corporation in charge thereof.</div>
  </div>
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    <div><br>
    </div>
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  <div>
    <div style="text-align: justify; text-indent: 36pt;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other Offices</u>. The Corporation may also have offices at such other places both within and without the Marshall Islands as the board of directors of the Corporation (the &#8220;Board of
      Directors&#8221;) may from time to time determine or the business of the Corporation may require.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 32.4pt; margin-left: 0.7pt;">&#160;</div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE II</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">MEETINGS OF STOCKHOLDERS</div>
  </div>
  <div>
    <div style="text-align: justify;">&#160;</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Place of Meetings</u>. All meetings of the stockholders shall be held at such time and place, either within or without the Marshall Islands, as shall be designated from time to time
      by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual Meetings</u>.&#160;The annual meeting of stockholders shall be held on such date and at such time as may be fixed by the Board of Directors and stated in the notice of the meeting,
      for the purpose of electing directors and for the transaction of only such other business as is properly brought before the meeting in accordance with these Bylaws (the &#8220;Bylaws&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div> </div>
    <div style="text-align: justify; text-indent: 36pt;">Written notice of an annual meeting stating the place, date and hour of the meeting, shall be given to each stockholder entitled to vote at such meeting not less than fifteen (15) nor more than sixty
      (60) days before the date of the annual meeting.</div>
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      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
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  <div style="text-align: justify; text-indent: 36pt;">To be properly brought before the annual meeting, business must be either (i) specified in the notice of annual meeting (or any supplement or amendment thereto) given by or at the direction of the
    Board of Directors, (ii) otherwise brought before the annual meeting by or at the direction of the Board of Directors, or (iii) otherwise properly brought before the annual meeting by a stockholder. In addition to any other applicable requirements, for
    business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation (the &#8220;Secretary&#8221;). To be timely, a stockholder&#8217;s notice to the Secretary
    must be delivered to or mailed and received at the principal executive offices of the Corporation not less than one-hundred fifty (150) days nor more than one-hundred eighty (180) days prior to the one-year anniversary of the immediately preceding
    annual meeting of stockholders; provided, however, that in the event that the annual meeting is called for a date that is more than thirty (30) days after such anniversary date, notice by a stockholder, to be timely, must be so received not later than
    the close of business on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the day on which notice of the date of the annual meeting was mailed or public disclosure of the date of the annual
    meeting was made, whichever first occurs.&#160;<a name="OLE_LINK24"></a>In no event shall the public disclosure of any adjournment of an annual meeting of the stockholders commence a new time period for the giving of the stockholder&#8217;s notice described
    herein.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">To be in proper written form, a stockholder&#8217;s notice to the Secretary shall set forth (a) as to each matter the stockholder proposes to bring before the annual meeting (i) a brief description of the
    business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, and (ii) any material interest of the stockholder in such business, and (b) as to the stockholder giving the notice (i) the
    name and record address of the stockholder and (ii) the class, series and number of shares of capital stock of the Corporation which are beneficially owned by the stockholder. Notwithstanding anything in these Bylaws to the contrary, no business shall
    be conducted at the annual meeting except in accordance with the procedures set forth in this Article II, Section 2. The officer of the Corporation presiding at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting
    that business was not properly brought before the annual meeting in accordance with the provisions of the Article II, Section 2, and if such officer should so determine, such officer shall so declare to the annual meeting and any such business not
    properly brought before the meeting shall not be transacted.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Special Meetings</u>.&#160; Special meetings of stockholders, unless otherwise prescribed by statute or by the Articles of Incorporation of the Corporation&#160;<a name="OLE_LINK20"></a>(the
    &#8220;Articles of Incorporation&#8221;), may be called for any purpose or purposes at any time by the Chairman of the Board of Directors, a majority of the entire Board of Directors, or the Chief Executive Officer. No other person or persons are permitted to call
    a special meeting of stockholders, unless otherwise prescribed by law. No business may be conducted at a special meeting of stockholders other than business brought before the meeting by the Chairman of the Board of Directors, a majority of the entire
    Board of Directors, or the Chief Executive Officer.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Unless otherwise provided by law, written notice of a special meeting of stockholders, stating the time, place and purpose or purposes thereof, shall be given to each stockholder entitled to vote at
    such meeting, not less than fifteen (15) or more than sixty (60) days before the date fixed for the meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.</div>
  <div style="text-align: justify; text-indent: 36pt;"> <br>
  </div>
  <div> </div>
  <div style="text-align: justify; text-indent: 36pt;">2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Quorum</u>. One-third of the shares of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at
    all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Articles of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the holders
    of a majority of the votes entitled to be cast by the stockholders entitled to vote thereat and present in person or represented by proxy shall have power to adjourn the meeting from time to time until a quorum shall be present or represented.</div>
  <br>
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  <div style="text-align: justify; text-indent: 36pt;">2.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Organization</u>. The Chairman of the Board of Directors shall act as chairman of meetings of the stockholders. The Board of Directors may designate any other officer or director of
    the Corporation to act as chairman of any meeting in the absence of the Chairman of the Board of Directors, and the Board of Directors may further provide for determining who shall act as chairman of any stockholders meeting in the absence of the
    Chairman of the Board of Directors and such designee.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The Secretary of the Corporation shall act as secretary of all meetings of the stockholders, but in the absence of the Secretary the presiding officer may appoint any other person to act as secretary
    of any meeting.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting</u>. Unless otherwise required by law, the Articles of Incorporation or these Bylaws, any question (other than the election of directors) brought before any meeting of
    stockholders shall be decided by the vote of the holders of a majority of the stock represented and entitled to vote thereat. At all meetings of stockholders for the election of directors, a plurality of the votes cast shall be sufficient to elect.
    Each stockholder represented at a meeting of stockholders shall be entitled to cast one vote for each share of the capital stock entitled to vote thereat held by such stockholder, unless otherwise provided by the Articles of Incorporation. Each
    stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize any person or persons to act for him by proxy. All proxies shall be executed in writing and shall
    be filed with the Secretary of the Corporation not later than the day on which exercised. No proxy shall be voted or acted upon after eleven (11) months from its date, unless the proxy provides for a longer period. The Board of Directors, in its
    discretion, or the officer of the Corporation presiding at a meeting of stockholders, in his discretion, may require that any votes cast at such meeting shall be cast by written ballot.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Action of Stockholders Without Meeting</u>. Unless otherwise provided by the Articles of Incorporation, any action required to be taken at any annual or special meeting of
    stockholders, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed
    by all stockholders entitled to vote with respect to the subject matter thereof and shall be delivered to the Corporation by delivery to its registered office in the Marshall Islands, its principal place of business, or an officer or agent of the
    Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation&#8217;s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of
    the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.<br>
  </div>
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  <div style="text-align: justify; text-indent: 36pt;">2.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting List</u>. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list
    of the stockholders entitled to vote at the meeting, arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any
    stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the election, either at a place within the city, town or village where the election is to be held, which place shall be
    specified in the notice of the meeting, or, if not specified, at the place where said meeting is to be held. The list shall be produced and kept at the time and place of election during the whole time thereof, and may be inspected by any stockholder of
    the Corporation who is present.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Ledger</u>. The stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by Section 8 of
    this Article II or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjournment</u>.&#160; Any meeting of the stockholders, including one at which directors are to be elected, may be adjourned for such periods as the presiding officer of the meeting or the
    stockholders present in person or by proxy and entitled to vote shall direct.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Ratification</u>. Any transaction questioned in any stockholders&#8217; derivative suit, or any other suit to enforce alleged rights of the Corporation or any of its stockholders, on the
    ground of lack of authority, defective or irregular execution, adverse interest of any director, officer or stockholder, nondisclosure, miscomputation or the application of improper principles or practices of accounting may be approved, ratified and
    confirmed before or after judgment by the Board of Directors or by the holders of Common Stock and, if so approved, ratified or confirmed, shall have the same force and effect as if the questioned transaction had been originally duly authorized, and
    said approval, ratification or confirmation shall be binding upon the Corporation and all of its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned transaction.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">2.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Judges</u>. All votes by ballot at any meeting of stockholders shall be conducted by two judges appointed for the purpose either by the directors or by the meeting. The judges shall
    decide upon the qualifications of voters, count the votes and declare the result.</div>
  <div>
    <div style="text-align: justify;">&#160;</div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE&#160;III</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">DIRECTORS</div>
  </div>
  <div>
    <div style="text-align: justify;">&#160;</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Powers; Number; Qualifications</u>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise
      provided by law or in the Articles of Incorporation. The number of directors which shall constitute the Board of Directors shall be not less than one (1) nor more than thirteen (13). The exact number of directors shall be fixed from time to time,
      within the limits specified in this Article III Section 1 or in the Articles of Incorporation, by the Board of Directors or as otherwise provided by law. Directors need not be stockholders of the Corporation. The Board may be divided into Classes as
      more fully described in the Articles of Incorporation.</div>
  </div>
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    &#160; <br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election; Term of Office; Resignation; Removal; Vacancies;</u>&#160; Each director shall hold office until the next annual meeting of stockholders at which his Class stands for election
      or until such director&#8217;s earlier resignation, removal from office, death or incapacity. Unless otherwise provided in the Articles of Incorporation, vacancies and newly created directorships resulting from any increase in the authorized number of
      directors or from any other cause may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and each director so chosen shall hold office until the next annual meeting and until such
      director&#8217;s successor shall be duly elected and shall qualify, or until such director&#8217;s earlier resignation, removal from office, death or incapacity.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">3.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nominations</u>.&#160; Nominations of persons for election to the Board of Directors of the Corporation at a meeting of stockholders of the Corporation may be made at such meeting by or at
    the direction of the Board of Directors, by any committee or persons appointed by the Board of Directors or by any stockholder of the Corporation entitled to vote for the election of directors at the meeting who complies with the notice procedures set
    forth in this Article III, Section 3. Such nominations by any stockholder shall be made pursuant to timely notice in writing to the Secretary of the Corporation.</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 36pt;">To be timely, a stockholder&#8217;s notice to the Secretary shall be delivered to or mailed and received at the principal executive offices of the Corporation not less than one-hundred fifty (150) days nor
    more than one-hundred eighty (180) days prior to the one-year anniversary date of the immediately preceding annual meeting of stockholders; provided however, that in the event that the annual meeting is called for a date that is more than thirty (30)
    days after such anniversary date, notice by the stockholder, to be timely, must be so received not later than the close of business on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the
    day on which notice of the date of the annual meeting was mailed or public disclosure of the date of the annual meeting was made, whichever first occurs. In no event shall the public disclosure of any adjournment of an annual meeting of the
    stockholders commence a new time period for the giving of the stockholder&#8217;s notice described herein.</div>
  <div>&#160;</div>
  <div>To be in proper written form, a stockholder&#8217;s notice to the Secretary shall set forth (i) as to each person whom the stockholder proposes to nominate for election or reelection as a director, (a) the name, age, business address and residence address
    of the person, (b) the principal occupation or employment of the person, (c) the class and number of shares of capital stock of the Corporation which are beneficially owned by the person, and (d) any other information relating to the person that is
    required to be disclosed in solicitations for proxies for election of directors pursuant to the Rules and Regulations of the Securities and Exchange Commission under Section 14 of the Securities Exchange Act of 1934, as amended, and (ii) as to the
    stockholder giving the notice (a) the name and record address of the stockholder and (b) the class and number of shares of capital stock of the Corporation which are beneficially owned by the stockholder. The Corporation may require any proposed
    nominee to furnish such information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation. No person shall be eligible for election as a director of the
    Corporation unless nominated in accordance with the procedures set forth herein. The officer of the Corporation presiding at an annual meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in
    accordance with the foregoing procedure, and if he should so determine, he shall so declare to the meeting and the defective nomination shall be disregarded.<br>
  </div>
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  <div style="text-align: justify; text-indent: 36pt;">Notwithstanding any other provisions of the Articles of Incorporation or these Bylaws (and notwithstanding the fact that some lesser percentage may be specified by law, the Articles of Incorporation or
    these Bylaws), the vote of not less than two-thirds of the entire Board of Directors shall be required to amend, alter, change or repeal this Article III, Section 3.</div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Meetings</u>.&#160; The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the Marshall Islands. The first
      meeting of each newly elected Board of Directors shall be held immediately after and at the same place as the meeting of the stockholders at which it is elected and no notice of such meeting shall be necessary to newly elected directors in order
      legally to constitute the meeting, provided a quorum shall be present. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board of Directors. Special meetings
      of the Board of Directors may be called by the Chairman of the Board of Directors, the Chief Executive Officer or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each
      director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, email, facsimile or telegram on twenty-four (24) hours notice, or on such shorter notice as the person or persons calling such meeting may deem
      necessary or appropriate in the circumstances.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Quorum</u>.&#160; Except as may be otherwise specifically provided by law, the Articles of Incorporation or these Bylaws, at all meetings of the Board of Directors
      or any committee thereof, a majority of the entire Board of Directors or such committee, as the case may be, shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any meeting at which there is
      a quorum shall be the act of the Board of Directors provided that the act of at least eighty per cent (80%) of the entire Board of Directors shall be required for (i) the establishment, dissolution or alteration of duties or composition under Section
      3.10 of this Article III of any committee of the Board of Directors empowered to manage the ocean going shipping business and affairs of the Corporation, including without limitation the power to approve the acquisition and sale of vessels and of
      shares in vessel owning entities (but excluding sales of all or substantially all of the Corporation&#8217;s property and assets) and debt financing related thereto and (ii) the amendment of this Section of these Bylaws. If a quorum shall not be present at
      any meeting of the Board of Directors or of any committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Organization of Meetings</u>. The Board of Directors shall elect one of its members to be Chairman of the Board of Directors. The Chairman of the Board of
      Directors shall lead the Board of Directors in fulfilling its responsibilities as set forth in these By-Laws, including its responsibility to oversee the performance of the Corporation, and shall determine the agenda and perform all other duties and
      exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors.</div>
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    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">Meetings of the Board of Directors shall be presided over by the Chairman of the Board of Directors, or in his or her absence, by the Chief Executive officer, or in the absence
      of the Chairman of the Board of Directors and the Chief Executive Officer by such other person as the Board of Directors may designate or the members present may select.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Actions of Board of Directors Without Meeting</u>. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any action required or
      permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or of such committee, as the case may be, consent thereto in writing, and the writing
      or writings are filled with the minutes of proceedings of the Board of Directors or committee.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Removal of Directors by Stockholders</u>. The entire Board of Directors or any individual Director may be removed, with cause, by a majority vote of the holders
      of the outstanding shares then entitled to vote at an election of directors. No Director may be removed without cause by either the stockholders or the Board of Directors. Except as otherwise provided by applicable law, cause for the removal of a
      Director shall be deemed to exist only if the Director whose removal is proposed: (i) has been convicted, or has been granted immunity to testify in any proceeding in which another has been convicted, of a felony by a court of competent jurisdiction
      and that conviction is no longer subject to direct appeal; (ii) has been found to have been negligent or guilty of misconduct in the performance of his duties to the Corporation in any matter of substantial importance to the Corporation by (A) the
      affirmative vote of at least 80% of the directors then in office at any meeting of the Board of Directors called for that purpose or (B) a court of competent jurisdiction; or (iii) has been adjudicated by a court of competent jurisdiction to be
      mentally incompetent, which mental incompetence directly affects his ability to serve as a director of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">No proposal by a stockholder to remove a Director shall be voted upon at a meeting of the stockholders unless such stockholder has given timely notice thereof in proper written
      form to the Secretary.&#160; To be timely, a stockholder&#8217;s notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than one hundred fifty (150) days nor more than one hundred
      eighty (180) days prior to the one-year anniversary date of the immediately preceding annual meeting of the stockholders. To be in proper written form, a stockholder&#8217;s notice must set forth: (a) a statement of the grounds, if any, on which such
      Director is proposed to be removed, (b) evidence reasonably satisfactory to the Secretary of such stockholder&#8217;s status as such and of the number of shares of each class of capital stock of the Corporation beneficially owned by such stockholder, and
      (c) a list of the names and addresses of other stockholders of the Corporation, if any, with whom such stockholder is acting in concert, and the number of shares of each class of capital stock of the Corporation beneficially owned by each such
      stockholder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">No stockholder proposal to remove a Director shall be voted upon at an annual meeting of the stockholders unless proposed in accordance with the procedures set forth in this
      Article III, Section 8.&#160; If the officer of the Corporation presiding at an annual meeting determines, based on the facts, that a stockholder proposal to remove a Director was not made in accordance with the foregoing procedures, such presiding
      officer shall declare to the meeting that a proposal to remove a Director of the Corporation was not made in accordance with the procedures prescribed by these Bylaws, and such defective proposal shall be disregarded.</div>
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    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">In case the Board of Directors or any one or more Directors be so removed, new Directors may be elected at the same time for the unexpired portion of the full term of the
      Director or Directors so removed. All of the foregoing provisions of this Article III, Section 8 are subject to the terms of any preferred stock with respect to the directors to be elected solely by the holders of such preferred stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Resignations</u>. Any Director may resign at any time by submitting his written resignation to the Board of Directors or Secretary of the Corporation. Such
      resignation shall take effect at the time of its receipt by the Corporation unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make
      it effective.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Committees</u>. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. In
      the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of
      Directors to act at the meeting in the place of any such absent or disqualified member; provided that in the case of disqualification of a member of a committee empowered to manage the ocean going shipping business and affairs of the Corporation,
      then the matter shall be referred to the entire Board of Directors. Any such committee, to the extent provided by law and in the resolution of the Board of Directors establishing such committee, shall have and may exercise all the powers and
      authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or
      authority in reference to amending the Articles of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all the Corporation&#8217;s property and assets,
      recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution or amending the Bylaws of the Corporation; and, unless the resolution expressly so provides, no such committee shall have the power or authority to
      declare a dividend or to authorize the issuance of stock or to adopt a certificate of ownership and merger. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation</u>. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed amount (in
      cash or other form of consideration) for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation
      thereof. Members of special or standing committees may be allowed like compensation for attending committee meetings.<br>
    </div>
  </div>
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    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Interested Directors</u>. No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any
      other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the
      director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if (i) the material facts
      as to his or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by a
      vote sufficient for such purpose without counting the vote of the interested director, or, if the votes of the disinterested directors are insufficient to constitute an act of the Board of Directors, by the unanimous affirmative vote of the
      disinterested directors; or (ii) the material facts as to his or their relationship or interest in such contract or transaction are disclosed in good faith or known to the stockholders entitled to vote thereon, and the contract or transaction is
      specifically approved in good faith by vote of the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board of Directors or a committee thereof or the
      stockholders. Common or interested Directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.8pt; margin-left: 1.2pt;">3.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Meetings by Means of Conference Telephone</u>.&#160; Members of the Board of Directors or any committee designed by the Board of Directors may participate in a
      meeting of the Board of Directors or of a committee of the Board of Directors by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a
      meeting pursuant to this subsection shall constitute presence in person at such meeting.</div>
  </div>
  <div>
    <div style="text-align: justify; margin-left: 0.95pt;">&#160;</div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE&#160;IV</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">OFFICERS</div>
  </div>
  <div>
    <div style="text-align: justify;">&#160;</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; The officers of the Corporation shall be elected by the Board of Directors and may consist of: a Chairman of the Board, Chief Executive Officer, President, Secretary
      and Treasurer. The Board of Directors, in its discretion, may also elect one or more Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries, Assistant Treasurers, a Controller and such other officers
      as in the judgment of the Board of Directors may be necessary or desirable. Any number of offices may be held by the same person and more than one person may hold the same office, unless otherwise prohibited by law, the Articles of Incorporation or
      these Bylaws. The officers of the Corporation need not be stockholders of the Corporation, nor need such officers be directors of the Corporation.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election</u>. The Board of Directors at its first meeting held after each annual meeting of stockholders shall elect the officers of the Corporation who shall hold their offices
      for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors; and all officers of the Corporation shall hold office until their successors are chosen and qualified, or until
      their earlier resignation or removal. Except as otherwise provided in this Article IV, any officer elected by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. Any vacancy occurring in
      any office of the Corporation shall be filled by the Board of Directors. The salaries of all officers who are directors of the Corporation shall be filled by the Board of Directors.</div>
  </div>
  <br>
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      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; text-indent: 35.45pt;">4.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting Securities Owned by the Corporation</u>. Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned by the
      Corporation may be executed in the name of and on behalf of the Corporation by the Chief Executive Officer, and any such officer may, in the name and on behalf of the Corporation, take all such action as any such officer may deem advisable to vote in
      person or by proxy at any meeting of security holders of any corporation in which the Corporation may own securities and at any such meeting shall possess and may exercise any and all rights and powers incident to the ownership of such securities and
      which, as the owner thereof, the Corporation might have exercised and possessed if present; provided however, the act of at least eighty percent (80%) of the entire Board of Directors shall be required to modify the rights granted to the
      Corporation&#8217;s Chief Executive Officer under this Section 4.3 or to amend this Section 4.3.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Chief Executive Officer</u>. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, the Chief Executive Officer shall have ultimate authority
      for decisions relating to the general management and control of the affairs and business of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board
      of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Vice Presidents</u>.&#160; At the request of the Chief Executive Officer or in the absence of the Chief Executive Officer, or in the event of his or her inability or refusal to act,
      the Vice President or the Vice Presidents if there is more than one (in the order designated by the Board of Directors) shall perform the duties of the Chief Executive Officer, and when so acting, shall have all the powers of and be subject to all
      the restrictions upon such office. Each Vice President shall perform such other duties and have such other powers as the Board of Directors from time to time may prescribe. If there be no Vice President, the Board of Directors shall designate the
      officer of the Corporation who, in the absence of the Chief Executive Officer or in the event of the inability or refusal of such officer to act, shall perform the duties of such office, and when so acting, shall have all the powers of and be subject
      to all the restrictions upon such office.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Secretary</u>. The Secretary shall attend all meetings of the Board of Directors and all meetings of the stockholders and record all the proceedings thereat in a book or books to
      be kept for that purpose; the Secretary shall also perform like duties for the standing committees when required. The Secretary shall give, or cause to be given notice of all meetings of the stockholders and special meetings of the Board of
      Directors, and shall perform such other duties as may be prescribed by the Board of Directors or the Chief Executive Officer, under whose supervision the Secretary shall be. If the Secretary shall be unable or shall refuse to cause to be given,
      notice of all meetings of the stockholders and special meetings of the Board of Directors, then any Assistant Secretary shall perform such actions. If there be no Assistant Secretary, then the Board of Directors or the Chief Executive Officer may
      choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring
      it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to
      attest the affixing by this signature. The Secretary shall see that all books, reports, statements, certificates and other documents and record required by law to be kept or filed are properly kept or filed, as the case may be.</div>
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    <div style="text-align: justify; text-indent: 35.45pt;">4.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treasurer</u>. The Treasurer shall have the custody of the corporate funds and securities, and shall keep full and accurate accounts of receipts and disbursements in books
      belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the
      Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and the Board of Directors, at its regular meetings, or when the Board of Directors so requires,
      an account of all his transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be
      satisfactory to the Boards of Directors for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money
      and other property of whatever kind in his possession or under his control belonging to the Corporation.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assistant Secretaries</u>. Except as may be otherwise provided in these Bylaws, Assistant Secretaries, if there be any, shall perform such duties and have such powers as from time
      to time may be assigned to them by the Board of Directors, the Chief Executive Officer, any vice President, if there be one, or the Secretary, and in the absence of the Secretary or in the event of his disability or refusal to act, shall perform the
      duties of the Secretary, and when so acting, shall have all the powers of&#160; and be subject to all the restrictions upon the Secretary.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assistant Treasurers</u>. Assistant Treasurers, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of
      Directors, the Chief Executive Officer, any Vice President, if there be one, or the Treasurer, and in the absence of the Treasurer or in the event of his disability or refusal to act, shall perform the duties of the Treasurer, and when so acting,
      shall have all the powers of and be subject to all the restrictions upon the Treasurer. If required by the Board of Directors, an Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be
      satisfactory to the Board of Directors for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money
      and other property of whatever kind in his possession or under his control belonging to the Corporation.</div>
  </div>
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          <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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    <div style="text-align: justify; text-indent: 35.45pt;">4.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Controller</u>. The Controller shall establish and maintain the accounting records of the Corporation in accordance with generally accepted accounting principles applied on a
      consistent basis, maintain proper internal control of the assets of the Corporation and shall perform such other duties as the Board of Directors, the Chief Executive Officer or any Vice President of the Corporation may prescribe.</div>
  </div>
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    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other Officers</u>. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the
      Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Vacancies</u>. The Board of Directors shall have the power to fill any vacancies in any office occurring from whatever reason.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Resignations</u>. Any officer may resign at any time by submitting his written resignation to the Corporation. Such resignation shall take effect at the time of its receipt by
      the Corporation, unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">4.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Removal.&#160;</u>Subject to the provisions of any employment agreement approved by the Board of Directors, any officer of the Corporation may be removed at any time, with or without
      cause, by the Board of Directors.</div>
  </div>
  <div>
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    </div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE V</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CAPITAL STOCK</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Form of Certificates.</u>&#160; Shares of stock of the Corporation may be certified or uncertified, as provided under applicable law. All certificates shall be numbered and shall be
      entered into the book of the Corporation as they are issued. A certificate shall exhibit the holder&#8217;s name and number of shares and shall be signed, in the name of the Corporation (i) be the Chief Executive Officer or the President, and (ii) by the
      Treasurer or the Secretary of the Corporation, certifying the number of shares owned by him in the Corporation. These signatures may be facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar other than the
      Corporation itself or its employee.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Signatures</u>.&#160; In case an officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such
      officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the date of issue.</div>
  </div>
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    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">5.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lost Certificates</u>. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates therefore issued by the
      Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of
      Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or his legal representative, to advertise the same in such manner as the Board of Directors shall
      require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.</div>
  </div>
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  <div style="text-align: justify; text-indent: 35.45pt;">5.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfers</u>. Stock of the Corporation shall be transferable in the manner prescribed by law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation
    only by the person named in the certificate or by his attorney lawfully constituted in writing and upon the surrender of the certificate therefore, which shall be canceled before a new certificate shall be issued. Upon surrender to the Corporation or
    the transfer agent of the Corporation of a certificate of shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person
    entitled thereto, cancel the old certificate and record the transactions upon its books, unless the Corporation has a duty to inquire as to adverse claims with respect to such transfer which has not been discharged. The Corporation shall have no duty
    to inquire into adverse claims with respect to such transfer unless (a) the Corporation has received written notification of an adverse claim at a time and in a manner which affords the Corporation a reasonable opportunity to act on it prior to the
    issuance of a new, reissued or re-registered share certificate and the notification identifies the claimant, the registered owner and the issue of which the share or shares is a part and provides an address for communications directed to the claimant;
    or (b) the Corporation has required and obtained, with respect to a fiduciary, a copy of a will, trust, indenture, articles of co-partnership, Bylaws or other controlling instruments, for a purpose other than to obtain appropriate evidence of the
    appointment or incumbency of the fiduciary, and such documents indicate, upon reasonable inspection, the existence of an adverse claim. The Corporation may discharge any duty of inquiry by any reasonable means, including notifying an adverse claimant
    by registered or certified mail at the address furnished by him or, if there be no such address, at his address, at his residence or regular place of business that the security has been presented for registration of transfer by a named person, and that
    the transfer will be registered unless within thirty days from the date of mailing the notification, either&#160; (a) an appropriate restraining order, injunction or other process issues from a court of competent jurisdiction; or (b) an indemnity bond,
    sufficient in the Corporation&#8217;s judgment to protect the Corporation and any transfer agent, registrar or other agent of the Corporation involved from any loss which it or they may suffer by complying with the transfer claim, is filed with the
    Corporation.</div>
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  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">5.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fixing Record Date</u>. In order that the Corporation may determine the stockholders entitled to notice or to vote at any meeting of stockholders or any adjournment thereof, or to
      express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of
      stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record is adopted by the Board of Directors, and which record date
      shall not be more than sixty (60) nor less than fifteen (15) days before the date of such meeting, nor more than sixty (60) days prior to any other action. If no record date is fixed :</div>
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  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which
      notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.</div>
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  <div style="text-align: justify; text-indent: 35.45pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is necessary,
    shall be the first date on which a signed written consent is delivered to the Corporation.</div>
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    <div><br>
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  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The record date for determining stockholders foe any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.</div>
  </div>
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  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of
      Directors may fix a new record date for the adjourned meeting.</div>
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  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">5.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registered Stockholders</u>. Prior to due presentment for transfer of any share or shares, the Corporation shall treat the registered owner thereof as the person exclusively
      entitled to vote, to receive notifications and to all other benefits of ownership with respect to such share or shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other
      person, whether or not it shall have express or other notice thereof, expect as otherwise provided by the laws of the Marshall Islands.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE VI</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">NOTICES</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Form of Notice</u>. Notices to directors and stockholders other than notices to directors of special meetings of the Board of Directors which may be given by any means stated in
      Article III, Section 4, shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice by mail shall be deemed to be given at the time when the same shall
      be mailed. Notice to directors may also be given by telegram.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">6.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver of Notice</u>.&#160; Whenever at notice is required to be given under the provisions of law or the Articles of Incorporation or by these Bylaws of the Corporation, a written
      waiver, signed by the person or persons entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when
      the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose
      of, any regular, or special meeting of the stockholders, Directors, or members of a committee of Directors need be specified in any written waiver of notice unless so required by the Articles of Incorporation.</div>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">ARTICLE VII</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INDEMNIFICATION OF DIRECTORS AND OFFICERS</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 32.9pt; margin-left: 3.35pt;">&#160;</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether
      civil, criminal, administrative or investigative (other than an action by&#160; or in the right of the Corporation) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of
      the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys fees), judgments, fines and amounts paid in settlement actually and
      reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or nor opposed to the best interests of the Corporation, and, with respect to any criminal action
      or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
      create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or nor opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause
      to believe that his conduct was unlawful.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Corporation shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the
      Corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of
      another Corporation, partnership, joint venture, trust or other enterprise against expenses ( including attorneys&#8217; fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good
      faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged
      to be liable to the Corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such
      person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent that a director, officer, employee or agent of the Corporation has been successful on the merits or otherwise in defense of nay action, suit or proceeding referred to
      in Section 1 or 2 of this Article, or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or her in connection therewith.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any indemnification under the sections 1 or 2 of this Article (unless ordered by a court) shall be made by the Corporation only as authorizes in the specific case upon a
      determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in such section. Such determination shall be made :</div>
  </div>
  <br>
  <div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div id="DSPFPageHeader">
        <div><br>
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  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceedings, or</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By the stockholders.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Expenses (including attorneys&#8217; fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by
      the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be
      indemnified by the Corporation as authorized in this Section. Such expenses (including attorneys&#8217; fees) incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The indemnification and advancement of expenses provided by, or granted pursuant to the other sections of this Article shall not be deemed exclusive of any other rights to which
      those seeking indemnification or advancement of expense may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while
      holding such office.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was
      serving at the request of the Corporation as director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or
      arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this Article.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Article, references to &#8220;the Corporation&#8221; shall include, in addition to the resulting Corporation, any consistent Corporation (including any constituent of a
      constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer
      employee or agent of such constituent Corporation, or is or was serving at the request of such constituent Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise, shall
      stand in the same position under this Article with respect to the resulting or surviving Corporation as he would have with respect to such constituent Corporation if its separate existence had continued.</div>
  </div>
  <br>
  <div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">7.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Article, references to &#8220;other enterprises&#8221; shall include employee benefit plans; references to &#8220;fines&#8221; shall include any excise taxes assessed on a person with
    respect to any employee benefit plan; and references to &#8220;serving at the request of the Corporation&#8221; shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director,
    officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an
    employee benefit plan shall be deemed to have acted in a manner &#8220;not opposed to the best interests of the Corporation&#8221; as referred to in this Article.</div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The indemnification and advancement of expenses provided by, or granted pursuant to, this Article shall, unless otherwise provided when authorized or ratified, continue as to a
      person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No director or officer of the Corporation shall be personally liable to the Corporation or to any stockholder of the Corporation for monetary damages for breach of fiduciary duty as
      a director or officer, provided that this provision shall not limit the liability of a director or officer (i) for any breach of the director&#8217;s or the officer&#8217;s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in
      good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 28 (m) of the Business Corporations Act of Marshall Islands, or (iv) for any transaction from which the director or officer derived an improper
      personal benefit.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 35.45pt;">7.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any repeal or modification of this Article shall not adversely affect any rights to indemnification and to the advancement of expenses of a Director or officer of the Corporation
      existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 37.9pt; margin-left: 1.2pt;">&#160;</div>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE&#160;VIII</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">GENERAL PROVISIONS</div>
  </div>
  <div>
    <div style="text-align: justify;">&#160;</div>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reliance on Books and Records.</u>&#160;Each Director, each member of any committee designated by the Board of Directors, and each officer of the Corporation, shall, in the performance
    of his duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation, including reports made to the Corporation by any of its officers, by an independent certified public accountant, or by an
    appraiser selected with reasonable care.</div>
  <div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 35.45pt;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividends</u>.&#160; Subject to the provisions of the Articles of Incorporation, if any, dividends upon the capital stock of the Corporation may be declared by the Board of Directors at
    any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Articles of Incorporation. Before payment of any dividend, there mat be set aside out of
    any funds of the Corporation available for dividends such sum or sums as the Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or
    maintaining any property of the Corporation, or for such other purpose as the Directors shall think conducive to the interest of the Corporation, and the Directors may modify or abolish any such reserve in the manner in which it was created.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual Statement</u>. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full
    and clear statement of the business and condition of the Corporation.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Checks</u>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other persons as the Board of Directors may from time to
    time designate.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fiscal Year</u>. The fiscal year of the Corporation shall be as determined by the Board of Directors. If the Board of Directors shall fail to do so, the Chief Executive Officer
    shall fix the fiscal year.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Seal</u>. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words &#8220;Corporate Seal, Marshall Islands&#8221;. The seal may be
    used by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments</u>. The original or other Bylaws may be adopted, amended or repealed as provided in the Articles of Incorporation.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">8.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Interpretation of Bylaws</u>. All words, terms and provisions of these Bylaws shall be interpreted and defined by and in accordance with the General Corporation Law of the Marshall
    Islands, as amended, and as amended from time to time hereafter.</div>
  <div><br>
  </div>
  18<br>
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<DESCRIPTION>EXHIBIT 2.1
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        <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;" align="right"><b>Exhibit 2.1</b></p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;" align="center"><b>COMMON STOCK</b></p>
        <p style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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              <td valign="bottom">&#160;&#160;</td>
              <td align="right" valign="top"><b>CUSIP No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
                </b></td>
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              <td valign="top"><b>Certificate Number</b></td>
              <td valign="bottom">&#160;&#160;</td>
              <td align="right" valign="top"><b>Shares</b></td>
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        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;" align="center"><b>UNITED MARITIME CORPORATION</b></p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;" align="center"><b>FORMED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS</b></p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;">THIS CERTIFIES THAT _______________________________________</p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;">is the owner of<b>&#160;&#160;&#160;&#160;</b><b>_______________________________________________</b></p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;" align="center">FULLY-PAID AND&#160;<font style="white-space: nowrap;">NON-ASSESSABLE</font>&#160;SHARES OF COMMON STOCK, PAR VALUE $0.0001 PER SHARE, OF</p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><b><i>United Maritime Corporation (hereinafter called the &#8220;Company&#8221;)</i></b><i>, transferable on the books of the Company by the holder hereof in person or by duly authorized
            attorney upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all the provisions of the Articles of Incorporation, as amended, and Bylaws, as amended,
            of the Corporation, to all of which each holder, by acceptance hereof, assents.</i></p>
        <p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;">Witness the signatures of the duly authorized officers of the Company.</p>
        <p style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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              </td>
              <td width="62%"><br>
              </td>
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              <td valign="top">Dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;<br>
              </td>
              <td valign="bottom">&#160;&#160;</td>
              <td valign="top">[Affix Corporate Seal]</td>
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        <p style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
        <table style="border-collapse: collapse; font-family: 'Times New Roman'; font-size: 10pt;" id="zed12941c944a4a07818e110311d311ba" align="center" border="0" cellpadding="0" cellspacing="0" width="100%">

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              <td width="51%"><br>
              </td>
              <td valign="bottom" width="1%"><br>
              </td>
              <td width="48%"><br>
              </td>
            </tr>
            <tr style="break-inside: avoid;">
              <td valign="top">
                <p style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</p>
              </td>
              <td valign="bottom">&#160;&#160;</td>
              <td valign="top">
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        <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">UNITED MARITIME CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A FULL STATEMENT OF THE DESIGNATION, RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS OF EACH
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                <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em;"><i>represented by the within Certificate, and does hereby irrevocably constitute and appoint</i></p>
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            </tr>

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            </tr>

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            <tr>
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              <td valign="bottom" width="1%"><br>
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              <td width="14%"><br>
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              <td valign="top">SIGNATURE(S) GUARANTEED:</td>
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              <td valign="top"><br>
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            </tr>
            <tr style="break-inside: avoid;">
              <td valign="top">
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              <td valign="top"><br>
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              <td valign="top"><br>
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        <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;" align="center">2</p>
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>5
<FILENAME>ny20004194x3_ex2-2.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
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  <div style="text-align: right;">
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 2.2</font><br>
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  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">STATEMENT OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES A PARTICIPATING PREFERRED SHARES OF
      UNITED MARITIME CORPORATION</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The undersigned, [&#9679;] and [&#9679;]<font style="font-weight: bold;">&#160;</font>do
      hereby certify:</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">That they are the duly elected and acting Chief Executive Officer and [&#9679;], respectively, of United Maritime Corporation, a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;).</font></font></div>
    &#160;
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">That pursuant to the authority conferred by the Company&#8217;s Articles of Incorporation (the &#8220;Articles of Incorporation&#8221;), the Company&#8217;s Board of Directors on [&#9679;], 2022 adopted the following resolution designating and prescribing the relative rights, preferences and limitations of the Company&#8217;s Series A
          Participating Preferred Shares:</font></font></div>
    &#160;
    <div style="text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RESOLVED, that pursuant to the authority vested in the Board of Directors (the &#8220;<u>Board</u>&#8221;) of the Company by the Articles of Incorporation, the Board does hereby establish a series of Preferred Shares, par value $0.0001 per share, and the designation and certain powers,
      preferences and other special rights of the shares of such series, and certain qualifications, limitations and restrictions thereon, are hereby fixed as follows:</div>
    &#160;
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Section 1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Designation and Amount</u>.&#160;
          The shares of such series shall be designated as &#8220;<u>Series A Participating Preferred Shares</u>&#8221;.&#160; The Series A Participating Preferred Shares shall have a par value of $0.0001 per share, and the number of shares constituting such series shall initially be 2,000,000, which number the Board may
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    &#160;
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Proportional Adjustment</u>.&#160; In the event the Company shall at any time after the issuance of any share or shares of Series A Participating Preferred Shares (i) declare any dividend on the Common Shares of the Company par value $0.0001 per share (the &#8220;<u>Common Shares</u>&#8221;) payable in Common Shares, (ii) subdivide the
          outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series A
          Participating Preferred Shares.</font></font></div>
    &#160;
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Dividends and Distributions</u>.</font></font></div>
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    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Subject to the prior and superior right of the holders of any shares of any series of Preferred Shares ranking prior and
          superior to the shares of Series A Participating Preferred Shares with respect to dividends, the holders of shares of Series A Participating Preferred Shares shall be entitled to receive when, as and if declared by the Board out of funds legally
          available for the purpose, quarterly dividends payable in cash on the last day of January, April, July and October in each year (each such date being referred to herein as a &#8220;<u>Quarterly Dividend Payment Date</u>&#8221;), commencing on the first Quarterly Dividend Payment Date after
          the first issuance of a share or fraction of a share of Series A Participating Preferred Shares, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the
          aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by reclassification or otherwise), declared on the
          Common Shares since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Participating Preferred Shares.</font></font></div>
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    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">The Company shall declare a dividend or distribution on the Series A Participating Preferred Shares as provided in paragraph
          (a) above immediately after it declares a dividend or distribution on the Common Shares (other than a dividend payable in Common Shares).</font></font></div>
    &#160;
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Dividends shall begin to accrue on outstanding shares of Series A Participating Preferred Shares from the Quarterly Dividend
          Payment Date immediately preceding the date of issue of such shares of Series A Participating Preferred Shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case
          dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A
          Participating Preferred Shares entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid
          dividends shall not bear interest. Dividends paid on the shares of Series A Participating Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a
          share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A Participating Preferred Shares entitled to receive payment of a dividend or distribution
          declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</font></font></div>
    &#160;
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 4.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Voting Rights</u>.&#160; The
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    &#160;
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Each share of Series A Participating Preferred Shares shall entitle the holder thereof to 1,000 votes on all matters submitted
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    &#160;
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Except as otherwise provided herein or by law, the holders of shares of Series A Participating Preferred Shares and the
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    &#160;
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Except as required by law, holders of Series A Participating Preferred Shares shall have no special voting rights and their
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    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 5.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Certain Restrictions</u>.</font></font></div>
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    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for
          consideration any Common Shares after the first issuance of a share or fraction of a share of Series A Participating Preferred Shares unless concurrently therewith it shall declare a dividend on the Series A Participating Preferred Shares as
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    <div>&#160;</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Whenever quarterly dividends or other dividends or distributions payable on the Series A Participating Preferred Shares as
          provided in Section 3 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Participating Preferred Shares outstanding shall have been paid in full, the Company
          shall not (i) declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock&#160; ranking junior (either as to dividends or upon liquidation, dissolution or winding up)
          to the Series A Participating Preferred Shares; (ii) declare or pay dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series A
          Participating Preferred Shares, except dividends paid ratably on the Series A Participating Preferred Shares and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
          such shares are then entitled; (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Participating
          Preferred Shares, provided that the Company may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to&#160; dividends or upon dissolution,
          liquidation or winding up) to the Series A Participating Preferred Shares; (iv) purchase or otherwise acquire for consideration any shares of Series A Participating Preferred Shares, or any shares of stock ranking on a parity with the Series A
          Participating Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual
          dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.</font></font></div>
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    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of
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    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 6.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Reacquired Shares</u>.&#160;
          Any shares of Series A Participating Preferred Shares purchased or otherwise acquired by the Company in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation
          become authorized but unissued shares of Preferred Shares and may be reissued as part of a new series of Preferred Shares to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth
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    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 7.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Liquidation, Dissolution or Winding Up</u>.&#160; Upon any liquidation, dissolution or winding up of the Company, the holders of shares of Series A Participating Preferred Shares shall be entitled to receive an aggregate amount per share equal to 1,000 times the
          aggregate amount to be distributed per share to holders of Common Shares plus an amount equal to any accrued and unpaid dividends on such shares of Series A Participating Preferred Shares.</font></font></div>
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    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 8.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Consolidation, Merger, etc</u>.&#160; In case the Company shall enter into any consolidation, merger, combination or other transaction in which the Common Shares are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case
          the shares of Series A Participating Preferred Shares shall at the same time be similarly exchanged or changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in
          kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged.</font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 9.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>No Redemption</u>.&#160; The
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    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 10.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Ranking</u>.&#160; The Series A
          Participating Preferred Shares shall rank junior to all other series of the Company&#8217;s Preferred Shares as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.</font></font></div>
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    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 11.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Amendment</u>.&#160; The
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    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Section 12.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Fractional Shares</u>.&#160;
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    <div style="text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RESOLVED FURTHER, that the President or any Vice President and the Secretary or any Assistant Secretary of
      this Company be, and they hereby are, authorized and directed to prepare and file a Statement of Designation of Rights, Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such
      actions as they may deem necessary or appropriate to carry out the intent of the foregoing resolution.</div>
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    <div style="text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We further declare under penalty of perjury that the matters set forth in the foregoing Statement of
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    &#160;
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<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>6
<FILENAME>ny20004194x3_ex2-3.htm
<DESCRIPTION>EXHIBIT 2.3
<TEXT>
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    <div>
      <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 2.3</font><br>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">STATEMENT OF DESIGNATION OF RIGHTS, PREFERENCES</div>
      <div style="text-align: center;">&#160;AND PRIVILEGES OF SERIES B PREFERRED STOCK OF</div>
      <div style="text-align: center;">UNITED MARITIME CORPORATION</div>
      <div>&#160;</div>
      <div style="text-align: center;">(Pursuant to Section 35 of the Business Corporations Act of the Republic of the Marshall Islands)</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 48.95pt;">The Amended and Restated Articles of Incorporation, as amended, of United Maritime Corporation, a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;) confers
        upon the Board of Directors of the Corporation (the &#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221;) the authority to provide for the issuance of shares of preferred stock in series and to establish the number of shares to be included
        in each such series and to fix by resolution or resolutions the designations and the powers, preferences and relative, participating, optional or other rights and qualifications, limitations or restrictions thereon. On [<font style="font-family: Times New Roman">&#9679;</font>], 2022, the Board of Directors duly adopted the following resolution creating a series of preferred stock designated as the Series B Preferred Stock, comprised initially of 40,000 shares and such resolution has not been
        modified and is in full force and effect on the date hereof:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 48.95pt;">RESOLVED that, pursuant to the authority vested in the Board of Directors in accordance with the provisions of the Amended and Restated Articles of Incorporation of the Corporation, as amended,
        a series of the class of authorized preferred stock, par value $0.0001 per share, of the Corporation is hereby created and that the designation and number of shares thereof and the powers, preferences and relative, participating, optional or other
        rights and qualifications, limitations or restrictions thereon are as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Designation and Amount</u>.&#160; The Corporation, out of its authorized, unissued and undesignated shares of preferred stock, par value $0.0001 per share (the &#8220;<font style="font-weight: bold;">Preferred Stock</font>&#8221;), hereby designates Series B Preferred Shares, referred to herein as &#8220;Series B Preferred Shares&#8221;. The Series B Preferred Shares shall have a par value of $0.0001 per share, and the number of
        shares constituting such series shall initially be 40,000, which number the Board of Directors may increase or decrease (but not below the number of shares then outstanding) from time to time.</div>
      <div>&#160; <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends and Distributions</u>.&#160; Subject to Section 5, the Series B Preferred Shares shall not have dividend or distribution rights.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting Rights</u>.&#160; The holders of Series B Preferred Shares shall have the following voting rights:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">(a)&#160; Each Series B Preferred Share shall entitle the holder to 25,000 votes per share on all matters submitted to a vote of the shareholders of the
          Corporation, provided however, that no holder of Series B Preferred Shares may exercise voting rights pursuant to Series B Preferred Shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates
          (whether pursuant to ownership of Series B Preferred Shares, common shares or otherwise) to exceed 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Corporation. For purposes of this
          Section 3(a), a holder of Series B Preferred Shares shall include each &#8220;beneficial owner&#8221; of such Series B Preferred Share, as determined in accordance with Section 13d-3 of the Securities Exchange Act of 1934, as amended, together with any
          person or entity that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such beneficial owner.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">(b)&#160; Except as otherwise provided herein or by law, the holders of Series B Preferred Shares and the holders of Common Shares shall vote together as
          one class on all matters submitted to a vote of shareholders of the Corporation.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">(c)&#160; Except as required by law, holders of Series B Preferred Shares shall have no special voting rights and their consent shall not be required
          (except to the extent they are entitled to vote with holders of Common Shares as set forth herein) for taking any corporate action.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reacquired Shares</u>.&#160; Any Series B Preferred Shares purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and canceled promptly after
        the acquisition thereof.&#160; All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions of the Board
        of Directors, subject to the conditions and restrictions on issuance set forth herein and in the Amended and Restated Articles of Incorporation of the Corporation, as then amended.</div>
      <div>&#160;</div>
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      <div style="text-align: justify; text-indent: 36pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Liquidation, Dissolution or Winding Up; Ranking</u>. Upon any liquidation, dissolution or winding up of the Corporation, the Series B Preferred Shares will rank pari-passu
        with the holders of Common Shares and shall be entitled to receive a payment equal to the par value of $0.0001 per share. Holders of Series B Preferred Shares will have no other rights to distributions upon any liquidation, dissolution or winding
        up of the Corporation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consolidation, Merger, etc</u>.&#160; Subject to Section 8, upon any consummation of a binding share exchange or reclassification involving the Series B Preferred Shares, or of a
        merger or consolidation of the Corporation with another corporation or other entity, then either (x) the shares of Series B Preferred Shares shall remain outstanding or, (y) in the case of any such merger or consolidation with respect to which the
        Corporation is not the surviving or resulting entity, then the Series B Preferred Shares shall be converted into or exchanged for preferred securities of the surviving or resulting entity or its ultimate parent, and in either case of (x) or (y)
        such shares remaining outstanding or such preferred securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the
        holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions thereof, of Series B Preferred Shares immediately prior to such consummation, taken as a whole; provided, however, that for all purposes of
        this Section 6, any increase in the authorized number of shares of Preferred Stock, including any increase in the authorized number of Series B Preferred Shares, will not be deemed to adversely affect the rights, preferences, privileges or voting
        powers of the holders of Series B Preferred Shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>No Redemption</u>.&#160; The Series B Preferred Shares shall not be redeemable.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 8.&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>Amendment</u>.&#160; At any time when any Series B Preferred Shares are outstanding, none of this Statement of Designation, the Amended and Restated Articles of Incorporation of
        the Corporation, as amended, or the Bylaws, as amended, of the Corporation shall be amended (including by merger, consolidation or otherwise) in any manner which would materially or adversely alter, change or affect the powers, preferences or
        rights of the Series B Preferred Shares without the affirmative vote of the holders of a majority of the outstanding Series B Preferred Shares, voting separately as a class.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transferability</u>. Notwithstanding anything to the contrary in this Statement of Designation, holders of Series B Preferred Shares shall not Transfer (as defined below) the
        Series B Preferred Shares to any person or entity. Any purported Transfer of the Series B Preferred Shares shall be null and void and shall have no force or effect. &#8220;Transfer&#8221; shall mean directly or indirectly (i) any sale, assignment, encumbrance,
        hypothecation, pledge, conveyance in trust, gift or other transfer or disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the
        benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of Series B Preferred Shares or (ii) any change in the record or beneficial ownership of the Series B Preferred Shares after the date of their issuance, in each
        case that is not approved in advance by the Board of Directors; and provided, however, that notwithstanding anything to the contrary in this Statement of Designation under no circumstances may more than one person or entity, at any time, be a
        record holder of any Series B Preferred Shares, and all issued and outstanding Series B Preferred Shares must be held of record by one holder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractional Shares</u>.&#160; Series B Preferred Stock may not be issued in fractional shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#160; Any notice to be delivered hereunder shall be delivered (via overnight courier, facsimile or email) to each holder at its last address as it shall appear upon
        the books and records of the Corporation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Record Holders</u>.<font style="font-weight: bold;">&#160; </font>To the fullest extent permitted by applicable law, the Corporation may deem and treat each holder of any Series
        B Preferred Share as the true, lawful and absolute owner thereof for all purposes, and the Corporation shall not be affected by any notice to the contrary.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Other Rights</u>.&#160; The Series B Preferred Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or
        qualifications, limitations or restrictions thereof, other than as set forth in this Statement of Designation or in the Amended and Restated Articles of Incorporation of the Corporation, as amended, or as provided by applicable law.</div>
      <div>&#160;</div>
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      <div style="text-align: justify; text-indent: 36pt;">Section 14.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Impairment</u>.&#160; The Corporation shall not, by amendment of this Statement of Designation, through any reorganization, transfer of assets, consolidation, merger,
        dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid or reduce the observance or performance of any of the terms to be observed or performed under this Statement of Designation by the Corporation, but shall
        at all times in good faith assist in the carrying out of all the provisions of this Statement of Designation and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holders of the Series B
        Preferred Shares against impairment.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Lost or Stolen Certificates</u>. Upon receipt by the Corporation of evidence of the loss, theft, destruction or mutilation of any Series B Preferred Share certificate (if
        any), and (in the case of loss, theft or destruction) of indemnity or security reasonably satisfactory to the Corporation, and upon surrender and cancellation of the Series B Preferred Share certificate(s), if any, the Corporation shall execute and
        deliver new Series B Preferred Share certificate(s) of like tenor and date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Maturity</u>.&#160; The Series B Preferred Shares shall be perpetual, unless purchased or otherwise acquired by the Corporation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 17.&#160;&#160;&#160;&#160;&#160;&#160; <u>No Preemptive Rights</u>.&#160; No holders of Series B Preferred Shares will, as holders of Series B Preferred Shares, have any preemptive rights to purchase or subscribe for
        Common Shares or any other security of the Corporation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability; Headings</u>.&#160; If any provision of this Statement of Designation is invalid, illegal or unenforceable, the balance of this Statement of Designation shall
        remain in effect, and if any provision is inapplicable to any person, entity or circumstance, it shall nevertheless remain applicable to all other persons, entities and circumstances.&#160; Headings in this Statement of Designation are for convenience
        of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-style: italic;">[Signature Page Follows]</div>
      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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      </div>
      <div style="text-indent: 36pt;">IN WITNESS WHEREOF, this Statement of Designation is executed on behalf of the Corporation by its Secretary on this [<font style="font-family: Times New Roman">&#9679;</font>] day of [<font style="font-family: Times New Roman">&#9679;</font>], 2022.</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">&#160; <br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">&#160; <br>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;
        <div style="text-align: center; color: rgb(0, 0, 0);">Signature Page to Statement of Designation &#8211; Series B Preferred</div>
        <div style="text-align: center; color: rgb(0, 0, 0);"> <br>
        </div>
      </div>
      <div>
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<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>7
<FILENAME>ny20004194x3_ex2-4.htm
<DESCRIPTION>EXHIBIT 2.4
<TEXT>
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    <div style="font-weight: bold; text-align: right;">Exhibit 2.4<br>
    </div>
    <div><font style="font-weight: bold;"> </font><br>
    </div>
    <div>
      <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">OF</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">6.5% SERIES C CUMULATIVE CONVERTIBLE PERPETUAL PREFERRED SHARES</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">OF</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">UNITED MARITIME CORPORATION</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Pursuant to Section 35 of the Business Corporations Act of the Republic of the Marshall Islands)</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;">The Articles of Incorporation of United Maritime Corporation, a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;)

        confers upon the Board of Directors of the Corporation (the &#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221;) the authority to provide for the issuance of shares of preferred stock in series and to establish the number of shares to be
        included in each such series and to fix by resolution or resolutions the designations and the powers, preferences and relative, participating, optional or other rights and qualifications, limitations or restrictions thereon. On [&#9679;], 2022, the Board
        of Directors duly adopted the following resolution creating a series of preferred stock designated as the 6.5% Series C Cumulative Convertible Perpetual Preferred Shares, comprised initially of 5,000 shares and such resolution has not been modified
        and is in full force and effect on the date hereof:</div>
      <div style="text-align: justify; text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;">RESOLVED that, pursuant to the authority vested in the Board of Directors in accordance with the provisions of the Articles of Incorporation of the
        Corporation, a series of the class of authorized preferred stock, par value $0.0001 per share, of the Corporation is hereby created and that the designation and number of shares thereof and the powers, preferences and relative, participating,
        optional or other rights and qualifications, limitations or restrictions thereon are as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 1.</font>&#160;&#160;&#160; &#160; &#160; </div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Designation</u>.&#160; The Corporation, out of its authorized, unissued and undesignated shares of preferred
          stock, par value $0.0001 per share (the &#8220;<font style="font-weight: bold;">Preferred Stock</font>&#8221;), hereby designates 6.5% Series C Cumulative Convertible Perpetual Preferred Shares, referred to herein as &#8220;<font style="font-weight: bold;">Series
            C Preferred Shares</font>.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Amount.</u>&#160; The Series C Preferred Shares shall have a par value of $0.0001 per share, and the number of
          shares constituting such series shall initially be 5,000, which number the Board may increase or decrease (but not below the number of shares then outstanding) from time to time.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u></u></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Dividends and Distributions</u>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"> Dividends</font>. Dividends on the Series C Preferred Shares shall be
          cumulative and shall accrue at the Dividend Rate from the Original Issue Date (or, for any subsequently issued and newly outstanding stock, from the Dividend Payment Date immediately preceding the issuance date of such stock) until such time as
          the Corporation pays the dividend or redeems the stock in full in accordance with Section 6 below, whether or not such dividends shall have been declared, and whether or not there are profits, surplus, or other funds legally available for the
          payment of dividends. Holders of Series C Preferred Shares shall be entitled to receive dividends from time to time out of any assets of the Corporation legally available for the payment of dividends at the Dividend Rate per share, when, as, and
          if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Corporation in accordance with this Statement of Designation, shall be paid quarterly on each Dividend Payment Date. Dividends shall accumulate in each
          Dividend Period from and including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding the applicable next Dividend Payment Date for such Dividend Period.&#160; If any Dividend Payment Date otherwise
          would fall on a day that is not a Business Day, declared dividends shall be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series C Preferred Shares shall be payable based on a
          360-day year consisting of twelve 30-day months. The Dividend Rate is not subject to adjustment.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;">Holders of Series C Preferred Shares shall receive preferential cumulative quarterly dividends payable in cash or, at the election of the Corporation, in PIK Shares, on each Dividend Payment Date,
        commencing on the first Dividend Payment Date after the first issuance of a Series C Preferred Share, in either a cash amount per share equal to the product of the Liquidation Preference and the Dividend Rate for the applicable period (the &#8220;<font style="font-weight: bold;">Dividend Amount</font>&#8221;) or, at the election of the Corporation, in an amount of PIK Shares for each outstanding Series C Preferred Share equal to the Dividend Amount divided by the Original Issue Price (the &#8220;<font style="font-weight: bold;">PIK Share Amount</font>&#8221;).</div>
      <div><br>
      </div>
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      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Payment and Priorities of Dividends</font>. Not later than 5:00 p.m., New York
          City time, on each Dividend Payment Date, the Corporation shall pay those dividends, if any, on the Series C Preferred Shares that shall have been declared by the Board of Directors to the Holders of record of such shares as such Holders&#8217; names
          appear on the stock transfer books of the Corporation maintained by the Registrar and Transfer Agent on the applicable record date (the &#8220;<font style="font-weight: bold;">Record Date</font>&#8221;), being the Business Day immediately preceding the
          applicable Dividend Payment Date, except that in the case of payments of dividends in arrears, the Record Date with respect to a Dividend Payment Date shall be such date as may be designated by the Board of Directors in accordance with the
          Corporation&#8217;s Bylaws and this Statement of Designation. No dividend shall be declared or paid or set apart for payment on any Junior Stock (other than a dividend payable solely in shares of Junior Stock) unless full cumulative dividends have been
          or contemporaneously are being paid or provided for on all outstanding Series C Preferred Shares and any Parity Stock for all prior and the then-ending Dividend Periods.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;">In the event that full cumulative dividends on the Series C Preferred Shares and any Parity Stock shall not have been paid or declared and set apart for payment, the Corporation shall not be
        permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series C Preferred Shares or Parity Stock except pursuant to a purchase or exchange offer made on the same terms to all holders of Series C Preferred Shares and any
        Parity Stock. The Corporation shall not be permitted to redeem, repurchase or otherwise acquire any Common Stock or any other Junior Stock unless full cumulative dividends on the Series C Preferred Shares and any Parity Stock for all prior and the
        then-ending Dividend Periods shall have been paid or declared and set apart for payment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;">Accumulated dividends in arrears for any past Dividend Period may be declared by the Board of Directors and paid on any date fixed by the Board of Directors, whether or not a Dividend Payment Date,
        to Holders of the Series C Preferred Shares on the record date for such payment, which may not be more than 60 days, nor less than 5 days, before such payment date. Subject to the next succeeding sentence, if all accumulated dividends in arrears on
        all outstanding Series C Preferred Shares and any Parity Stock shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been set apart, payment of accumulated dividends in arrears on the Series C
        Preferred Shares and any such Parity Stock shall be made in order of their respective Dividend Payment Dates, commencing with the earliest. If less than all dividends payable with respect to all Series C Preferred Shares and any Parity Stock are
        paid, any partial payment shall be made pro rata with respect to the Series C Preferred Shares and any Parity Stock entitled to a dividend payment at such time in proportion to the aggregate dividend amounts remaining due in respect of such shares
        at such time. Holders of the Series C Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. No interest or sum of money in lieu of interest shall be payable in
        respect of any dividend payment which may be in arrears on the Series C Preferred Shares.&#160; Dividends shall be paid by check mailed to the registered address of the Holder, unless, in any particular case, the Corporation elects to pay by wire
        transfer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Liquidation Rights</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Liquidation Event</font>. Upon the occurrence of any Liquidation Event,
          Holders of Series C Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to stockholders of the Corporation, (i) after satisfaction of all liabilities, if any,
          to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Stock then outstanding in respect of such Liquidation Event, (iii) concurrently with any
          applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Stock then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set
          aside for the holders of Common Stock and any other classes or series of Junior Stock as to such distribution, a liquidating distribution or payment in full redemption of such Series C Preferred Shares in an amount initially equal to $1,000.00
          per share in cash, plus an amount equal to accumulated and unpaid dividends thereon to the date fixed for payment of such amount (whether or not declared) (the &#8220;<font style="font-weight: bold;">Liquidation Preference</font>&#8221;). For purposes of
          clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Stock shall be entitled to receive the applicable liquidation preference on such Senior Stock before any distribution shall be made to the Holders
          of the Series C Preferred Shares or any Parity Stock and (y) the Holders of outstanding Series C Preferred Shares shall be entitled to the Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity
          Stock and before any distribution shall be made to the holders of Common Stock or any other Junior Stock. Holders of Series C Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such
          stock, after they have received the Liquidation Preference. The payment of the Liquidation Preference shall be a payment in redemption of the Series C Preferred Shares such that, from and after payment of the full Liquidation Preference, any such
          Series C Preferred Shares shall thereafter be cancelled and no longer be outstanding.</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Partial Payment</font>. In the event that the distribution or payment
          described in Section 4(a) above where the Corporation&#8217;s assets available for distribution to holders of the outstanding Series C Preferred Shares and any Parity Stock are insufficient to permit payment of all required amounts, the Corporation&#8217;s
          then remaining assets or proceeds thereof legally available for distribution to stockholders of the Corporation shall be distributed among the Series C Preferred Shares and any Parity Stock, as applicable, ratably on the basis of their relative
          aggregate liquidation preferences. To the extent that the Holders of Series C Preferred Shares receive a partial payment of their Liquidation Preference, such partial payment shall reduce the Liquidation Preference of their Series C Preferred
          Shares, but only to the extent of such amount paid.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-style: italic;">Residual Distributions</font>. After payment of all required amounts
          to the Holders of the outstanding Series C Preferred Shares and any Parity Stock, the Corporation&#8217;s remaining assets and funds shall be distributed among the holders of the Common Stock and any other Junior Stock then outstanding according to
          their respective rights.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u></u></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman',Times,serif;"><u>Voting Rights</u>.&#160;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">General</font>. The Series C Preferred Shares shall have no voting rights
          except as set forth in this Section 5 or as otherwise provided by Marshall Islands law.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-style: italic;"></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Voting Rights</font></div>
      <div><br>
      </div>
      <div style="margin: 0px 0px 0px 65pt; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;">Unless the Corporation shall have received the affirmative vote or consents of the Holders of at least
          two-thirds of the outstanding Series C Preferred Shares, voting as a single class, the Corporation may not adopt any amendment to the Articles of Incorporation that adversely alters the preferences, powers or rights of the Series C Preferred
          Shares.</font></div>
      <div><br>
      </div>
      <div style="margin: 0px 0px 0px 65pt; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;">Unless the Corporation shall have received the affirmative vote or consent of the Holders of at least two-thirds
          of the outstanding Series C Preferred Shares, voting as a class together with holders of any other Parity Stock upon which like voting rights have been conferred and are exercisable, the Corporation may not (x) issue any Parity Stock if the
          cumulative dividends payable on outstanding Series C Preferred Shares are in arrears or (y) create or issue any Senior Stock.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Voting Power</font>. For any matter described in this Section 5 in which the
          Holders of the Series C Preferred Shares are entitled to vote as a class, such Holders shall be entitled to one vote in respect of each $1,000.00 in liquidation preference held by them. Any Series C Preferred Shares held by the Corporation or any
          of its subsidiaries or Affiliates shall not be entitled to vote</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">No Vote or Consent in Other Cases</font>. Except as required by law or as set
          forth herein, Holders of Series C Preferred Shares shall have no special voting rights and their consent shall not be required for taking any corporate action. No vote or consent of Holders of Series C Preferred Shares shall be required for (i)
          the creation or incurrence of any indebtedness, (ii) the authorization or issuance of any Common Stock or other Junior Stock or (iii) except as expressly provided in paragraph (b)(2) above, the authorization or issuance of any Preferred Stock of
          the Corporation.</font></div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;"> </font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"> </font> </div>
      <div style="text-indent: 36pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u></u></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Rank</u></font>.&#160; The Series C Preferred Shares shall be deemed to rank with respect to dividend
        distributions and distributions upon a Liquidation Event:</div>
      <br>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Seniority</font>.&#160; Senior to (i) all classes of Common Stock, (ii) if issued,
          any Series A Participating Preferred Stock and any Series B Preferred Stock and (iii) any other class or series of capital stock established after the Original Issue Date, the terms of which expressly provide that it is made junior to the Series
          C Preferred Shares or any Parity Stock as to the payment of dividends and amounts payable upon any Liquidation Event (collectively referred to with the Corporation&#8217;s Common Stock as &#8220;<font style="font-weight: bold;">Junior Stock</font>&#8221;);</font></div>
      <div><br>
      </div>
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      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"></font></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Parity</font>. Equal with any class or series of capital stock established
          after the Original Issue Date, the terms of which are not expressly subordinated or senior to the Series C Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (referred to as &#8220;<font style="font-weight: bold;">Parity Stock</font>&#8221;); and</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Junior</font>. Junior to any class or series of capital stock established
          after the Original Issue Date, the terms of which expressly provide that it ranks senior to the Series C Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (referred to as &#8220;<font style="font-weight: bold;">Senior Stock</font>&#8221;), and to all of our indebtedness and other liabilities, including trade payables.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 65pt;">The Corporation may issue additional Common Stock, additional Series C Preferred Shares and Junior Stock and, subject to Section 5(b)(2) of this Statement of Designation, Parity Stock or Senior
        Stock from time to time in one or more series without the consent of the holders of the Series C Preferred Shares. The Board of Directors has the authority to determine the preferences, powers, qualifications, limitations, restrictions and special
        or relative rights or privileges, if any, of any such Series C Preferred Shares before the issuance of any shares of that series. The Board of Directors shall also determine the number of shares constituting each series of securities.</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 36pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-weight: bold;">Definitions.&#160;</font>As used herein with respect to the Series C Preferred Shares: </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Affiliate</font>&#8221;<font style="font-style: italic;">&#160;</font>means, in regard to a specified Person, a Person that directly, or
          indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition, &#8220;<font style="font-style: italic;">control</font>&#8221;<font style="font-style: italic;">&#160;</font>(including

          the terms&#160;<font style="font-style: italic;">controlling, controlled by&#160;</font>and&#160;<font style="font-style: italic;">under common control with)&#160;</font>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 the ownership of voting securities, by contract, or otherwise.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Articles of Incorporation</font>&#8221; means the amended and restated articles of incorporation of the Corporation, as they may be amended
          from time to time in a manner consistent with this Statement of Designation, and shall include this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">BCA</font>&#8221; means the Business Corporations Act of the Republic of the Marshall Islands.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Board of Directors</font>&#8221; means the board of directors of the Corporation or, to the extent permitted by the Articles of
          Incorporation and the BCA, any authorized committee thereof.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Business Day</font>&#8221; means a day on which The New York Stock Exchange is open for trading and which is not a Saturday, a Sunday or
          other day on which banks in New York City are authorized or required by law to close.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Bylaws</font>&#8221; means the bylaws of the Corporation, as they may be amended from time to time.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Common Stock</font>&#8221; means the common stock of the Corporation, par value $0.0001 per share, and any other outstanding class of
          common stock of the Corporation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Conversion Price</font>&#8221; means $9.00, subject to adjustment as contemplated in Section 10(b) hereof.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Company</font>&#8221; has the meaning set forth in the introductory paragraph of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Dividend Payment Date</font>&#8221; means each January 15, April 15, July 15 and October 15 of each year, commencing October 15, 2022.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Dividend Period</font>&#8221; means a period of time commencing on and including a Dividend Payment Date (other than the initial Dividend
          Period, which shall commence on and include the Original Issue Date) and ending on and including the calendar day next preceding the next Dividend Payment Date.</div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Dividend Rate</font>&#8221; means a rate equal to 6.5% per annum of the Liquidation Preference per share of Series C Preferred Shares.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Effective Price</font>&#8221; of shares of Common Stock shall mean the quotient determined by dividing the total number of shares of Common
          Stock issued or sold, or deemed to have been issued or sold by the Corporation under Section 10(b)(iii) hereof, into the Aggregate Consideration received, or deemed to have been received by the Corporation for such issue under Section 10(b)(iii)
          hereof, for such shares of Common Stock. In the event that the number of shares of Common Stock or the Effective Price cannot be ascertained at the time of issuance, such shares of Common Stock shall be deemed issued immediately upon the
          occurrence of the first event that makes such number of shares or the Effective Price, as applicable, ascertainable.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Excluded Shares</font>&#8221; means any shares of Common Stock issued or issuable by the Corporation: (A) to directors, officers, employees
          and consultants under any stock incentive plan or similar plan or arrangement approved by the Board of Directors; (B) in respect of a conversion of the Series C Preferred Shares in accordance herewith; (C) pursuant to a stock split, stock
          dividend, reorganization or recapitalization applicable to all of the shares of Common Stock of the Corporation; or (D) pursuant to a transaction that the Initial Holder agrees shall be deemed to be an issuance of Excluded Shares.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Fair Market Value</font>&#8221; means the 30-Trading Day trailing VWAP of the Common Stock (as adjusted to take into account any offering
          expenses, such as underwriting discounts and expenses (but not including discounts to the VWAP), that are customary for the type of offering being conducted by the Corporation).</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Fundamental Change</font>&#8221; means the occurrence of a liquidation, dissolution or winding up of the affairs of the Corporation,
          whether voluntary or involuntary, or a sale of all or substantially all of the assets, property or business of the Corporation individually or in a series of transactions, or a change of control of the Corporation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Holder</font>&#8221; means the Person in whose name the Series C Preferred Shares is registered on the stock register of the Corporation
          maintained by the Registrar and Transfer Agent.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Initial Holder</font>&#8221; means Seanergy Maritime Holdings Corp. and/or its Affiliates.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Junior Stock</font>&#8221; has the meaning set forth in Section 6(a) of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Liquidation Event</font>&#8221; means the occurrence of a liquidation, dissolution or winding up of the affairs of the Corporation, whether
          voluntary or involuntary, or a sale of all or substantially all of the assets, property or business of the Corporation individually or in a series of transactions, or a change of control of the Corporation. A consolidation or merger of the
          Corporation with or into any other Person, individually or in a series of transactions, shall not be deemed a Liquidation Event.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Liquidation Preference</font>&#8221; has the meaning set forth in Section 4(a) of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Officer&#8217;s Certificate</font>&#8221; means a certificate signed by the Corporation&#8217;s Chief Executive Officer or the Chief Financial Officer
          or another duly authorized officer.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Optional</font>&#160;<font style="font-style: italic;">Conversion Price</font>&#8221; means the lesser of (i) the Conversion Price and (ii) the
          10-Trading Day trailing VWAP of the Common Stock.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Original Issue Date</font>&#8221; means [&#9679;], 2022.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Original Issue Price</font>&#8221; means $1,000.00 per share for each Series C Preferred Share (as adjusted for any stock dividends, stock
          splits, combinations, recapitalizations, reclassifications or other similar events with respect to the Series C Preferred Shares).</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Parity Stock</font>&#8221; has the meaning set forth in Section 6(b) of this Statement of Designation.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Paying Agent</font>&#8221; means the Corporation, acting in its capacity as paying agent for the Series C Preferred Shares, and its
          respective successors and assigns or any other payment agent appointed by the Corporation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Person</font>&#8221; means a legal person, including any individual, Company, estate, partnership, joint venture, association, joint-stock
          company, limited liability company, trust or entity.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">PIK Share Amount</font>&#8221; has the meaning set forth in Section 3(a) of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">PIK Shares</font>&#8221; shall mean Series C Preferred Shares issued to Holders in lieu of cash dividends in accordance with this Statement
          of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Preferred Stock</font>&#8221; means any of the Corporation&#8217;s capital stock, however designated, which entitles the holder thereof to a
          preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation&#8217;s affairs, over shares of the Common Stock.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Record Date</font>&#8221; has the meaning set forth in Section 3(b) of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">
          <div>
            <div><br>
            </div>
            <div>&#8220;<font style="font-style: italic;">Redemption Date</font>&#8221; has the meaning set forth in Section 11(a) of this Statement of Designation.</div>
            <div> <br>
              </div>
            <div>&#8220;<font style="font-style: italic;">Redemption Notice</font>&#8221; has the meaning set forth in Section 11(b) of this Statement of Designation.</div>
            <div> <br>
              </div>
            <div>&#8220;<font style="font-style: italic;">Redemption Price</font>&#8221; has the meaning set forth in Section 11(a) of this Statement of Designation.</div>
            <div><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Registrar</font>&#8221; means the Corporation, acting in its capacity as registrar for the Series C Preferred Shares, and its successors
          and assigns or any other registrar appointed by the Corporation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Preferred Shares</font>&#8221; means any of the Corporation&#8217;s preferred stock, par value $0.0001 per share, however designated, which
          entitles the holder thereof to one or more preferences over shares of the Corporation&#8217;s Common Stock.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Senior Stock</font>&#8221; has the meaning set forth in Section 7(c) of this Statement of Designation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Series A Participating Preferred Stock</font>&#8221; means the Corporation&#8217;s Series A Participating Preferred Stock as provided for in the
          Corporation&#8217;s Stockholders Rights Agreement.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Series C Preferred Shares</font>&#8221; has the meaning set forth in Section 1 of this Statement of Designation..</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Statement of Designation</font>&#8221; means this Statement of Designation relating to the Series C Preferred Shares, as it may be amended
          from time to time in a manner consistent with this Statement of Designation, the Articles of Incorporation and the BCA.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Trading Day</font>&#8221; means any day on which the Common Stock is traded on the principal securities exchange or securities market on
          which the Common Stock is then traded; provided that &#8220;Trading Day&#8221; shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock 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).</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">Transfer Agent</font>&#8221;<font style="font-style: italic;">&#160;</font>means Computershare Inc., acting in its capacity as transfer agent
          for the Series C Preferred Shares, and its respective successors and assigns or any other transfer agent appointed by the Corporation.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-style: italic;">VWAP</font>&#8221; means volume-weighted average price of the Common Stock.</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">For all purposes relevant to this Statement of Designation: the terms defined in the singular have a comparable meaning when used in the plural and vice versa; whenever
          the words &#8220;include,&#8221; &#8220;includes,&#8221; or &#8220;including&#8221; are used, they are deemed followed by the words &#8220;without limitation;&#8221; all references to number of shares, amounts per share, prices, and the like shall be subject to appropriate adjustment for stock
          splits, stock combinations, stock dividends and similar events; and, except as otherwise set forth in this Statement of Designation, if any event under this Statement of Designation occurs on a day that is not a Business Day, such event shall be
          deemed to occur on the first Business Day after such date.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u><br>
          </u></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Fractional Shares</u>.&#160; Series C Preferred Shares may not be issued in fractional shares.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u></u></font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Reacquired Shares</u>.&#160; Any Series C Preferred Shares purchased or otherwise acquired by the Corporation in any manner whatsoever
          shall be retired and canceled promptly after the acquisition thereof.&#160; All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be
          created by resolution or resolutions of the Board of Directors of the Corporation, subject to the conditions and restrictions on issuance set forth herein and in the Articles of Incorporation of the Corporation, as then amended.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u></u></font></div>
      <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Conversion</u><font style="font-weight: bold;">.&#160;</font>The Series C Preferred Shares shall not be
          convertible into Common Stock or other of the Corporation&#8217;s securities and shall not have exchange rights or be entitled or subject to any preemptive or similar rights, except as provided in this Section 10.</font></div>
      <div>
        <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">(a)&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
        <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Optional Conversion</font>. Each Holder of Series C Preferred Shares may
            elect to convert its Series C Preferred Shares, in whole or in part, into shares of Common Stock (i) at any time on or after the first anniversary of the original issue date of the Series C Preferred Shares and (ii) at any time upon a
            Fundamental Transaction of the Corporation, in each case at the Optional Conversion Price then in effect; provided, however, that except in the case of a Fundamental Change, the Holder may not convert its Series C Preferred Shares into shares
            of Common Stock if, after giving effect to such attempted conversion, the Holder would beneficially own greater than 29.9% of the outstanding shares of Common Stock.</font></div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 65pt;">For purposes of this Section 10(a), &#8220;affiliate&#8221; shall have the meaning as defined in Rule 144(a)(3) under the Securities Act of 1933, as amended, and
          &#8220;beneficial ownership&#8221; shall be determined in accordance with Section 13 of the Securities Exchange Act of 1934, as amended.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
        <div style="margin: -12pt 0px 0px; text-align: justify; text-indent: 1.25in;"><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Adjustment of Conversion Price as Result of Certain Corporate Actions</font>.
            The Conversion Price in effect at any time shall be adjusted as follows:</font></div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(i)&#160; If the Corporation shall, at any time or from time to time, effect a subdivision or split of the outstanding Common Stock, the Conversion Price
          in effect immediately before such subdivision or split shall be proportionately decreased and, conversely, if the Corporation shall, at any time or from time to time, effect a combination of the outstanding Common Stock, the Conversion Price in
          effect immediately before such combination shall be proportionately increased. Any adjustment under this Section 10(b)(i) shall become effective at the close of business on the date of the applicable subdivision, split or combination.</div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(ii)&#160; In the event that the Corporation shall, at any time or from time to time, make or issue to all holders of shares of Common Stock, a dividend
          or other distribution payable in shares of Common Stock, then the Conversion Price in effect shall be decreased as of the time of such issuance in accordance with the following formula:</div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5dd054dd250c40ed9e227bdc9fc7f8cc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 32.88%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 8.47%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 2.59%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 7.43%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 20.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">O</div>
            </td>
            <td style="width: 27.71%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.88%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 8.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">C<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">1</sub></div>
            </td>
            <td style="width: 2.59%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">=</div>
            </td>
            <td style="width: 7.43%; vertical-align: middle;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">C x</div>
            </td>
            <td style="width: 20.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">----------------</div>
            </td>
            <td style="width: 27.71%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.88%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 8.47%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 2.59%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 7.43%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 20.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">O + N</div>
            </td>
            <td style="width: 27.71%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.88%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 8.47%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 2.59%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 7.43%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 20.93%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 27.71%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.88%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 8.47%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;where:</div>
            </td>
            <td style="width: 2.59%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 7.43%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 20.93%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 27.71%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za9954f3cc27d4360a986dc201f282bc6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 23%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 10.37%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">C<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">1 =</sub></div>
            </td>
            <td style="width: 43.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The adjusted Conversion Price.</div>
            </td>
            <td style="width: 23.38%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 10.37%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">C =</div>
            </td>
            <td style="width: 43.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The current Conversion Price.</div>
            </td>
            <td style="width: 23.38%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 10.37%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">O =</div>
            </td>
            <td style="width: 43.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The number of shares of Common Stock outstanding immediately prior to the applicable issuance.</div>
            </td>
            <td style="width: 23.38%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 10.37%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">N =</div>
            </td>
            <td style="width: 43.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The number of additional shares of Common Stock issued in payment of such dividend or distribution.</div>
            </td>
            <td style="width: 23.38%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(iii)&#160; In the event that the Corporation shall, at any time or from time to time, offer shares of Common Stock (other than Excluded Shares) in a
          non-public offering (or in a public offering in which more than 50% of such public offering is subscribed to by Affiliates of the Corporation) in which the Common Stock is sold at a price less than Fair Market Value, then the Conversion Price
          shall be reduced (but not increased) to an amount determined by multiplying the Conversion Price by a fraction (x) the numerator of which shall be (A) the number of shares of Common Stock deemed outstanding (as determined in the following
          sentence) immediately prior to such issue or sale, plus (B) the number of shares of Common Stock which the Aggregate Consideration received or deemed received by the Corporation for the total number of additional shares of Common Stock so issued
          would purchase at such then-existing Conversion Price, and (y) the denominator of which shall be the number of shares of Common Stock deemed outstanding (as determined in the following sentence) immediately prior to such issue or sale plus the
          total number of additional shares of Common Stock so issued.&#160; For the purposes of the preceding sentence, the number of shares of Common Stock deemed to be outstanding as of a given date shall be the sum of (I) the number of shares of Common
          Stock outstanding, (II) the number of shares of Common Stock into which the then-outstanding Series C Preferred Shares could be converted if fully converted on the day immediately preceding the given date, and (III) the number of shares of Common
          Stock which are issuable upon the exercise or conversion of all other rights, options and Convertible Securities outstanding on the day immediately preceding the given date. In addition, any issuance of additional Series C Preferred Shares shall
          not cause an adjustment of the Conversion Price under this Section 10(b)(iii).</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">An adjustment made pursuant to this Section 10(b)(iii) shall be made on the next Business Day following the date on which any such issuance or sale
          is made and shall be effective retroactively to the close of business on the date of such issuance or sale.</div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">For the purpose of making any adjustment required under this Section 10(b)(iii), the aggregate consideration received by the Corporation for any
          issue or sale of securities (the &#8220;<font style="font-weight: bold;">Aggregate Consideration</font>&#8221;) shall be computed as: (A) to the extent it consists of cash, the gross amount of cash received by the Corporation before deduction of any
          underwriting or similar commissions, compensation or concessions paid or allowed by the Corporation in connection with such issue or sale and without deduction of any expenses payable by the Corporation, (B) to the extent it consists of property
          other than cash, the fair value of that property as determined in good faith by the Board of Directors; provided, however, that to the extent the Board of Directors determines the fair value of property other than cash is equal to or exceeds
          $1,000,000, then the Corporation shall have such property appraised by a qualified independent appraiser, whose valuation shall conclusively determine the value, and (C) if shares of Common Stock, Convertible Securities or rights or options to
          purchase either shares of Common Stock or Convertible Securities are issued or sold together with other stock or securities or other assets of the Corporation for a consideration which covers both, the portion of the consideration so received
          that may be reasonably determined in good faith by the Board of Directors to be allocable to such shares of Common Stock, Convertible Securities or rights or options.</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 90pt; font-family: 'Times New Roman', Times, serif;">For the purpose of the adjustment required under this Section 7(c)(iii), if the Corporation issues or sells (x) Preferred Shares or other stock,
          options, warrants, purchase rights or other securities convertible into, shares of Common Stock other than Excluded Shares (such convertible stock or securities being herein referred to as &#8220;<font style="font-weight: bold;">Convertible Securities</font>&#8221;)

          or (y) rights or options for the purchase of shares of Common Stock or Convertible Securities (other than Excluded Shares) and if the Effective Price of such shares of Common Stock is less than the Conversion Price, the Corporation shall be
          deemed to have issued at the time of the issuance of such rights or options or Convertible Securities the maximum number of shares of Common Stock issuable upon exercise or conversion thereof and to have received as consideration for the issuance
          of such shares an amount equal to the total amount of the consideration, if any, received by the Corporation for the issuance of such rights or options or Convertible Securities plus: (A) in the case of such rights or options, the minimum amounts
          of consideration, if any, payable to the Corporation upon the exercise of such rights or options; and (B) in the case of Convertible Securities, the minimum amounts of consideration, if any, payable to the Corporation upon the conversion thereof
          (other than by cancellation of liabilities or obligations evidenced by such Convertible Securities); provided that if the minimum amounts of such consideration cannot be ascertained, but are a function of anti-dilution or similar protective
          clauses, the Corporation shall be deemed to have received the minimum amounts of consideration without reference to such clauses.</div>
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        </div>
        <div style="text-align: justify; text-indent: 90pt; font-family: 'Times New Roman', Times, serif;">If the minimum amount of consideration payable to the Corporation upon the exercise or conversion of rights, options or Convertible Securities is
          reduced over time or on the occurrence or non-occurrence of specified events other than by reason of anti-dilution adjustments, the Effective Price shall be recalculated using the figure to which such minimum amount of consideration is reduced;
          provided further, that if the minimum amount of consideration payable to the Corporation upon the exercise or conversion of such rights, options or Convertible Securities is subsequently increased, the Effective Price shall be again recalculated
          using the increased minimum amount of consideration payable to the Corporation upon the exercise or conversion of such rights, options or Convertible Securities.</div>
        <div style="text-align: justify; text-indent: 90pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 90pt; font-family: 'Times New Roman', Times, serif;">If any option or warrant expires or is cancelled without having been exercised, then, for the purposes of the adjustments set forth above, such
          option or warrant shall have been deemed not to have been issued and the Conversion Price shall be adjusted accordingly.&#160; No holder of Common Stock which was previously issued upon conversion of Series C Preferred Shares shall have any obligation
          to redeem or cancel any such shares of Common Stock as a result of the operation of this paragraph.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(iv)&#160; Anything herein to the contrary notwithstanding, no adjustment will be made to the Conversion Price by reason of the issuance of Common Stock
          upon the conversion of Series C Preferred Shares or the exercise of any such rights or options.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 65pt;">(c)&#160;&#160;<font style="font-style: italic;">Corporate Events</font>.&#160; Prior to the consummation of any transaction pursuant to which holders of shares of Common Stock are entitled to receive
          securities or other assets with respect to or in exchange for shares of Common Stock, including a reclassification, exchange, substitution or reorganization (a &#8220;<font style="font-weight: bold;">Corporate Event</font>&#8221;), the Corporation shall make
          appropriate provision to ensure that each Holder will thereafter have the right to receive upon a conversion of all the Series C Preferred Shares held by such Holder, such securities and other assets (including cash) that such Holder would have
          been entitled to receive had such Holder converted its Series C Preferred Shares into Common Stock immediately prior to the consummation of such Corporate Event.&#160; The provisions of this Section 10(c) shall apply similarly and equally to
          successive Corporate Events.</div>
        <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 65pt;">(d)&#160;&#160;<font style="font-style: italic;">Mechanics of Conversion</font>.&#160; No fractional shares of Common Stock shall be issued upon conversion of Series C Preferred Shares.&#160; In lieu of any
          fractional shares to which the Holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the then Fair Market Value of such fractional shares.&#160; Before any Holder of Series C Preferred Shares shall be
          entitled to convert the same into full shares of Common Stock, and to receive certificates therefor, the Holder shall surrender the certificate or certificates therefor, duly endorsed, at the office of the Corporation or of any Transfer Agent for
          the Series C Preferred Shares, and shall give written notice to the Corporation at such office that such Holder is converting the same; provided, however, that the Corporation shall not be obligated to issue certificates evidencing the shares of
          Common Stock issuable upon conversion unless either the certificates evidencing such Series C Preferred Shares are delivered to the Corporation or its Transfer Agent as provided above, or the Holder notifies the Corporation or its Transfer Agent
          that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates.</div>
        <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">The Corporation shall, as soon as practicable after such delivery, or after such agreement and indemnification, issue and deliver at such office to
          such Holder of Series C Preferred Shares, a certificate or certificates for the number of shares of Common Stock to which such Holder shall be entitled as aforesaid (or the applicable book-entry account shall be created and/or noted as credited
          with such shares of Common Stock) and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of Common Stock, plus any accrued and unpaid cash dividends on the converted Series
          C Preferred Shares.&#160; Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of Series C Preferred Shares to be converted, and the Person or Persons entitled to receive the shares
          of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock on such date.</div>
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        </div>
        <div style="text-align: justify; text-indent: 65pt;">(e)&#160;&#160;<font style="font-style: italic;">Reservation of Stock Issuable Upon Conversion</font>.&#160; The Corporation shall at all times after the Original Issue Date, reserve and keep available out of
          its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of the shares of the Series C Preferred Shares, such number of its shares of Common Stock as shall from time to time be sufficient to effect the
          conversion of all then outstanding shares of the Series C Preferred Shares; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the
          Series C Preferred Shares, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such
          purpose, including engaging in best efforts to obtain the requisite shareholder approval of any necessary amendment to this Statement of Designation or the Articles of Incorporation.</div>
        <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 65pt;">(f)&#160;&#160;<font style="font-style: italic;">Treasury Stock</font>.&#160; The number of shares of Common Stock outstanding at any given time shall not include shares owned or held, directly or indirectly,
          by or for the account of the Corporation.&#160; The disposition of such shares of Common Stock shall be deemed a sale for the purpose of Section 10(b)(iii) hereof.</div>
        <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 65pt;">(g)&#160;&#160;<font style="font-style: italic;">Other Events</font>. If any event occurs of the type contemplated by the foregoing provisions of this Section 10 but not expressly provided for by such
          provisions, then the Board of Directors will make an appropriate adjustment to the Conversion Price so as to protect the rights of the holders of the Series C Preferred Shares; provided, however, that no such adjustment will increase the
          Conversion Price as otherwise determined pursuant to this Section 10.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 65pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Optional Redemption</u>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(a)&#160; The Corporation shall have the right, at its option, at any time on or after the date which is three months after the original date of issuance of
        the Series C Preferred Shares, to redeem the Series C Preferred Shares, in whole or from time to time in part, from any source of funds legally available for such purpose, at a price per Series C Preferred Share equal to 105% of the Original Issue
        Price plus accrued and unpaid dividends to the Redemption Date (the &#8220;<font style="font-weight: bold;">Redemption Price</font>&#8221;). Any such redemption shall occur on a date set by the Corporation (the &#8220;<font style="font-weight: bold;">Redemption Date</font>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">(b) <u>Redemption Notice</u>. The Corporation shall give written notice of any redemption not less than 10 Business Days before the scheduled
        Redemption Date, to the Holders of record (as of the 5:00 p.m. New York City time on the Business Day next preceding the day on which notice is given) of any Series C Preferred Shares to be redeemed as such Holders&#8217; names appear on the
        Corporation&#8217;s stock transfer books and at the address of such Holders shown therein. Such notice (the &#8220;<font style="font-weight: bold;">Redemption Notice</font>&#8221;) shall state: (1) the Redemption Date, (2) the number of Series C Preferred Shares to
        be redeemed and, if less than all issued and outstanding shares of Series C Preferred Shares are to be redeemed, the number (and the identification) of shares to be redeemed from such Holder, (3) the Redemption Price, (4) the place where the Series
        C Preferred Shares are to be redeemed and shall be presented and surrendered for payment of the Redemption Price therefor and (5) that dividends on the shares to be redeemed shall cease to accumulate from and after such Redemption Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">(c) <u>Effect of Redemption; Partial Redemption</u>. If the Corporation elects to redeem fewer than all of the outstanding Series C Preferred Shares,
        the number of shares to be redeemed shall be determined by the Corporation, and such shares shall be redeemed pro rata, with adjustments to avoid redemption of fractional shares. The aggregate Redemption Price for any such partial redemption of the
        outstanding Series C Preferred Shares shall be allocated correspondingly among the redeemed Series C Preferred Shares. The Series C Preferred Shares not redeemed shall remain outstanding and entitled to all the rights and preferences provided in
        this Statement of Designation (including the Corporation&#8217;s right, if it elects so, to redeem all or part of the Series C Preferred Shares outstanding at any relevant time in accordance with this Section 6 (including this paragraph (e)).</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">(d) <u>Redemption Funds</u>. If the Corporation gives or causes to be given a Redemption Notice, the Corporation shall deposit with the Paying Agent
        funds sufficient to redeem the Series C Preferred Shares as to which such Redemption Notice shall have been given, no later than 5:00 p.m. New York City time on the Business Day immediately preceding the Redemption Date, and shall give the Paying
        Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Series C Preferred Shares to be redeemed upon surrender or deemed surrender (which shall occur automatically if the certificate representing such shares
        is issued in the name of the Securities Depositary or its nominee) of the certificate therefor as set forth in the Redemption Notice. If the Redemption Notice shall have been given, from and after the Redemption Date, unless the Corporation
        defaults in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the Redemption Notice, all dividends on such Series C Preferred Shares to be redeemed shall cease to accumulate and all rights of
        Holders of such shares as the Corporation&#8217;s shareholders shall cease, except the right to receive the Redemption Price, and such shares shall not thereafter be transferred on the Corporation&#8217;s stock transfer books maintained by the Registrar and
        Transfer Agent or be deemed to be outstanding for any purpose whatsoever. The Corporation shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such
        interest income is not required to pay the Redemption Price of the Series C Preferred Shares to be redeemed), and the Holders of any shares so redeemed shall have no claim to any such interest income. Any funds deposited with the Paying Agent
        hereunder by the Corporation for any reason, including redemption of Series C Preferred Shares, that remain unclaimed or unpaid after two years after the applicable Redemption Date or other payment date, shall be, to the extent permitted by law,
        repaid to the Corporation upon its written request after which repayment the Holders of the Series C Preferred Shares entitled to such redemption or other payment shall have recourse only to the Corporation. Notwithstanding any Redemption Notice,
        there shall be no redemption of any Series C Preferred Shares called for redemption until funds sufficient to pay the full Redemption Price of such shares shall have been deposited by the Corporation with the Paying Agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">(g) <u>Certificate</u>. Any Series C Preferred Share that is redeemed or otherwise acquired by the Corporation shall be canceled and shall constitute
        Preferred Stock subject to designation by the Board of Directors as set forth in the Articles of Incorporation. If only a portion of the Series C Preferred Shares represented by a certificate shall have been called for redemption, upon surrender of
        the certificate to the Paying Agent, the Paying Agent shall issue to the Holder of such shares a new certificate (or adjust the applicable book-entry account) representing the number of Series C Preferred Shares represented by the surrendered
        certificate that have not been called for redemption.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">(h) <u>Redemption Priority</u>. In the event that full cumulative dividends on the Series C Preferred Shares and any Parity Stock shall not have been
        paid or declared and set apart for payment, the Corporation shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series C Preferred Shares or Parity Stock except pursuant to a purchase or exchange offer made
        on the same terms to all holders of Series C Preferred Shares and any Parity Stock. The Corporation shall not be permitted to redeem, repurchase or otherwise acquire any Common Stock or any other Junior Stock unless full cumulative dividends on the
        Series C Preferred Shares and any Parity Stock for all prior and the then-ending Dividend Periods shall have been paid or declared and set apart for payment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Record Holders</u>. To the fullest extent
          permitted by applicable law, the Corporation, the Registrar, the Transfer Agent and the Paying Agent may deem and treat the Holder of any Series C Preferred Shares as the true, lawful and absolute owner thereof for all purposes, and neither the
          Corporation nor the Registrar, the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Consolidation, Merger, etc</u>.&#160; Subject to
          Section 8, upon any consummation of a binding share exchange or reclassification involving the Series C Preferred Shares, or of a merger or consolidation of the Corporation with another corporation or other entity, then either (x) the shares of
          Series C Preferred Shares shall remain outstanding or, (y) in the case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting entity, then the Series C Preferred Shares shall be converted into
          or exchanged for preferred securities of the surviving or resulting entity or its ultimate parent, and in either case of (x) or (y) such shares remaining outstanding or such preferred securities, as the case may be, have such rights, preferences,
          privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions
          thereof, of Series C Preferred Shares immediately prior to such consummation, taken as a whole; provided, however, that for all purposes of this Section 6, any increase in the authorized number of shares of Preferred Stock, including any increase
          in the authorized number of Series C Preferred Shares, will not be deemed to adversely affect the rights, preferences, privileges or voting powers of the holders of Series C Preferred Shares.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>No Mandatory Redemption; Sinking Fund</u>.&#160; The
          Series C Preferred Shares shall not be subject to mandatory redemption and shall not have the benefit of any sinking fund.</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Notices</u>.&#160; Any notice to be delivered
          hereunder shall be delivered (via overnight courier, facsimile or email) to each holder at its last address as it shall appear upon the books and records of the Corporation.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Record Holders</u>.<font style="font-weight: bold;">&#160; </font>To the fullest extent permitted by applicable law, the Corporation may deem and treat each holder of any Series C Preferred Share as the true, lawful and absolute owner thereof for all purposes, and the Corporation shall not be
          affected by any notice to the contrary.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>No Other Rights</u>.&#160; The Series C Preferred
          Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth in this Statement of Designation or in the Articles
          or as provided by applicable law.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>No Impairment</u>.&#160; The Corporation shall not,
          by amendment of this Statement of Designation, through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid or reduce the observance or
          performance of any of the terms to be observed or performed under this Statement of Designation by the Corporation, but shall at all times in good faith assist in the carrying out of all the provisions of this Statement of Designation and in the
          taking of all such action as may be necessary or appropriate in order to protect the rights of the holders of the Series C Preferred Shares against impairment.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Lost or Stolen Certificates</u>. Upon receipt
          by the Corporation of evidence of the loss, theft, destruction or mutilation of any Series C Preferred Share certificate (if any), and (in the case of loss, theft or destruction) of indemnity or security reasonably satisfactory to the
          Corporation, and upon surrender and cancellation of the Series C Preferred Share certificate(s), if any, the Corporation shall execute and deliver new Series C Preferred Share certificate(s) of like tenor and date.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Maturity</u>.&#160; The Series C Preferred Shares
          shall be perpetual, unless purchased or otherwise acquired by the Corporation.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>No Preemptive Rights</u>.&#160; No holders of Series
          C Preferred Shares will, as holders of Series C Preferred Shares, have any preemptive rights to purchase or subscribe for Common Shares or any other security of the Corporation.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">Section 22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><u>Severability; Headings</u>.&#160; If any provision
          of this Statement of Designation is invalid, illegal or unenforceable, the balance of this Statement of Designation shall remain in effect, and if any provision is inapplicable to any person, entity or circumstance, it shall nevertheless remain
          applicable to all other persons, entities and circumstances.&#160; Headings in this Statement of Designation are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-style: italic;">[Signature Page Follows]</div>
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      <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>IN WITNESS WHEREOF, this Statement of Designations is executed on behalf of the Corporation by its Chief Executive Officer on this [&#9679;] day of
        [&#9679;], 2022.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc45612fa539c461891922274c2b7e026" border="0" cellpadding="0" cellspacing="0">

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              <div style="font-family: 'Times New Roman', Times, serif;">By: <br>
              </div>
            </td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: auto;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="font-family: 'Times New Roman', Times, serif;">Name:</font>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">Stamatios Tsantanis</font> <br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="font-family: 'Times New Roman', Times, serif;">Title:</font>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">Chief Executive Officer</font> <br>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Signature Page to Statement of Designation &#8211; Series C Preferred</div>
        <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>8
<FILENAME>ny20004194x3_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.1</font><br>
  </div>
  <div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">SHAREHOLDERS RIGHTS AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Between</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">UNITED MARITIME CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC,<br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as Rights Agent</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Dated as of [<font style="font-family: Times New Roman">&#9679;</font>], 2022</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">This Shareholders Rights Agreement (this &#8220;<u>Rights Agreement</u>&#8221;) is made and entered into as of [<font style="font-family: Times New Roman">&#9679;</font>], 2022, by and between
        United Maritime Corporation, a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent (the &#8220;<u>Rights Agent</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">WHEREAS, the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) has (a) authorized and declared a dividend of one right (the &#8220;<u>Right</u>&#8221;) for each of the Company&#8217;s
        Common Shares, par value $0.0001 per share (the &#8220;<u>Common Shares</u>&#8221;) held of record as of the Close of Business (as hereinafter defined) on [<font style="font-family: Times New Roman">&#9679;</font>], 2022 (the &#8220;<u>Record Date</u>&#8221;) and (b) has
        further authorized the issuance of one Right in respect of each Common Share that shall become outstanding (i) at any time between the Record Date and the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date (as such
        terms are hereinafter defined) or (ii) upon the exercise or conversion, prior to the earlier of the Redemption Date or the Final Expiration Date, of any option or other security exercisable for or convertible into Common Shares, which option or
        other such security is outstanding on the Distribution Date; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">WHEREAS, each Right represents the right of the holder thereof to purchase one one-thousandth of a Series A Participating Preferred Share (as such number may hereafter be
        adjusted pursuant to the provisions hereof), upon the terms and subject to the conditions set forth herein, having the rights, preferences and privileges set forth in the Statement of Designation of Series A Participating Preferred Shares, attached
        hereto as <u>Exhibit A</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">NOW THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereby agree as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Definitions</u>. For purposes of this Rights Agreement, the following terms have the meanings indicated:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Acquiring Person</u>&#8221; shall mean any Person (as hereinafter defined) who or which, together with all Affiliates and Associates (as such terms are hereinafter defined) of
        such Person, shall be the Beneficial Owner (as hereinafter defined) of 10% or more of the Common Shares then outstanding, but shall not include (i) the Company, (ii) any Subsidiary (as hereinafter defined) of the Company (iii) any employee benefit
        plan of the Company or of any Subsidiary of the Company, or any Person holding Common Shares for or pursuant to the terms of any such plan or (iv) a Passive Institutional Investor (as such term is hereinafter defined), so long as, in the case of
        this clause (iv), such Person is not the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding, but subject to the provisions in the definition of &#8220;Passive Institutional Investor&#8221;. Notwithstanding the foregoing, no Person
        shall be deemed to be an Acquiring Person if such Person shall become the Beneficial Owner of 10% or more of the Common Shares then outstanding solely as a result of a grant under a Company equity incentive plan, a dividend or distribution paid or
        made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares; <u>provided</u>, <u>however</u>, that a Person who (i) becomes the Beneficial Owner of 10% (15% in the
        case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding by reason of a grant under a Company equity incentive plan, dividend or distribution paid or made by the Company on the outstanding Common Shares
        in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares and (ii) becomes the Beneficial Owner of any additional Common Shares of the Company (other than pursuant to an additional grant under a Company equity
        incentive plan, dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), shall be deemed to be an Acquiring Person unless upon
        becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding.
        Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of Common Shares by the Company or any subsidiary of the Company or an employee benefit plan of the Company which, by reducing the
        number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding; <u>provided</u>,
        <u>however</u>, that a Person who (i) becomes the Beneficial Owner of 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding by reason of share purchases by the Company or any
        Subsidiary of the Company or an employee benefit plan of the Company and (ii) after such share purchases, becomes the Beneficial Owner of any additional Common Shares of the Company (other than pursuant to a grant under a Company equity incentive
        plan, a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), shall be deemed to be an Acquiring Person unless upon becoming
        the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding. Notwithstanding the
        foregoing, if the Company&#8217;s Board of Directors determines in good faith that a Person who would otherwise be an &#8220;Acquiring Person,&#8221; as defined pursuant to the foregoing provisions of this paragraph, has become such inadvertently (including, without
        limitation, because (A) such Person was unaware that it beneficially owned a percentage of the Common Shares that would otherwise cause such Person to be an &#8220;Acquiring Person,&#8221; as defined pursuant to the foregoing provisions of this paragraph, or
        (B) such Person was aware of the extent of the Common Shares it beneficially owned but had no actual knowledge of the consequences of such beneficial ownership under this Rights Agreement) and without any intention of changing or influencing
        control of the Company, and if such Person divested or divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this
        paragraph, then such Person shall not be deemed to be or have ever been an Acquiring Person for any purposes of this Rights Agreement, except as a result of subsequent actions by such Person that would otherwise cause such Person to be an Acquiring
        Person. Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an &#8220;Acquiring Person&#8221; has become so as a result of its actions in the ordinary course of its business that the Company&#8217;s Board of Directors determines, in its
        sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Rights Agreement, or otherwise seeking to control or influence the management or policies of the Company,
        then, and unless and until the Company&#8217;s Board of Directors shall otherwise determine, such Person shall not be deemed to be an &#8220;Acquiring Person&#8221; for any purposes of this Rights Agreement. Notwithstanding the foregoing, if, as of the first public
        announcement of the declaration of the Rights dividend, any Person is the Beneficial Owner of 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares outstanding, such Person shall not be or become an &#8220;Acquiring
        Person,&#8221; as defined herein, unless and until such time as such Person shall become the Beneficial Owner of additional Common Shares in an amount in excess of 0.001% of the Company&#8217;s then outstanding Common Shares (excluding shares acquired pursuant
        to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), unless upon becoming
        the Beneficial Owner of such additional Common Shares, such Person is not then the beneficial owner of 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares then outstanding. Notwithstanding the foregoing, if at any
        time prior to such time as any Person becomes an Acquiring Person, the Company amends this Rights Agreement to lower the threshold set forth in this Section 1(a) (the &#8220;<u>Reduced Threshold</u>&#8221;), no Person who Beneficially Owns a number of Common
        Shares equal to or greater than the Reduced Threshold shall become an Acquiring Person;&#160;<u>provided</u>, <u>however,</u> that a Person who (i) becomes the Beneficial Owner of the Reduced Threshold and (ii) after the public announcement of the
        Reduced Threshold becomes the Beneficial Owner of any additional Common Shares of the Company (other than pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding Common
        Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), then that Person shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company
        such Person does not beneficially own the Reduced Threshold or more of the Common Shares of the Company then outstanding.</div>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Adjustment fraction</u>&#8221; shall have the meaning set forth in Section 11(a)(i) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Affiliate</u>&#8221; shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act (as hereinafter defined) as in effect
        on the date of this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Associate</u>&#8221; shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect on the date of this
        Rights Agreement, and shall include without limitation, any entity that owns a majority of the equity of another entity, or is or would be entitled to a majority of the proceeds to equity holders upon liquidation of such other entity, is deemed to
        be an Associate of such entity (and <u>vice</u>&#160;<u>versa</u>).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">A Person shall be deemed the &#8220;<u>Beneficial Owner</u>&#8221; of, and shall be deemed to &#8220;<u>Beneficially Own</u>,&#8221; any securities:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;which such Person or any of such Person&#8217;s Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act and Rule 13d-3
        thereunder (or any comparable or successor law or regulation);</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;which such Person or any of such Person&#8217;s Affiliates or Associates has (A) the right to acquire or direct the acquisition of (whether such right is exercisable immediately or only
        after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the
        exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; <u>provided</u>, <u>however</u>, that a Person shall not be deemed pursuant to this subsection (ii)(A) to be the Beneficial Owner
        of, or to Beneficially Own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person&#8217;s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, or
        (2) securities which a Person or any of such Person&#8217;s Affiliates or Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of its Affiliates or
        Associates) if such agreement has been approved by the Board of Directors of the Company prior to there being an Acquiring Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding or otherwise; <u>provided</u>, <u>however</u>,
        that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security under this subsection (ii)(B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent
        given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act
        (or any comparable or successor report);</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or any of such Person&#8217;s Affiliates or
        Associates has any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) for the
        purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to subsection (ii)(B) above) or disposing of any securities of the Company, <font style="color: rgb(0, 0, 0);">or cooperating in obtaining, changing or
          influencing the control of the Company </font>(except to the extent contemplated by the proviso to subsection (ii)(B) above); <u>provided</u>, <u>however</u>, that in no case shall an officer or director of the Company be deemed (x) the
        Beneficial Owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their capacity as officers or directors of the Company or (y) the Beneficial Owner of
        securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the Company for the benefit of any employee of the Company or any Subsidiary of the Company, other than the officer or director, by reason of
        any influence that such officer or director may have over the voting of the securities held in the plan; or</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty&#8217;s Affiliates or Associates) under any Derivatives Contract (without regard to any
        short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person&#8217;s Affiliates or Associates is a Receiving Party (as such terms are defined in the immediately following paragraph); <u>provided</u>,
        <u>however</u>, that the number of Common Shares that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not exceed the number of Notional Common Shares with respect to
        such Derivatives Contract; <u>provided</u>, <u>further</u>, that the number of securities beneficially owned by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause (iv) be
        deemed to include all securities that are beneficially owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty&#8217;s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any
        of such first Counterparty&#8217;s Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">A &#8220;<u>Derivatives Contract</u>&#8221; is a contract between two parties (the &#8220;<u>Receiving Party</u>&#8221; and the &#8220;<u>Counterparty</u>&#8221;) that is designed to produce economic benefits and
        risks to the Receiving Party that correspond substantially to the ownership by the Receiving Party of a number of Common Shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the &#8220;<u>Notional
          Common Shares</u>&#8221;), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, Common Shares or other property, without regard to any short position under the same or any other
        Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority
        shall not be deemed to be Derivatives Contracts.</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 67.5pt; color: rgb(0, 0, 0);">Notwithstanding anything in this definition of Beneficial Ownership to the contrary, the phrase &#8220;then outstanding,&#8221; when used with reference to a Person&#8217;s Beneficial
          Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which are issuable by the Company and which such
          Person would be deemed to Beneficially Own hereunder.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Book Entry Shares</u>&#8221; shall have the meaning set forth in Section 3.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Business Day</u>&#8221; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York are authorized or obligated by law or executive
        order to close.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Close of Business</u>&#8221; on any given date shall mean 5:00 P.M., New York time, on such date; <u>provided</u>, <u>however</u>, that if such date is not a Business Day it
        shall mean 5:00 P.M., New York time, on the next succeeding Business Day.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Common Shares</u>&#8221; shall have the meaning set forth in the preamble.&#160; Common Shares when used with reference to any Person other than the Company shall mean the share
        capital (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Common Share Equivalents</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Company</u>&#8221; shall have the meaning set forth in the preamble, subject to the terms of Section 13(a)(iii)(c) hereof.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Current Per Share Market Price</u>&#8221; of any security (a &#8220;Security&#8221; for purposes of this definition), for all computations other than those made pursuant to Section
        11(a)(iii) hereof, shall mean the average of the daily closing prices per share of such Security for the thirty (30) consecutive Trading Days immediately prior to but not including such date, and for purposes of computations made pursuant to
        Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be deemed to be the average of the daily closing prices per share of such Security for the ten (10) consecutive Trading Days immediately prior to but
        not including such date; <u>provided</u>, <u>however</u>, that in the event that the Current Per Share Market Price of the Security is determined during a period following the announcement by the issuer of such Security of (i) a dividend or
        distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of such Security, and prior to the expiration of the applicable thirty (30) Trading
        Day or ten (10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be
        appropriately adjusted to reflect the current market price per share equivalent of such Security.&#160; The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the
        closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Nasdaq Stock Market or, if the Security is not listed
        or admitted to trading on the Nasdaq Stock Market, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or admitted to
        trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or, if such last sale price is not reported, the average of the high bid and low asked prices in the over-the-counter market,
        as reported by Nasdaq or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the
        Security selected by the Board of Directors of the Company.&#160; If on any such date no market maker is making a market in the Security, the fair value of such shares on such date as determined in good faith by the Board of Directors of the Company
        shall be used.&#160; If the Preferred Shares are not publicly traded, the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price of the Common Shares as determined pursuant to this
        definition, as appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof, multiplied by 1,000.&#160; If the Security is not publicly held or so listed or traded, Current Per Share Market
        Price shall mean the fair value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Current Value</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Distribution Date</u>&#8221; shall mean the earlier of (i) the Close of Business on the tenth calendar day after the Shares Acquisition Date (or, if the tenth calendar day after
        the Shares Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth Business Day (or such later date as may be determined by action of the Company&#8217;s Board of Directors)
        after the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or
        established by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if, assuming the successful consummation
        thereof, such Person would be an Acquiring Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Equivalent Shares</u>&#8221; shall mean Preferred Shares and any other class or series of share capital of the Company which is entitled to the same rights, privileges and
        preferences as the Preferred Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Exchange Act</u>&#8221; shall mean the Securities Exchange Act of 1934, as amended.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Exchange Ratio</u>&#8221; shall have the meaning set forth in Section 24(a) hereof.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Exercise Price</u>&#8221; shall have the meaning set forth in Section 4(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Expiration Date</u>&#8221; shall mean the earliest to occur of: (i) the Close of Business on the Final Expiration Date, (ii) the Redemption Date, or (iii) the time at which the
        Board of Directors orders the exchange of the Rights as provided in Section 24 hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Final Expiration Date</u>&#8221; shall mean the Close of Business on July 1, 2032.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Nasdaq</u>&#8221; shall mean the Nasdaq Stock Market LLC.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Passive Institutional Investor</u>&#8221; shall mean any Person who or which has reported and is entitled to report Beneficial Ownership of Common Shares on Schedule 13G under
        the Exchange Act (or any comparable or successor report), but only so long as (i) such Person is eligible to report such ownership on Schedule 13G under the Exchange Act (or any comparable or successor report), and (ii) such Person has not reported
        and is not required to report such ownership on Schedule 13D under the Exchange Act (or any comparable or successor report) and such Person does not hold Common Shares on behalf of any other Person who is required to report Beneficial Ownership of
        Common Shares on such Schedule 13D; provided that if a formerly Passive Institutional Investor should report or become required to report Beneficial Ownership of Common Shares on Schedule 13D, that formerly Passive Institutional Investor will not
        be deemed to be or to have become an Acquiring Person if (A) at the time it reports or becomes required to report Beneficial Ownership of Common Shares on Schedule 13D, that formerly Passive Institutional Investor has Beneficial Ownership of less
        than 15% of the Common Shares then outstanding; or (B) (1) it divests as promptly as practicable (but in any event not later than ten calendar days after becoming required to report on Schedule 13D) Beneficial Ownership of a sufficient number of
        Common Shares so that it would no longer be an &#8220;Acquiring Person,&#8221; as defined herein, and (2) prior to reducing its Beneficial Ownership of Common Shares then outstanding to below 15%, it does not increase its Beneficial Ownership of the Common
        Shares then outstanding (other than by reason of share purchases by the Company) above such Person&#8217;s lowest Beneficial Ownership of the Common Shares then outstanding at any time during such ten calendar day period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Person</u>&#8221; shall mean any individual, partnership, firm, corporation, limited liability company, association, trust, limited liability partnership, joint venture,
        unincorporated organization or other entity, and shall include any successor (by merger or otherwise) of such entity, as well as any group under Rule 13d-5(b)(1) of the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Post-Event Transferee</u>&#8221; shall have the meaning set forth in Section 7(e) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Preferred Shares</u>&#8221; shall mean Series A Participating Preferred Shares, $0.0001 par value, of the Company having the rights and preferences set forth in the Form of
        Statement of Designation, Preferences and Rights included as <u>Exhibit A</u> to this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Pre-Event Transferee</u>&#8221; shall have the meaning set forth in Section 7(e) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Principal Party</u>&#8221; shall have the meaning set forth in Section 13(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Record Date</u>&#8221; shall have the meaning set forth in the recitals at the beginning of this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Redemption Date</u>&#8221; shall have the meaning set forth in Section 23(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Redemption Price</u>&#8221; shall have the meaning set forth in Section 23(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Rights Agent</u>&#8221; shall mean American Stock Transfer &amp; Trust Company, LLC, or its successor or replacement as provided in Sections 19 and 21 hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Rights Certificate</u>&#8221; shall mean a certificate substantially in the form attached hereto as <u>Exhibit B</u>.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Section 11(a)(ii) Trigger Date</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Section 13 Event</u>&#8221; shall mean any event described in clause (i), (ii) or (iii) of Section 13(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>SEC</u>&#8221; shall mean the U.S. Securities and Exchange Commission or any successor thereto.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Securities Act</u>&#8221; shall mean the Securities Act of 1933, as amended.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Shares Acquisition Date</u>&#8221; shall mean the first date of public announcement by the Company or an Acquiring Person that an Acquiring Person has become such.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Spread</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Subsidiary</u>&#8221; of any Person shall mean any corporation or other entity of which an amount of voting securities sufficient to elect a majority of the directors or Persons
        having similar authority of such corporation or other entity is beneficially owned, directly or indirectly, by such Person, or any corporation or other entity otherwise controlled by such Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Substitution Period</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Summary of Rights</u>&#8221; shall mean a summary of this Rights Agreement substantially in the form attached hereto as <u>Exhibit C</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Total Exercise Price</u>&#8221; shall have the meaning set forth in Section 4(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">&#8220;<u>Trading Day</u>&#8221; shall mean a day on which the principal national securities exchange on which a referenced security is listed or admitted to trading is open for the
        transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">A &#8220;<u>Triggering Event</u>&#8221; shall be deemed to have occurred upon any Person, becoming an Acquiring Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Appointment of Rights Agent</u>.&#160; The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express terms and conditions hereof (and no implied terms or
        conditions), and the Rights Agent hereby accepts such appointment.&#160; The Company may from time to time appoint such co-Rights Agent as it may deem necessary or desirable, upon ten (10) calendar days&#8217; prior written notice to the Rights Agent;
        provided, that such Person meets the eligibility requirements under Section 21 hereof.&#160; In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions of this
        Rights Agreement shall be as the Company shall reasonably determine and the Company shall notify in writing, the Rights Agent and any co-Rights Agent of such duties. The Rights Agent shall have no duty to supervise, and in no event shall be liable
        for, the acts or omissions of any such co-Rights Agent appointed by the Company.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of Rights Certificates</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Until the Distribution Date, (i) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for shares of Common Stock registered in
        the names of the holders thereof or, in the case of uncertificated shares of Common Stock registered in book-entry form (&#8220;<u>Book Entry Shares</u>&#8221;), by notation in book entry accounts reflecting the ownership of such shares of Common Stock (which
        certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection with the transfer
        of shares of Common Stock.&#160; Until the earlier of the Distribution Date or the Expiration Date, the transfer of shares of Common Stock shall also constitute the transfer of the Rights associated with such shares of Common Stock.&#160; As soon as
        practicable after the Distribution Date, the Company will prepare and execute, and upon written request of the Company, the Rights Agent will countersign (in manual or facsimile form), and the Company will send or cause to be sent (and the Rights
        Agent will, if requested and provided with all necessary information and documents, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class, postage-prepaid mail, to each record holder of
        shares of Common Stock as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate, in substantially the form
        of <u>Exhibit B</u> hereto, evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein, other than to any Acquiring Person or Associates or Affiliates thereof, pursuant to Section 11(a)(ii) of this Rights
        Agreement.&#160; In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11 hereof, then at the time of distribution of the Rights Certificates, the Company shall make the necessary and
        appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights.&#160; As of the Distribution Date, the
        Rights will be evidenced solely by such Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of shares of Common Stock, and the holders of such Rights
        Certificates as listed in the records of the Company or any transfer agent or registrar for the Rights shall be the record holders thereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; color: rgb(0, 0, 0);">The Company shall promptly notify the Rights Agent in writing of the occurrence of the Distribution Date.&#160; Until such written notice is received by the Rights Agent, the Rights
        Agent may presume conclusively for all purposes that the Distribution Date has not occurred.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the Record Date or as soon as practicable thereafter, the Company will send a copy of the Summary of Rights by first-class, postage-prepaid mail, to each record holder of Common
        Shares as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company or the transfer agent or registrar for the Common Shares.&#160; With respect to certificates for Common Shares and Book Entry
        Shares, as applicable, outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates or Book Entry Shares, registered in the names of the holders thereof together with the Summary of Rights.&#160;
        Until the Distribution Date (or, if earlier, the Expiration Date), the transfer of any Common Shares outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with
        such Common Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the Board of Directors by resolution adopted at or before the time of the issuance of any Common Shares specifies to the contrary, Rights shall be issued in respect of all
        Common Shares that are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date or, in certain circumstances provided in Section 22 hereof, after the Distribution Date.&#160; Certificates and Book Entry
        Shares representing such Common Shares shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following form:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0); font-weight: bold;">THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A SHAREHOLDERS RIGHTS AGREEMENT BETWEEN UNITED MARITIME
        CORPORATION AND AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC (OR ANY SUCCESSOR RIGHTS AGENT), AS THE RIGHTS AGENT, DATED AS OF [<font style="font-family: Times New Roman">&#9679;</font>], 2022, AS MAY BE SUPPLEMENTED OR AMENDED FROM TIME TO TIME (THE
        &#8220;RIGHTS AGREEMENT&#8221;), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF UNITED MARITIME CORPORATION UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT,
        SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE.&#160; UNITED MARITIME CORPORATION WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A
        WRITTEN REQUEST THEREFOR.&#160; UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE
        RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">With respect to such certificates or Book Entry Shares, as applicable, containing the foregoing legend, until the earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights
        associated with the Common Shares represented by such certificates or Book Entry Shares, as applicable, shall be evidenced by such certificates or Book Entry Shares, as applicable, alone, and the transfer of any such certificate or Book Entry
        Shares, as applicable, (with or without a copy of the Summary of Rights) shall also constitute the transfer of the Rights associated with the Common Shares represented thereby.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that the Company purchases or acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares shall be
        deemed canceled so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the provisions of this section, neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability of
        any part of this Rights Agreement or the rights of any holder of Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Form of Rights Certificates</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Certificates (and the forms of election to purchase Series A Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially in the form of <u>Exhibit




          B</u> hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties, liabilities, or responsibilities of
        the Rights Agent) and as are not inconsistent with the provisions of this Rights Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock
        exchange or a national market system, on which the Rights may from time to time be listed or traded, or to conform to usage.&#160; Subject to the provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be
        dated as of the Record Date (or in the case of Rights issued with respect to Common Shares issued by the Company after the Record Date, as of the date of issuance of such Common Shares) and on their face shall entitle the holders thereof to
        purchase such number of one one-thousandth of a Preferred Share as shall be set forth therein at the price set forth therein (such exercise price per one one-thousandth of a Preferred Share being hereinafter referred to as the &#8220;<u>Exercise Price</u>&#8221;
        and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one Right being hereinafter referred to as the &#8220;<u>Total Exercise Price</u>&#8221;), but the number and type of securities purchasable upon the exercise of each Right and
        the Exercise Price shall be subject to adjustment as provided herein.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or Affiliate of an
        Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate)
        who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such
        Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Company&#8217;s Board of Directors has determined is part of a plan,
        arrangement or understanding which has as a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other
        Rights Certificate referred to in this sentence, shall contain (to the extent the Rights Agent has received written notice thereof and to the extent feasible) a legend in substantially the following form:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0); font-weight: bold;">THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR
        ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).&#160; ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS
        AGREEMENT</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The Company shall give written notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or any Affiliate or Associate thereof.&#160; Until such
        notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that no Person has become an Acquiring Person or an Affiliate or Associate of an Acquiring Person.&#160; The Company shall instruct the Rights Agent in
        writing of the Rights which should be so legended.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Countersignature and Registration</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Certificates shall be duly executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its President or any
        Vice President, either manually or by facsimile signature, and by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature, and shall have affixed thereto the Company&#8217;s seal (if any) or a facsimile thereof.&#160;
        The Rights Certificates shall be, either manually or by facsimile signature, countersigned by the Rights Agent and shall not be valid for any purpose unless so countersigned.&#160; In case any officer of the Company who shall have signed any of the
        Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the Rights Agent and issued and
        delivered by the Company with the same force and effect as though the person who signed such Rights Certificates on behalf of the Company had not ceased to be such officer of the Company; and any Rights Certificate may be signed on behalf of the
        Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Rights Agreement any such person was
        not such an officer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Following the Distribution Date, receipt by the Rights Agent of written notice to that effect and all other relevant information referred to in Section 3(a), the Rights Agent will keep
        or cause to be kept, at its office designated for such purposes, books for registration and transfer of the Rights Certificates issued hereunder.&#160; Such books shall show the names and addresses of the respective holders of the Rights Certificates,
        the number of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights Certificates.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of Sections 7(e), 14 and 24 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the
        Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up, combined or exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of one
        one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase.&#160; Any registered
        holder desiring to transfer, split up, combine or exchange any Rights Certificate or Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be
        transferred, split up, combined or exchanged at the office of the Rights Agent designated for such purpose, along with a signature guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably
        request. The Rights Certificates are transferable only on the registry books of the Rights Agent.&#160; Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights
        Certificate or Rights Certificates until the registered holder shall have properly completed and duly signed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional
        evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby and the Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent
        shall request.&#160; Thereupon the Rights Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested.&#160; The Company may
        require payment of a sum sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates as required by Section 9(e) hereof. If and to the extent the Company does
        require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate unless and until the Rights Agent is satisfied that such payments have
        been made, and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as the Company shall specify by written notice.&#160; The Rights Agent shall have no duty or obligation to take any action with respect to a
        Rights holder under any Section of this Rights Agreement which requires the payment by such Rights holder of applicable taxes and/or charges unless and until the Rights Agent is satisfied that such taxes and/or charges have been paid.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt by the Company and the Rights Agent of evidence satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, along with a signature
        guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably request, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement to the Company
        and the Rights Agent of all reasonable expenses incidental thereto, and, in the case of mutilation, upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will execute and deliver a new Rights
        Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise of Rights; Exercise Price; Expiration Date of Rights</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to Sections 7(e), 23(b) and 24(b) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in
        whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof
        properly completed and duly executed (with such signature duly guaranteed, if required), to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one
        one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as to which the Rights are exercised, and an amount equal to any tax or charge required to be paid under Section 9(e)
        hereof, by certified check, cashier&#8217;s check, bank draft or money order payable to the order of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Exercise Price for each one one-thousandth of a Preferred Share issuable pursuant to the exercise of a Right shall initially be forty U.S. Dollars ($40.00), shall be subject to
        adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate properly completed and duly executed (with such
        signature duly guaranteed, if required), accompanied by payment of the Exercise Price for the number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be
        purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A)
        requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the Preferred Shares) a certificate or certificates for the number of one one-thousandth of a Preferred Share (or,
        following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests or (B) if the Company shall have elected to
        deposit the total number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) issuable upon exercise of the Rights hereunder with a depositary agent, requisition
        from the depositary agent depositary receipts representing such number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as are to be purchased (in which case
        certificates for the Preferred Shares (or, following a Triggering Event, other securities, cash or other assets as the case may be) represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company
        hereby directs the depositary agent to comply with such request, (ii) when necessary to comply with this Rights Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with
        Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by
        such holder and (iv) when necessary to comply with this Rights Agreement, after receipt thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate.&#160; The payment of the Exercise Price (as such amount may be
        reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, may be made in cash or by
        certified bank check, cashier&#8217;s check or bank draft payable to the order of the Company.&#160; In the event that the Company is obligated to issue securities of the Company other than Preferred Shares, pay cash and/or distribute other property pursuant
        to Section 11(a) or Section 14 hereof, the Company will promptly make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary to comply with this
        Rights Agreement.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the registered holder of any Rights Certificate shall properly exercise less than all the Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent to the
        Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his or her duly authorized assigns, subject to the provisions of Section 14 hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement to the contrary, from and after the first occurrence of a Triggering Event, any Rights Beneficially Owned by (i) an Acquiring Person
        or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such (a &#8220;<u>Post-Event Transferee</u>&#8221;), (iii) a
        transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for
        consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a
        transfer which the Company&#8217;s Board of Directors has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e) (a &#8220;<u>Pre-Event Transferee</u>&#8221;) or (iv) any subsequent
        transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, shall become null and void without any further action and no holder of such Rights
        shall have any rights whatsoever with respect to such Rights, whether under any provision of this Rights Agreement or otherwise.&#160; The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and Section 4(b)
        hereof are complied with, but neither the Company nor the Rights Agent shall have any liability to any holder of Rights Certificates or to any other Person as a result of the Company&#8217;s failure to make any determinations with respect to an Acquiring
        Person or any of such Acquiring Person&#8217;s Affiliates, Associates or transferees hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement or any Rights Certificate to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action
        required hereunder with respect to a registered holder upon the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such registered holder shall, in addition to having complied with the requirements of Section
        7(a), have (i) properly completed and duly signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional evidence of the
        identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby or Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably
        request.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cancellation and Destruction of Rights Certificates</u>.&#160; All Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the
        Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly
        permitted by any of the provisions of this Rights Agreement.&#160; The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any Rights Certificate purchased or acquired by the
        Company otherwise than upon the exercise thereof.&#160; The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, destroy or cause to be destroyed such canceled Rights Certificates,
        and in such case shall deliver a certificate of destruction thereof to the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reservation and Availability of Preferred Shares</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that it will use its best efforts to cause to be reserved and kept available out of its authorized and unissued Preferred Shares not reserved for
        another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued Common Shares and/or other securities), the number of Preferred Shares (and, following the occurrence of the Triggering Event, Common Shares
        and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Company shall hereafter list any of its Preferred Shares on a national securities exchange, then so long as the Preferred Shares (and, following the occurrence of a Triggering
        Event, Common Shares and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable (but only
        to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange upon official notice of issuance upon such exercise.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Triggering Event in which the consideration to be
        delivered by the Company upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or as soon as is required by law following the Distribution Date, as the case may be, a registration statement under the Securities
        Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing and (iii) cause such registration statement to
        remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and (B) the date of expiration of the Rights.&#160;
        The Company may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration
        statement and permit it to become effective.&#160; Upon any such suspension, the Company shall issue a public announcement and notify the Rights Agent in writing that the exercisability of the Rights has been temporarily suspended, as well as issue a
        public announcement and notification in writing to the Rights Agent at such time as the suspension is no longer in effect.&#160; The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or &#8220;blue
        sky&#8221; laws of the various states in connection with the exercisability of the Rights.&#160; Notwithstanding any provision of this Rights Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the requisite
        qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available, and until a registration statement has been declared effective.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or other securities of the Company) delivered upon exercise
        of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and non-assessable shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company further covenants and agrees that it will pay when due and payable any and all federal and state taxes or charges which may be payable in respect of the original issuance
        or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Company) upon the exercise of Rights.&#160; The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer or
        delivery of Rights Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares (or other securities of the Company) in a name other than that of, the registered holder of the
        Rights Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for Preferred Shares (or other securities of the Company) upon the exercise of any Rights until any such tax or charge
        shall have been paid (any such tax or charge being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company&#8217;s or the Rights Agent&#8217;s satisfaction that no such tax or charge is due.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Record Date</u>.&#160; Each Person in whose name any certificate for a number of one one-thousandth of a Preferred Share (or other securities of the Company) is issued upon the exercise of Rights shall for
        all purposes be deemed to have become the holder of record of Preferred Shares (or other securities of the Company) represented thereon, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly
        surrendered and payment of the Total Exercise Price with respect to which the Rights have been exercised (and any applicable taxes) was made; <u>provided</u>, <u>however</u>, that if the date of such surrender and payment is a date upon which the
        transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the transfer books of the Company are open.&#160;
        Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a holder of Preferred Shares (or other securities of the Company) for which the Rights shall be exercisable, including,
        without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjustment of Exercise Price, Number of Shares or Number of Rights</u>.&#160; The Exercise Price, the number and kind of shares or other property covered by each Right and the number of Rights outstanding
        are subject to adjustment from time to time as provided in this Section 11.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement to the contrary, in the event the Company shall at any time after the date of this Rights Agreement (A) declare a
        dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares (by reverse stock split or otherwise) into a smaller number of Preferred Shares, or (D) issue
        any shares in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving company), then, in each such event, except as otherwise
        provided in Section 11 and Section 7(e) hereof: (1) the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise
        Price thereafter shall equal the result obtained by dividing the Exercise Price in effect immediately prior to such time by a fraction (the &#8220;<u>Adjustment Fraction</u>&#8221;), the numerator of which shall be the total number of Preferred Shares (or
        shares issued in such reclassification of the Preferred Shares) outstanding immediately following such time and the denominator of which shall be the total number of Preferred Shares outstanding immediately prior to such time; <u>provided</u>, <u>however</u>,
        that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of the Company issuable upon exercise of such Right; and (2) the number of one one-thousandth of a Preferred Share
        (or other share) issuable upon the exercise of each Right shall equal the number of one one-thousandth of a Preferred Share (or other share) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in
        clauses (A)-(D) of this Section 11(a)(i), multiplied by the Adjustment Fraction; <u>provided</u>, <u>however</u>, that, no such adjustment shall be made pursuant to this Section 11(a)(i) to the extent that there shall have simultaneously occurred
        an event described in clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment being made thereunder.&#160; Each Common Share that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall
        have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth of a Preferred Share (or other share) as one Common Share has associated with it immediately following the adjustment made
        pursuant to this Section 11(a)(i).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to Section 24 of this Rights Agreement, in the event a Triggering Event shall have occurred, then promptly following such Triggering Event each holder of a Right, except as
        provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this Rights Agreement and payment of the Exercise Price in effect immediately prior to the occurrence
        of the Triggering Event, in lieu of a number of one one-thousandth of a Preferred Share, such number of Common Shares of the Company as shall equal the result obtained by multiplying the Exercise Price in effect immediately prior to the occurrence
        of the Triggering Event by the number of one one-thousandth of a Preferred Share for which a Right was exercisable (or would have been exercisable if the Distribution Date had occurred) immediately prior to the first occurrence of a Triggering
        Event, and dividing that product by 50% of the Current Per Share Market Price for Common Shares on the date of occurrence of the Triggering Event; <u>provided</u>, <u>however</u>, that the Exercise Price and the number of Common Shares of the
        Company so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof to reflect any events occurring in respect of the Common Shares of the Company after the occurrence of the
        Triggering Event. In the event that any Person shall become an Acquiring Person and the Rights shall then be outstanding, the Company shall not take any action which would eliminate or diminish the benefits intended to be afforded by the Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">From and after the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate of such Acquiring
        Person) shall be null and void without any further action and any holder of such Rights shall thereafter have no right whatsoever with respect to such Rights, under any provision of this Rights Agreement or otherwise.&#160; Neither the Company nor the
        Rights Agent shall have liability to any holder of Rights Certificates or other Person as a result of the Company&#8217;s or the Rights Agent&#8217;s failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or
        transferees hereunder. No Rights Certificate shall be issued pursuant to Section 3 that represents Rights Beneficially Owned by an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate
        or nominee thereof; no Rights Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any
        nominee of such Acquiring Person, Associate or Affiliate; and any Rights Certificate delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or
        Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate shall be cancelled.&#160; The Company shall give the Rights Agent written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of
        any of the foregoing, and the Rights Agent may rely on such notice in carrying out its duties under this Rights Agreement and shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the
        nominee of any of the foregoing unless and until it shall have received such notice.</div>
      <div><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In lieu of issuing Common Shares in accordance with Section 11(a)(ii) hereof, the Company may, if the Company&#8217;s Board of Directors determines that such action is necessary or
        appropriate and not contrary to the interest of holders of Rights and, in the event that the number of Common Shares which are authorized by the Company&#8217;s Articles of Incorporation but not outstanding or reserved for issuance for purposes other
        than upon exercise of the Rights are not sufficient to permit the exercise in full of the Rights, the Company shall: (A) determine the excess of (1) the value of the Common Shares issuable upon the exercise of a Right (the &#8220;<u>Current Value</u>&#8221;)
        over (2) the Exercise Price (such excess, the &#8220;<u>Spread</u>&#8221;) and (B) with respect to each Right, make adequate provision to substitute for such Common Shares, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3) other
        equity securities of the Company (including, without limitation, shares or any series of preferred shares which the Company&#8217;s Board of Directors has deemed to have the same value as Common Shares (such shares or Preferred Shares are herein called &#8220;<u>Common




          Share Equivalents</u>&#8221;)), except to the extent that the Company has not obtained any necessary shareholder approval for such issuance, (4) debt securities of the Company, except to the extent that the Company has not obtained any necessary
        shareholder approval for such issuance, (5) other assets or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has been determined by the Company&#8217;s Board of Directors based upon
        the advice of a nationally recognized investment banking firm selected by the Company&#8217;s Board of Directors; <u>provided</u>, <u>however</u>, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above
        within thirty (30) days following the later of (x) the first occurrence of a Triggering Event and (y) the date on which the Company&#8217;s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the &#8220;<u>Section




          11(a)(ii) Trigger Date</u>&#8221;), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, Common Shares (to the extent available), except to the extent that the
        Company has not obtained any necessary shareholder approval for such issuance, and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread.&#160; If the Company&#8217;s Board of Directors shall determine in good faith
        that it is likely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day <font style="color: rgb(0, 0, 0);">period set forth above may be extended to the extent necessary,
          but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek shareholder approval for the authorization of such additional shares (such period, as it may be extended, the &#8220;<u>Substitution Period</u>&#8221;).&#160;




          To the extent that the Company determines that some action need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, that such action shall apply
          uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution
          to be made pursuant to such first sentence and to determine the value thereof.&#160; In the event of any such suspension, the Company shall issue a public announcement (and provide prompt written notice to the Rights Agent) stating that the
          exercisability of the Rights has been temporarily suspended, as well as a public announcement (and provide prompt written notice to the Rights Agent) at such time as the suspension is no longer in effect.&#160; For purposes of this Section 11(a)(iii),
          the value of the Common Shares shall be the Current Per Share Market Price of the Common Shares on the Section 11(a)(ii) Trigger Date and the value of any Common Share Equivalent shall be deemed to have the same value as the Common Shares on such
          date.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the issuance of rights, options or warrants to all holders of Preferred Shares
        entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares or Equivalent Shares or securities convertible into Preferred Shares or Equivalent Shares at a
        price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares) less than the then Current Per Share Market Price of the Preferred Shares or Equivalent Shares on such record date, then,
        in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of
        Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent Shares, as the case may be, which the aggregate offering price of the total number of Preferred Shares or Equivalent
        Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to be offered or issued) would purchase at such current market price, and the denominator of which shall be the number
        of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred Shares or Equivalent Shares, as the case may be, to be offered for subscription or purchase (or into which the convertible
        securities so to be offered are initially convertible); <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of the Company issuable
        upon exercise of one Right.&#160; In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Company&#8217;s Board of
        Directors, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights.&#160; Preferred Shares and Equivalent Shares owned by or held for the account of the
        Company shall not be deemed outstanding for the purpose of any such computation.&#160; Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights, options or warrants are not so issued, the
        Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the making of a distribution to all holders of the Preferred Shares or of any
        class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving company) of evidences of indebtedness or assets (other than a regular
        quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding those referred to in Section 11(b)), then, in each such case, the Exercise Price to be in effect after such record
        date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Per Share Market Price of a Preferred Share or an Equivalent Share on such record
        date, less the fair market value per Preferred Share or Equivalent Share (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be binding
        and conclusive for all purposes on the Rights Agent and the holders of the Rights) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a Preferred Share or
        Equivalent Share, as the case may be, and the denominator of which shall be such Current Per Share Market Price of a Preferred Share or Equivalent Share on such record date; <u>provided</u>, <u>however</u>, that in no event shall the
        consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.&#160; Such adjustments shall be made successively whenever such a record date
        is fixed, and in the event that such distribution is not so made, the Exercise Price shall be adjusted to be the Exercise Price which would have been in effect if such record date had not been fixed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the
        Exercise Price; <u>provided</u>, <u>however</u>, that any adjustments which by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.&#160; All calculations under this
        Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a Common Share or other share or one hundred-thousandth of a Preferred Share, as the case may be.&#160; Notwithstanding the first sentence of this Section 11(d), any
        adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which requires such adjustment or (ii) the Expiration Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If as a result of an adjustment made pursuant to Section 11(a) or 13(a) hereof, the holder of any Right thereafter exercised shall become entitled to receive any shares of capital
        stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right and, if required, the Exercise Price thereof, shall be subject to adjustment from time to time in a manner and on
        terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a), 11(b), 11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l), and the provisions of Sections 7, 9, 10, 13 and 14 with
        respect to the Preferred Shares shall apply on like terms to any such other shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price, the
        number of one one-thousandth of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the Company shall have exercised its election as provided in Section 11(h), upon each adjustment of the Exercise Price as a result of the calculations made in Section 11(b) and
        (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of Preferred Shares (calculated to the nearest one hundred-thousandth of a
        share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior to this adjustment, by (y) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price, and (ii) dividing the
        product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may elect on or after the date of any adjustment of the Exercise Price as a result of the calculations made in Section 11(b) or (c) to adjust the number of Rights, in
        substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right.&#160; Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of one one-thousandth of a
        Preferred Share for which a Right was exercisable immediately prior to such adjustment.&#160; Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one
        hundred-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price.&#160; The Company shall make a public
        announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made.&#160; This record
        date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement.&#160; If Rights Certificates have been
        issued, upon each adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates
        evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and
        replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after
        such adjustment.&#160; Rights Certificates so to be distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein (and may bear, at the option of the Company,
        the adjusted Exercise Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Irrespective of any adjustment or change in the Exercise Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights Certificates theretofore and
        thereafter issued may continue to express the Exercise Price per one one-thousandth of a Preferred Share and the number of one one-thousandth of a Preferred Share which were expressed in the initial Rights Certificates issued hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Before taking any action that would cause an adjustment reducing the Exercise Price below the par or stated value, if any, of the number of one one-thousandth of a Preferred Share
        issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue as fully paid and non-assessable shares such number of
        one one-thousandth of a Preferred Share at such adjusted Exercise Price.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer
        (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuing to the holder of any Right exercised after such record date of the number of one one-thousandth of a Preferred Share and other capital stock or
        securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandth of a Preferred Share and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the
        Exercise Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder&#8217;s right to receive such additional shares (fractional or
        otherwise) upon the occurrence of the event requiring such adjustment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Company shall be entitled to make such reductions in the Exercise Price, in addition to
        those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred Shares or Common Shares, (ii) issuance
        wholly for cash of any Preferred Shares or Common Shares at less than the current market price, (iii) issuance wholly for cash of Preferred Shares or Common Shares or securities which by their terms are convertible into or exchangeable for
        Preferred or Common Shares, (iv) share dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Shares or Common Shares shall not be taxable to such
        shareholders.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit to be taken) any action if at the
        time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event the Company shall at any time after the date of this Rights Agreement (A) declare a dividend on the Common Shares payable in Common Shares, (B) subdivide the outstanding
        Common Shares, (C) combine the outstanding Common Shares (by consolidation or otherwise) into a smaller number of Common Shares, or (D) issue any shares in a reclassification of the Common Shares (including any such reclassification in connection
        with a consolidation or merger in which the Company is the continuing or surviving company), then, in each such event, except as otherwise provided in Section 11(a) and Section 7(e) hereof: (1) each Common Share (or shares issued in such
        reclassification of the Common Shares) outstanding immediately following such time shall have associated with it the number of Rights as were associated with one Common Share immediately prior to the occurrence of the event described in clauses
        (A)-(D) above; (2) the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the
        result obtained by multiplying the Exercise Price in effect immediately prior to such time by a fraction, the numerator of which shall be the total number of Common Shares outstanding immediately prior to the event described in clauses (A)-(D)
        above, and the denominator of which shall be the total number of Common Shares outstanding immediately after such event; <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less
        than the aggregate par value of the shares of the Company issuable upon exercise of such Right; and (3) the number of one one-thousandth of a Preferred Share (or shares of such other capital stock) issuable upon the exercise of each Right
        outstanding after such event shall equal the number of one one-thousandth of a Preferred Share (or other share) as were issuable with respect to one Right immediately prior to such event.&#160; Each Common Share that shall become outstanding after an
        adjustment has been made pursuant to this Section 11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth of a Preferred Share (or other share) as one Common Share has
        associated with it immediately following the adjustment made pursuant to this Section 11(n).&#160; If an event occurs which would require an adjustment under both this Section 11(n) and Section 11(a)(ii) hereof, the adjustment provided for in this
        Section 11(n) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certificate of Adjusted Exercise Price or Number of Shares</u>.&#160; Whenever an adjustment is made or any event affecting the Rights or their exercisability (including, without limitation, an event which
        causes Rights to become null and void) occurs as provided in Sections 11 and 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment or describing such event, and a brief reasonably detailed statement of the
        facts to the extent applicable, accounting for any such adjustment or event, (b) file with the Rights Agent and with each transfer agent for the Preferred Shares and Common Shares a copy of such certificate and (c) mail a brief summary thereof to
        each holder of a Rights Certificate (or, if prior to the Distribution Date, each registered holder of Common Shares, whether represented by certificates or Book Entry Shares) in accordance with Section 26 hereof.&#160; Notwithstanding the foregoing
        sentence, the failure of the Company to make such certification or give such notice shall not affect the validity of such adjustment or the force or effect of the requirement for such adjustment.&#160; The Rights Agent shall be fully protected in
        relying on any such certificate and on any adjustment or statement contained therein and shall have no duty or liability with respect thereto, and shall not be deemed to have knowledge of any adjustment or any such event unless and until it shall
        have received such certificate.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consolidation, Merger or Sale or Transfer of Assets or Earning Power</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that, following a Shares Acquisition Date, directly or indirectly:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company shall consolidate or merge with or into, any other Person (other than a wholly-owned Subsidiary of the Company in a transaction the principal purpose of which is to change
        the jurisdiction of incorporation of the Company and which complies with Section 11(m) hereof);</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any Person shall consolidate or merge with or into the Company and the Company shall be the continuing or surviving company of such consolidation or merger, and, in connection with
        such consolidation or merger, all or some of the Common Shares shall be changed into or exchanged for shares or other securities of any other person (or the Company); or</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating
        50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or more of its wholly owned Subsidiaries in one or more transactions, each of which
        individually (and together) complies with Section 11(m) hereof),</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 144pt; color: rgb(0, 0, 0);">then, concurrent with and in each such case:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z80da567e6c5e4501bf8dbea2e5a457f1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a price equal to the Total Exercise Price applicable immediately prior to the occurrence of the
                Section 13 Event in accordance with the terms of this Rights Agreement, such number of validly authorized and issued, fully paid, non-assessable and freely tradeable Common Shares of the Principal Party (as hereinafter defined), free of any
                liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by dividing such Total Exercise Price by 50% of the Current Per Share Market Price of the Common Shares of such Principal Party
                on the date of consummation of such Section 13 Event, <u>provided</u>, <u>however</u>, that the Exercise Price and the number of Common Shares of such Principal Party so receivable upon exercise of a Right shall be subject to further
                adjustment as appropriate in accordance with Section 11(e) hereof;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z13d67db0c6194f47992dd13409821584" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: rgb(0, 0, 0);">such Principal Party shall </font>thereafter<font style="color: rgb(0, 0, 0);"> be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company
                  pursuant to this Rights Agreement;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4c685aedcb144b7e9d38008fb36b8527" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: rgb(0, 0, 0);">the term &#8220;Company&#8221; shall </font>thereafter<font style="color: rgb(0, 0, 0);"> be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 hereof shall
                  apply only to such Principal Party following the first occurrence of a Section 13 Event;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z54762bd7831c4f3db385df55e9f61bf5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: rgb(0, 0, 0);">such Principal Party shall take </font>such<font style="color: rgb(0, 0, 0);"> steps (including, but not limited to, the reservation of a sufficient number of its Common Shares) in connection with the
                  consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its Common Shares thereafter deliverable upon the exercise of the
                  Rights; and</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3424fcb0a40e44e8b4abdbe31efa68c7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: rgb(0, 0, 0);">upon the subsequent </font>occurrence<font style="color: rgb(0, 0, 0);"> of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party,
                  each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants and other property which such holder
                  would have been entitled to receive had such holder, at the time of such transaction, owned the Common Shares of the Principal Party receivable upon the exercise of such Right pursuant to this Section 13(a), and such Principal Party shall
                  take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other
                  property.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze203eeace5924469bd33d08260f46096" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: rgb(0, 0, 0);">For purposes hereof, the &#8220;earning power&#8221; of the Company and its Subsidiaries shall be determined in good faith by the Company&#8217;s Board of </font>Directors<font style="color: rgb(0, 0, 0);"> on the basis
                  of the operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary
                  during three full fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary).</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Rights Agreement, the term &#8220;<u>Principal Party</u>&#8221; shall mean:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in the case of any transaction described in clause (i) or (ii) of Section 13(a) hereof: (A) the Person that is the issuer of the securities into which the Common Shares are converted
        in such merger or consolidation, or, if there is more than one such issuer, the issuer the Common Shares of which have the greatest aggregate market value of shares outstanding, or (B) if no securities are so issued, (x) the Person that is the
        other party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the Common Shares of which have the greatest aggregate market value of shares outstanding or (y) if the Person that is the other
        party to the merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in the case of any transaction described in clause (iii) of Section 13(a) hereof, the Person that is the party receiving the greatest portion of the assets or earning power
        transferred pursuant to such transaction or transactions, or, if more than one Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred and each such portion would, were it
        not for the other equal portions, constitute the greatest portion of the assets or earning power so transferred, or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the
        issuer of Common Shares having the greatest aggregate market value of shares outstanding; <u>provided</u>, <u>however</u>, that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the Common Shares of such Person are not at
        such time or have not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person is a direct or indirect Subsidiary of another Person the Common Shares of which are and have been so
        registered, the term &#8220;Principal Party&#8221; shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Shares of which are and have been so registered, the term &#8220;Principal Party&#8221;
        shall refer to whichever of such Persons is the issuer of Common Shares having the greatest aggregate market value of shares outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that
        are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or
        all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest in such Person bears to the total of such interests.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of authorized Common Shares that have not been issued or reserved for
        issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement confirming that such
        Principal Party shall, upon consummation of such Section 13 Event, assume this Rights Agreement in accordance with Sections 13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in respect of the issuance of Common Shares of
        such Principal Party upon exercise of outstanding Rights have been waived, that there are no rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would
        eliminate or substantially diminish the benefits intended to be afforded by the Rights and that such transaction shall not result in a default by such Principal Party under this Rights Agreement, and further providing that, as soon as practicable
        after the date of such Section 13 Event, such Principal Party will:</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prepare and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate form, use its
        best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus at all times meeting the
        requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;use its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange or to meet the
        eligibility requirements for quotation on Nasdaq and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on Nasdaq; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;deliver to holders of the Rights historical financial statements for such Principal Party which comply in all respects with the requirements for registration on Form F-1 or S-1 (or
        any successor form) under the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">In the event that at any time after the occurrence of a Triggering Event some or all of the Rights shall not have been exercised at the time of a transaction described in this Section 13, the Rights which have not
        theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account any prior adjustment required by Section 11(a)(ii)).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the &#8220;Principal Party&#8221; for purposes of Section 13(b) hereof has provision in any of its authorized securities or in its certificate of incorporation or by-laws or other
        instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to Section 13 hereof), in connection with, or as a consequence of, the
        consummation of a Section 13 Event, Common Shares or Equivalent Shares of such Principal Party at less than the then Current Per Share Market Price thereof or securities exercisable for, or convertible into, Common Shares or Equivalent Shares of
        such Principal Party at less than such then Current Per Share Market Price, or (ii) providing for any special payment, tax or similar provision in connection with the issuance of the Common Shares of such Principal Party pursuant to the provisions
        of Section 13 hereof, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate any such transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the
        Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no
        effect in connection with or as a consequence of, the consummation of the proposed transaction.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that it shall not, at any time after the Distribution Date, effect or permit to occur any Section 13 Event, if (i) at the time or immediately after
        such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to,
        simultaneously with or immediately after such Section 13 Event, the shareholders of the Person who constitutes, or would constitute, the &#8220;Principal Party&#8221; for purposes of Section 13(b) hereof shall have received a distribution of Rights previously
        owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractional Rights and Fractional Shares</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights.&#160; In lieu of such fractional Rights, there shall be
        paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right.&#160; For the purposes of this
        Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable, as determined pursuant to this
        Rights Agreement.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of
        the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share).&#160; Interests in fractions of Preferred Shares in integral multiples of
        one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided, that such agreement shall provide
        that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depositary receipts.&#160; In lieu of fractional Preferred
        Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same
        fraction of the current market value of a Preferred Share.&#160; For purposes of this Section 14(b), the current market value of a Preferred Share shall be one thousand times the closing price of a Common Share (as determined pursuant to the terms
        hereof) for the Trading Day immediately prior to the date of such exercise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares upon the exercise or exchange of Rights.&#160; In
        lieu of such fractional Common Shares, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of a
        Common Share.&#160; For purposes of this Section 14(c), the current market value of a Common Share shall be the closing price of a Common Share (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such
        exercise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The holder of a Right by the acceptance of the Right expressly waives his or her right to receive any fractional Rights or any fractional shares (other than fractions that are integral
        multiples of one one-thousandth of a Preferred Share) upon exercise of a Right.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever a payment for fractional Rights or fractional Shares is to be made by the Rights Agent under any Section of this Rights Agreement, the Company shall (i) promptly prepare and
        deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form
        of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or
        fractional Shares under any Section of this Rights Agreement relating to the payment of fractional Rights or fractional Shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights of Action</u>.&#160; (a)&#160; All rights of action in respect of this Rights Agreement, excepting the rights of action given to the Rights Agent under any Section of this Rights Agreement, are vested in
        the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of the Common
        Shares), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the Common Shares), may, in his or her own behalf and for his or her own benefit, enforce, and may institute
        and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his or her right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this
        Rights Agreement.&#160; Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Rights Agreement and
        will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as a
        result of its inability to perform any of its obligations under this Rights Agreement by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued by a court or by a
        governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such
        obligation; provided, however, that the Company shall use all reasonable efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreement of Rights Holders</u>.&#160; Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office or offices of the Rights Agent
        designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates properly completed and duly executed (with such signature duly guaranteed, if required), as determined in
        the sole discretion of the Rights Agent; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;subject to Sections 6(a) and 7(f) hereof, the Company and the Rights Agent may deem and treat the person in whose name the Rights Certificate (or, prior to the Distribution Date, the
        associated Common Shares certificate or Book Entry Shares, as applicable) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the
        associated Common Share certificate or Book Entry Shares, as applicable, made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the
        contrary.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights Certificate Holder Not Deemed a Shareholder</u>.&#160; No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose to be the holder of the
        Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of
        any Rights Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any
        corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights
        Certificate shall have been exercised in accordance with the provisions hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>The Rights Agent</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with mutually agreed upon fee schedule and, from time to
        time, on demand of the Rights Agent, to reimburse the Rights Agent for all of its expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Rights Agreement
        and the exercise and performance of its duties hereunder.&#160; The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement,
        cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel), that may be paid, incurred or suffered by it, or to which it may become subject, without gross negligence, bad faith or willful misconduct (which
        gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) on the part of the Rights Agent for any action taken, suffered or omitted to be taken by the Rights Agent
        in connection with the acceptance, administration, exercise and performance of its duties under this Rights Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or
        enforcing its rights hereunder.&#160; The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.</div>
      <div><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall be authorized and protected and shall incur no liability for, or in respect of any action taken, suffered or omitted to be taken by it in connection with, its
        acceptance and administration of this Rights Agreement and the exercise and performance of its duties hereunder, in reliance upon any Rights Certificate or certificate (including in the case of uncertificated shares, by notation in book entry
        accounts reflecting ownership) for the Preferred Shares or Common Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
        statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof.
        The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive written notice thereof hereunder, but for which it has not received such written notice, and the Rights Agent shall (subject to the limitations
        set forth herein) be fully protected and shall incur no liability for failing to take action in connection therewith unless and until it has received such written notice.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Merger or Consolidation or Change of Name of Rights Agent</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to
        which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or other shareholder service business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights
        Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, that such Person would be eligible for appointment as a successor Rights Agent under Section 21
        hereof.&#160; The purchase of all or substantially all of the Rights Agent&#8217;s assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation for purposes of this Section 19.&#160; In case at the time such successor
        Rights Agent shall succeed to the agency created by this Rights Agreement, any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights
        Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the
        predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may
        adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights Certificates
        either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights and Duties of Rights Agent</u>.&#160; The Rights Agent undertakes to perform only the duties and obligations expressly set forth in this Rights Agreement (and not implied duties or obligations). The
        Rights Agent shall perform such duties and obligations upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, or, prior to the Distribution Date, Common Shares, by their acceptance thereof,
        shall be bound:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may consult with legal counsel selected by it (who may be outside legal counsel for the Rights Agent or the Company), and the advice or opinion of such counsel shall
        be full and complete authorization and protection to the Rights Agent, and the Rights Agent will have no liability for or in respect of, any action taken, suffered, or omitted to be taken by it and in accordance with such advice or opinion.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever in the performance of its duties under this Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including, without limitation, the
        identity of any Acquiring Person or any Affiliate or Associate of an Acquiring Person, or the determination of Current Per Share Market Price) be proved or established by the Company prior to taking, suffering or omitting to take any action
        hereunder, such fact or matter (unless other evidence in respect thereof be specifically prescribed herein) may be deemed to be conclusively proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive
        Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be the full and complete authorization and protection to
        the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Rights Agreement in reliance upon such certificate.&#160; The Rights Agent shall
        have no duty to act without such a certificate from an officer of the Company as set forth in the preceding sentence.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or
        willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Rights Agreement or in the Rights Certificates (including in the
        case of uncertificated shares, by notation in book entry accounts reflecting ownership), except as to its countersignature thereof, or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by
        the Company only.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not have any liability for nor be under any responsibility in respect of the legality or validity of this Rights Agreement or the execution and delivery hereof
        (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership), except its
        countersignature thereof, or any modification or order of any court, tribunal, or governmental authority in connection with the foregoing; nor shall it be liable or responsible for any breach by the Company of any covenant or failure by the Company
        to satisfy any condition contained in this Rights Agreement or in any Rights Certificate; nor shall it be responsible for any change in the exercisability of the Rights or any adjustment in the terms of the Rights (including the manner, method or
        amount thereof) provided for in Sections 3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after
        receipt by the Rights Agent of a certificate furnished pursuant to Section 12 describing such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
        shares of Common Stock, the Preferred Shares, or any other securities to be issued pursuant to this Rights Agreement or any Rights Certificate or as to whether any shares of Preferred Stock, the Preferred Shares, or any other securities will, when
        so issued, be validly authorized and issued, fully paid and non-assessable. The Rights Agent shall have no obligation under any Section of this Rights Agreement to determine whether an event requiring an adjustment in Exercise Price, number of
        shares or number of Rights has occurred or to calculate or confirm the accuracy of any of the adjustments required hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances
        as may reasonably be required or requested by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Rights Agreement, in the reasonable discretion of the Rights Agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and certificates delivered pursuant to any provisions
        hereof from any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company, and to apply to such officers for advice or
        instructions in connection with its duties. The Rights Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with instructions of any such officer and such advice or instruction shall be full
        authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken or suffered or omitted to be taken by it in accordance with advice or instructions of any such officer or for any
        delay in acting while waiting for those instructions.&#160; Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the
        Rights Agent under this Rights Agreement and the date on and/or after which such action shall be taken or such omission shall be effective.&#160; The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions
        received from any such officer, and shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date shall
        not be less than five (5) Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the
        effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken, suffered, or omitted.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent and any shareholder, member, affiliate, director, officer, employee, agent, or representative of the Rights Agent may buy, sell or deal in any of the Rights or other
        securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under
        this Rights Agreement.&#160; Nothing herein shall preclude the Rights Agent or any such shareholder, member, affiliate, director, officer or employee of the Rights Agent from acting in any other capacity for the Company or for any other Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through its officers, directors and employees) or
        by or through its attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect
        or misconduct in the absence of gross negligence, bad faith or willful misconduct of the Rights Agent (each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued employment thereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No provision of this Rights Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
        hereunder or in the exercise of any of its rights or powers if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.&#160; The Rights
        Agent shall not be required to take any action or to follow any instruction of the Company that the Rights Agent believes, in its sole discretion, would cause the Rights Agent to take action that is illegal.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, either (i) the certificate attached to the form of assignment or form of election
        to purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, the Rights Agent shall not take any further action with
        respect to such requested exercise or transfer without first consulting with the Company; provided, however that Rights Agent shall not be liable for any delays arising from the duties under this section 20(k).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall have no responsibility to the Company, any holders of Rights or any holders of Common Shares for interest or earnings on any moneys held by the Rights Agent
        pursuant to this Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event, condition, or determination (including, without limitation, any dates or events
        defined in this Rights Agreement or the designation of any Person as an Acquiring Person, Affiliate or Associate) under this Rights Agreement unless and until the Rights Agent shall be specifically notified in writing by the Company of such fact,
        event, condition, or determination, and all notices or other instruments required by this Rights Agreement to be delivered to the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26 hereof, and in
        the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an &#8220;eligible guarantor institution&#8221; that is a
        member or participant in the Securities Transfer Agents Medallion Program or other comparable &#8220;signature guarantee program&#8221; or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any
        interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall act hereunder solely as agent for the Company. The Rights Agent shall not assume any obligations or relationship of agency or trust with any of the owners or
        holders of the Rights.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed with the SEC or
        this Rights Agreement, including without limitation obligations under applicable regulation or law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Rights with respect to any action or default by the
        Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The provisions of Sections 18 and 20 shall survive the termination of this Rights Agreement, the resignation, replacement or removal of the Rights Agent and the exercise, termination and the
        expiration of the Rights.&#160; Notwithstanding anything in this Rights Agreement to the contrary, in no event shall the Rights Agent be liable for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever (including
        but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action; and the Company shall indemnify the Rights Agent and hold it harmless to the fullest
        extent permitted by law against any loss, liability or expense incurred as a result of claims for special, punitive, incidental, indirect or consequential loss or damages of any kind whatsoever provided in each case that such claims are not the
        result of the gross negligence, bad faith or willful misconduct of the Rights Agent (each as determined by a final judgment of a court of competent jurisdiction).&#160; Notwithstanding anything in this Rights Agreement to the contrary, any liability of
        the Rights Agent under this Rights Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being
        sought.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change of Rights Agent</u>.&#160; The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Rights Agreement upon at least thirty (30) days&#8217; written notice to
        the Company and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of the Preferred Shares and the Common Shares known to the Rights Agent. In the event the transfer
        agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Rights Agreement as of the effective date of such
        termination, and the Company shall be responsible for sending any required notice.&#160; The Company may remove the Rights Agent or any successor Rights Agent upon at least thirty (30) days&#8217; written notice to the Rights Agent or successor Rights Agent,
        as the case may be, and to each transfer agent of the Preferred Shares and the Common Shares and to the holders of the Rights Certificates by public announcement or written notice.&#160; If the Rights Agent shall resign or be removed or shall otherwise
        become incapable of acting, the Company shall appoint a successor to the Rights Agent.&#160; If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after receiving written notice of
        such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his or her Rights Certificate for inspection by the Company), then the registered holder of
        any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent.&#160; Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person organized and doing business
        under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by federal or state
        authority or (b) an Affiliate of such a Person described in clause (a) of this sentence.&#160; After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as
        Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or
        deed necessary for the foregoing purpose, but the predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection with the foregoing.&#160; Not later than the effective date of any such
        appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Preferred Shares and the Common Shares, and mail a written notice thereof to the registered holders of the Rights
        Certificates.&#160; Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent,
        as the case may be.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of New Rights Certificates</u>.&#160; Notwithstanding any of the provisions of this Rights Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates
        evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price or the number or kind or class of shares or other securities or property purchasable under the Rights Certificates
        made in accordance with the provisions of this Rights Agreement.&#160; In addition, in connection with the issuance or sale of Common Shares following the Distribution Date and prior to the redemption or expiration of the Rights, the Company (a) shall,
        with respect to Common Shares so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement or upon the exercise, conversion or exchange of other securities of the Company outstanding at the date hereof or
        upon the exercise, conversion or exchange of securities hereinafter issued by the Company and (b) may, in any other case, if deemed necessary or appropriate by the Board of Directors of the Company, issue Rights Certificates representing the
        appropriate number of Rights in connection with such issuance or sale; <u>provided</u>, <u>however</u>, that (i) no such Rights Certificate shall be issued and this sentence shall be null and void ab initio if, and to the extent that, such
        issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued or would create a significant risk of or result in such
        options&#8217; or employee plans&#8217; or arrangements&#8217; failing to qualify for otherwise available special tax treatment and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in
        lieu of the issuance thereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Redemption</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, at its option and with the approval of the Board of Directors, at any time prior to the Close of Business on the earlier of (i) the Distribution Date and (ii) the
        Final Expiration date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.0001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof
        (such redemption price being hereinafter referred to as the &#8220;<u>Redemption Price</u>&#8221;).&#160; The redemption of the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions as the Board
        of Directors of the Company, in its sole discretion, may establish.&#160; The date on which the Board of Directors elects to make the redemption effective shall be referred to as the &#8220;<u>Redemption Date</u>&#8221;.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights, written notice of which shall have been filed with the Rights Agent, and
        without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of
        any such redemption; <u>provided</u>, <u>however</u>, that the failure to give or any defect in, any such notice shall not affect the legality or validity of such redemption.&#160; Within ten (10) days after the action of the Board of Directors
        ordering the redemption of the Rights, the Company shall promptly mail a notice of such redemption to the Rights Agent and the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent
        or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares.&#160; Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.&#160; Each such notice
        of redemption will state the method by which the payment of the Redemption Price will be made.&#160; Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than
        that specifically set forth in this Section 23 or in Section 24 hereof, and other than in connection with the purchase of Common Shares prior to the Distribution Date.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exchange</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to applicable laws, rules and regulations, and subject to subsection 24(c) below, the Company may, at its option, by action of the Board of Directors, at any time after the
        occurrence of a Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) for Common Shares at an exchange
        ratio of one Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the &#8220;<u>Exchange Ratio</u>&#8221;).&#160;
        Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such
        Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then outstanding.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to subsection (a) of this Section 24 and without any further action and without any
        notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange
        Ratio.&#160; The Company shall give (i) prompt written notice to the Rights Agent of such exchange; and (ii) public notice of any such exchange; <u>provided</u>, <u>however</u>, that the failure to give, or any defect in, such notice shall not affect
        the validity of such exchange.&#160; The Company shall promptly mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent.&#160; Any notice which is mailed in
        the manner herein provided shall be deemed given, whether or not the holder receives the notice.&#160; Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected and, in the event of any
        partial exchange, the number of Rights which will be exchanged.&#160; Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section 7(e) hereof)
        held by each holder of Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that there shall not be sufficient Common Shares issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with
        Section 24(a), the Company shall either take such action as may be necessary to authorize additional Common Shares for issuance upon exchange of the Rights or alternatively, at the option of a majority of the Board of Directors, with respect to
        each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of issuing Common Shares in exchange therefor, or (ii) issue debt or equity securities or a combination thereof, having a value equal to the Current
        Value, in lieu of issuing Common Shares in exchange for each such Right, where the value of such securities shall be determined by a nationally recognized investment banking firm selected by majority vote of the Board of Directors, or (iii) deliver
        any combination of cash, property, Common Shares and/or other securities having a value equal to the Current Value in exchange for each Right.&#160; For purposes of this Section 24(c) only, the Current Value shall mean the product of the Current Per
        Share Market Price of Common Shares on the date of the occurrence of the event described above in subparagraph (a), multiplied by the number of Common Shares for which the Right otherwise would be exchangeable if there were sufficient shares
        available.&#160; To the extent that the Company determines that some action need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the Board of Directors may temporarily suspend the exercisability of the Rights for a period of up to
        sixty (60) days following the date on which the event described in Section 24(a) shall have occurred, in order to seek any authorization of additional Common Shares and/or to decide the appropriate form of distribution to be made pursuant to the
        above provision and to determine the value thereof.&#160; In the event of any such suspension, the Company shall (i) give prompt written notice to the Rights Agent of such suspension; and (ii) issue a public announcement stating that the exercisability
        of the Rights has been temporarily suspended.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares.&#160; In lieu of such fractional Common Shares,
        there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Common Shares would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Common
        Share (as determined pursuant to the terms hereof).</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, at its option, by majority vote of the Board of Directors, at any time before the Share Acquisition Date, exchange all or part of the then outstanding Rights for
        rights of substantially equivalent value, as determined reasonably and with good faith by the Board of Directors, based upon the advice of one or more nationally recognized investment banking firms.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to subsection (e) of this Section 24 and without any further action and without any
        notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of rights in exchange therefor as has been determined by the Board of Directors in accordance with
        subsection 24(e) above.&#160; The Company shall give public notice of any such exchange; <u>provided</u>, <u>however</u>, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.&#160; The Company shall
        promptly mail a notice of any such exchange with a reasonably detailed description thereof to the Rights Agent and all of the holders of such Rights at their last addresses as they appear upon the registry books of the transfer agent for the Common
        Shares of the Company.&#160; Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.&#160; Each such notice of exchange will state the method by which the exchange of the Rights will be
        effected.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice of Certain Events</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall propose to effect or permit to occur any Triggering Event or Section 13 Event, the Company shall give notice thereof to the Rights Agent and each holder of
        Rights in accordance with Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such Section 13 Event.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case any Triggering Event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall as soon as practicable thereafter give to the Rights Agent and to each holder of
        a Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Notices or demands authorized by this Rights Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to or on the Company shall be sufficiently given
        or made if in writing and sent by facsimile when a confirmation is received by the transmitting person (which confirmation may be made by facsimile or email), if sent by first-class mail or nationally recognized overnight delivery service, postage
        prepaid, or hand delivery when received, and addressed (until another address is filed in writing with the Rights Agent) as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">United Maritime Corporation</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">154 Vouliagmenis Avenue</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">16674 Glyfada</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">Athens, Greece</div>
      <div style="margin-left: 72pt; color: rgb(0, 0, 0);">Attention: Legal Department</div>
      <div><br>
      </div>
      <div style="margin-left: 72pt; color: rgb(0, 0, 0);">with a copy to:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">Watson Farley &amp; Williams LLP</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">New York, New York 10019</div>
      <div style="margin-left: 72pt; color: rgb(0, 0, 0);">Attention: Will Vogel, Esq.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Rights Agreement to be given or made by the Company or by the holder of any Rights Certificate to or on the
        Rights Agent shall be sufficiently given or made if in writing and sent by facsimile when a confirmation is received by the transmitting person (which confirmation may be made by facsimile or email), or by first-class mail or nationally recognized
        overnight delivery service, postage prepaid, or hand delivery when received, and addressed (until another address is filed in writing with the Company) as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">American Stock Transfer &amp; Trust Company, LLC<br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">[&#160;&#160; ]<br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">[&#160;&#160; ]<br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);"> Attention: [&#160;&#160; ]</div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);"> <br>
      </div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Notices or demands authorized by this Rights Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate (or, if prior to the Distribution Date, to
        the holders of Common Shares) shall be sufficiently given or made if sent by first-class mail or nationally recognized courier service, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the
        Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Supplements and Amendments</u>.&#160; Prior to the occurrence of a Distribution Date, the Company and the Rights Agent may supplement or amend this Rights Agreement in any respect without the approval of
        any holders of Rights.&#160; From and after the occurrence of a Distribution Date, the Company and the Rights Agent may from time to time supplement or amend this Rights Agreement without the approval of any holders of Rights in order to (i) cure any
        ambiguity, (ii) correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder or (iv) to change or supplement the provisions
        hereunder in any manner that the Company may deem necessary or desirable and that shall not adversely affect the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person); provided, this
        Rights Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable or (B) any other time
        period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person).&#160; Upon the
        delivery of a certificate from an appropriate officer of the Company and, if reasonably requested by the Rights Agent, an opinion of counsel, that states that the proposed supplement or amendment is in compliance with the terms of this Section 27,
        the Rights Agent shall execute such supplement or amendment.&#160; Notwithstanding anything contained in this Rights Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that affects the
        Rights Agent&#8217;s own rights, duties, obligations or immunities under this Rights Agreement.&#160; Prior to the Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors</u>.&#160; All the covenants and provisions of this Rights Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors
        and assigns hereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Determinations and Actions by the Board of Directors, etc</u>.&#160; For all purposes of this Rights Agreement, any calculation of the number of Common Shares outstanding at any particular time, including
        for purposes of determining the particular percentage of such outstanding Common Shares of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations
        under the Exchange Act.&#160; Except as otherwise provided for herein, the Board of Directors of the Company shall have the exclusive power and authority to administer this Rights Agreement and to exercise all rights and powers specifically granted to
        the Board, or the Company, or as may be necessary or advisable in the administration of this Rights Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Rights Agreement and (ii) make all
        determinations deemed necessary or advisable for the administration of this Rights Agreement (including a determination to redeem or not redeem the Rights or to amend the Rights Agreement in accordance with Section 27 hereof).&#160; All such actions,
        calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final, conclusive and binding on the
        Company, the Rights Agent (except with respect to any dispute concerning the Rights Agent&#8217;s own rights, duties, obligations or immunities under this Rights Agreement), the holders of the Rights Certificates and all other parties and (y) not subject
        the Board to any liability to the holders of the Rights.&#160; The Rights Agent is entitled always to assume the Company&#8217;s Board of Directors acted in good faith and shall be fully protected and incur no liability in reliance thereon.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Benefits of this Rights Agreement</u>.&#160; Nothing in this Rights Agreement shall be construed to give to any Person other than the Company, the Rights Agent and the registered holders of the Rights
        Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or claim under this Rights Agreement; but this Rights Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent
        and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Shares).</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Rights Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
        remainder of the terms, provisions, covenants and restrictions of this Rights Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; <u>provided</u>, <u>however</u>, that notwithstanding anything
        in this Rights Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board of Directors of the Company determines in its good faith judgment
        that severing the invalid language from this Rights Agreement would adversely affect the purpose or effect of this Rights Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and shall not expire until the Close of
        Business on the tenth Business Day following the date of such determination by the Board of Directors; <u>further</u>&#160;<u>provided</u>, <u>however</u>, that if any such excluded language shall adversely affect rights, immunities, liabilities,
        duties, responsibilities or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>.&#160; This Rights Agreement and each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of New York and for all purposes
        shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160; This Rights Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
        together constitute but one and the same instrument. A signature to this Rights Agreement executed and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Descriptive Headings; Interpretation.</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Descriptive headings of the several Sections of this Rights Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the
        provisions hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever the words &#8220;include,&#8221; &#8220;includes&#8221; or &#8220;including&#8221; are used in this Rights Agreement, they shall be deemed to be followed by the words &#8220;without limitation.&#8221; The words &#8220;hereof,&#8221;
        &#8220;herein&#8221; and &#8220;herewith&#8221; and words of similar import shall, unless otherwise stated, be construed to refer to this Rights Agreement as a whole and not to any particular provision of this Rights Agreement, and article, section, subsection, paragraph
        and exhibit references are to the articles, sections, paragraphs and exhibits of this Rights Agreement unless otherwise specified. The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural
        forms of such term, and words denoting any gender shall include all genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Force Majeure</u>.&#160; Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance of any act, duty, obligation or
        responsibility by reason of any occurrence beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of any utilities, communications, or
        computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">[<font style="font-style: italic;">Signature Page Follows</font>]</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties have executed this Shareholders Rights Agreement as of the date first written above.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8779639165df4cf191f409cc8d919cc9" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">UNITED MARITIME CORPORATION</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Name: <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Title: <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC, as Rights Agent</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Name:&#160;</div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Title: <br>
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      <div style="text-align: center; color: rgb(0, 0, 0);">[Signature Page to Shareholders Rights Agreement]</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div>&#160;</div>
      <div style="text-align: right; color: rgb(0, 0, 0);"><u>Exhibit A</u></div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">STATEMENT OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES A PARTICIPATING PREFERRED SHARES OF UNITED MARITIME CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The undersigned, [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] and [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<font style="font-weight: bold;">&#160;</font>do hereby certify:</div>
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      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">That they are the duly elected and acting Chief Executive Officer and [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], respectively, of United Maritime
          Corporation, a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;).</font></div>
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      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">That pursuant to the authority conferred by the Company&#8217;s Articles of Incorporation (the &#8220;Articles of Incorporation&#8221;), the
          Company&#8217;s Board of Directors on [<font style="font-family: Times New Roman">&#9679;</font>], 2022 adopted the following resolution designating and prescribing the relative rights, preferences and limitations of the Company&#8217;s Series A Participating
          Preferred Shares:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">RESOLVED, that pursuant to the authority vested in the Board of Directors (the &#8220;<u>Board</u>&#8221;) of the Company by the Articles of Incorporation, the Board does hereby establish
        a series of Preferred Shares, par value $0.0001 per share, and the designation and certain powers, preferences and other special rights of the shares of such series, and certain qualifications, limitations and restrictions thereon, are hereby fixed
        as follows:</div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Designation and Amount</u>.&#160; The shares of such series shall be designated as &#8220;<u>Series A
            Participating Preferred Shares</u>&#8221;.&#160; The Series A Participating Preferred Shares shall have a par value of $0.0001 per share, and the number of shares constituting such series shall initially be 2,000,000, which number the Board may from time
          to time increase or decrease (but not below the number then outstanding).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Proportional Adjustment</u>.&#160; In the event the Company shall at any time after the issuance of
          any share or shares of Series A Participating Preferred Shares (i) declare any dividend on the Common Shares of the Company par value $0.0001 per share (the &#8220;<u>Common Shares</u>&#8221;) payable in Common Shares, (ii) subdivide the outstanding Common
          Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series A Participating
          Preferred Shares.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Dividends and Distributions</u>.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Subject to the prior and superior right of the holders of any shares of any series of Preferred Shares
          ranking prior and superior to the shares of Series A Participating Preferred Shares with respect to dividends, the holders of shares of Series A Participating Preferred Shares shall be entitled to receive when, as and if declared by the Board out
          of funds legally available for the purpose, quarterly dividends payable in cash on the last day of January, April, July and October in each year (each such date being referred to herein as a &#8220;<u>Quarterly Dividend Payment Date</u>&#8221;), commencing
          on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Participating Preferred Shares, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share
          amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by
          reclassification or otherwise), declared on the Common Shares since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a
          share of Series A Participating Preferred Shares.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The Company shall declare a dividend or distribution on the Series A Participating Preferred Shares as
          provided in paragraph (a) above immediately after it declares a dividend or distribution on the Common Shares (other than a dividend payable in Common Shares).</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div><br>
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Dividends shall begin to accrue on outstanding shares of Series A Participating Preferred Shares from the
          Quarterly Dividend Payment Date immediately preceding the date of issue of such shares of Series A Participating Preferred Shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date,
          in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of
          Series A Participating Preferred Shares entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued
          but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Participating Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro
          rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A Participating Preferred Shares entitled to receive payment of a dividend or
          distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Voting Rights</u>.&#160; The holders of shares of Series A Participating Preferred Shares shall have
          the following voting rights:</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Each share of Series A Participating Preferred Shares shall entitle the holder thereof to 1,000 votes on
          all matters submitted to a vote of the shareholders of the Company.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Except as otherwise provided herein or by law, the holders of shares of Series A Participating Preferred
          Shares and the holders of Common Shares shall vote together as one class on all matters submitted to a vote of shareholders of the Company.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Except as required by law, holders of Series A Participating Preferred Shares shall have no special voting
          rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Shares as set forth herein) for taking any corporate action.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Certain Restrictions</u>.</font></div>
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      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise
          acquire for consideration any Common Shares after the first issuance of a share or fraction of a share of Series A Participating Preferred Shares unless concurrently therewith it shall declare a dividend on the Series A Participating Preferred
          Shares as required by Section 3 hereof.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Whenever quarterly dividends or other dividends or distributions payable on the Series A Participating
          Preferred Shares as provided in Section 3 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Participating Preferred Shares outstanding shall have been paid in
          full, the Company shall not (i) declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock&#160; ranking junior (either as to dividends or upon liquidation,
          dissolution or winding up) to the Series A Participating Preferred Shares; (ii) declare or pay dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or
          winding up) with Series A Participating Preferred Shares, except dividends paid ratably on the Series A Participating Preferred Shares and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to
          which the holders of all such shares are then entitled; (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the
          Series A Participating Preferred Shares, provided that the Company may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to&#160; dividends or
          upon dissolution, liquidation or winding up) to the Series A Participating Preferred Shares; (iv) purchase or otherwise acquire for consideration any shares of Series A Participating Preferred Shares, or any shares of stock ranking on a parity
          with the Series A Participating Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the
          respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.</font></div>
      <div><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-2</font></div>
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for
          consideration any shares of stock of the Company unless the Company could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner.</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Reacquired Shares</u>.&#160; Any shares of Series A Participating Preferred Shares purchased or
          otherwise acquired by the Company in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Shares and may be
          reissued as part of a new series of Preferred Shares to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and in the Articles of Incorporation.</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Liquidation, Dissolution or Winding Up</u>.&#160; Upon any liquidation, dissolution or winding up of
          the Company, the holders of shares of Series A Participating Preferred Shares shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of Common Shares plus an
          amount equal to any accrued and unpaid dividends on such shares of Series A Participating Preferred Shares.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Consolidation, Merger, etc</u>.&#160; In case the Company shall enter into any consolidation, merger,
          combination or other transaction in which the Common Shares are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series A Participating Preferred Shares shall at the same
          time be similarly exchanged or changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock
          is changed or exchanged.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>No Redemption</u>.&#160; The shares of Series A Participating Preferred Shares shall not be
          redeemable.</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Ranking</u>.&#160; The Series A Participating Preferred Shares shall rank junior to all other series
          of the Company&#8217;s Preferred Shares as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Amendment</u>.&#160; The Articles of Incorporation of the Company shall not be further amended in any
          manner which would materially alter or change the powers, preference or special rights of the Series A Participating Preferred Shares so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding
          shares of Series A Participating Preferred Shares, voting separately as a class.</font></div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Fractional Shares</u>.&#160; Series A Participating Preferred Shares may be issued in fractions of a
          share which shall entitle the holder, in proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series A Participating
          Preferred Shares.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">RESOLVED FURTHER, that the President or any Vice President and the Secretary or any Assistant Secretary of this Company be, and they hereby are, authorized and directed to
        prepare and file a Statement of Designation of Rights, Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such actions as they may deem necessary or appropriate to carry out
        the intent of the foregoing resolution.</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic;">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">We further declare under penalty of perjury that the matters set forth in the foregoing Statement of Designation are true and correct of our own knowledge.</div>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Executed on ____________________________.</div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">[TITLE]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-4</font></div>
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      <div>&#160;</div>
      <div style="text-align: right; text-indent: 36pt; color: rgb(0, 0, 0);"><u>Exhibit B</u></div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: 36pt; color: rgb(0, 0, 0); font-weight: bold;">FORM OF RIGHTS CERTIFICATE</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Certificate No. R- Rights</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">NOT EXERCISABLE AFTER JULY 1, 2032, UNLESS EXTENDED PRIOR THERETO BY THE BOARD OF DIRECTORS OF THE COMPANY, OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT
        THE OPTION OF THE COMPANY, AT $0.0001 PER RIGHT AND EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF ANY SUCH PERSON (AS SUCH
        TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [IF THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR
        AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS
        AGREEMENT.]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">RIGHTS CERTIFICATE</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">UNITED MARITIME CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">This certifies that ___________________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
        subject to the terms, provisions and conditions of the Rights Agreement, dated as of [<font style="font-family: Times New Roman">&#9679;</font>], 2022, as amended from time to time (the &#8220;Rights Agreement&#8221;), between United Maritime Corporation, a Marshall
        Islands corporation (the &#8220;Company&#8221;), and American Stock Transfer &amp; Trust Company, LLC, a federally chartered trust company, as Rights Agent (the &#8220;Rights Agent&#8221;), to purchase from the Company at any time after the Distribution Date (as such term
        is defined in the Rights Agreement) and prior to 5:00 P.M., New York time, on July 1, 2032 at the office or offices of the Rights Agent, or at the office or offices of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable
        share of Series A Participating Preferred Shares, $0.0001 par value per share (the &#8220;Preferred Shares&#8221;), of the Company, at a purchase price of $40.00 per one one-thousandth of a Preferred Share (the &#8220;Purchase Price&#8221;), upon presentation and
        surrender of this Rights Certificate with the Form of Election to Purchase duly executed.&#160; The number of Rights evidenced by this Rights Certificate (and the number of one one-thousandths of a Preferred Share which may be purchased upon exercise
        hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of [<font style="font-family: Times New Roman">&#9679;</font>], 2022, based on the Preferred Shares as constituted at such date.&#160; As provided in the
        Rights Agreement, the Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the
        happening of certain events.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">This Rights Certificate is subject to all of the terms, covenants and restrictions of the Rights Agreement, which terms, covenants and restrictions are hereby incorporated
        herein by reference and made a part hereof, and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the
        holders of the Rights Certificates.&#160; Copies of the Rights Agreement are on file at the principal executive offices of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another
        Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered
        shall have entitled such holder to purchase.&#160; If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not
        exercised.</div>
      <div><br>
      </div>
      <br>
      <br>
      <hr style="background-color: rgb(0, 0, 0); border: 0px none; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: rgb(0, 0, 0);" align="left" noshade="noshade">
      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160;<font style="color: rgb(0, 0, 0);">The portion of the legend in brackets shall be inserted only if applicable and shall replace the
          preceding sentence.</font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-1</font></div>
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.0001 per Right or
        (ii) may be exchanged in whole or in part for Preferred Shares or shares of the Company&#8217;s Common Shares, par value $0.0001 per share.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one
        one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">No holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities
        of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any
        right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders
        (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Rights Agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Dated as of __________ ___, _____.</div>
      <div><br>
      </div>
      <div><br>
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            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">ATTEST:</div>
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            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">UNITED MARITIME CORPORATION</div>
            </td>
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          <tr>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Name:</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Title:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Countersigned:</div>
              <div style="text-align: justify; color: rgb(0, 0, 0);">American Stock Transfer &amp; Trust Company, LLC, as Rights Agent</div>
            </td>
            <td style="width: 50.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.57%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 24.58%; vertical-align: top;">&#160;</td>
            <td style="width: 50.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 49.16%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Authorized Signature</div>
            </td>
            <td style="width: 50.84%; vertical-align: top;">&#160;</td>
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      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-2</font></div>
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">FORM OF ASSIGNMENT</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(To be executed by the registered holder if such</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">holder desires to transfer the Rights Certificate.)</div>
      <div><br>
      </div>
      <div><br>
      </div>
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            <td style="width: 24.62%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">FOR VALUE RECEIVED</div>
            </td>
            <td colspan="2" style="width: 75.38%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.62%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 75.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td colspan="2" style="width: 34.96%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">hereby sells, assigns and transfers unto</div>
            </td>
            <td style="width: 65.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.62%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 75.38%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="3" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td colspan="3" style="width: 100%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">(Please print name and address of transferee)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.62%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 75.38%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.62%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 75.38%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.62%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 75.38%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint Attorney, to transfer the within Rights Certificate on the books
        of the within-named Company, with full ower of substitution.</div>
      <div><br>
      </div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Dated:</div>
            </td>
            <td style="width: 28.07%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">__________ ___, _____.</div>
            </td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td style="width: 28.07%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Signature</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td style="width: 28.07%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top;">&#160;</td>
          </tr>

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      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signatures must be guaranteed by a participant in the Securities Transfer Agent Medallion Program or the Stock Exchanges Medallion Program.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);"><u>Certificate</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The undersigned hereby certifies by checking the appropriate boxes that:</div>
      <div><br>
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      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">this Rights Certificate [ ] is [ ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an
          Acquiring Person or an Affiliate or Associate of any Acquiring Person (as such terms are defined in the Rights Agreement); and</font></div>
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      </div>
      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this
          Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate thereof.</font></div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z3431de8a27e94cfdb7e12971291c73f8" cellpadding="0" cellspacing="0">

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            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Dated:</div>
            </td>
            <td style="width: 28.06%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">__________ ___, _____.</div>
            </td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10.54%; vertical-align: top;">&#160;</td>
            <td style="width: 28.06%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Signature</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.54%; vertical-align: top;">&#160;</td>
            <td style="width: 28.06%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#8217;s transfer agent.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-3</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FORM OF ELECTION TO PURCHASE</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(To be executed by the registered holder if such holder</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">desires to exercise Rights represented by the Rights Certificate.)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z4f34114726d24d6c85a2e3adfabd52f7" cellpadding="0" cellspacing="0">

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            <td style="width: 40.62%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">TO:</div>
            </td>
            <td style="width: 59.38%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">UNITED MARITIME CORPORATION</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The undersigned hereby irrevocably elects to exercise <u>____________</u> Rights represented by this Rights Certificate to purchase the Preferred Shares issuable upon the exercise of such Rights
        and requests that certificates for such Preferred Shares be issued in the name of and delivered to:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="za339c8ec648442beb3f987007b89a846" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">(Please print name and address)</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">Please insert social security</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0);">or other tax identifying number</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and
        delivered to:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z5dc1c468a51a405b9aa57a67b4cad423" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">(Please print name and address)</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">Please insert social security</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.52%; vertical-align: top;">&#160;</td>
            <td style="width: 58.56%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0);">or other tax identifying number</div>
            </td>
            <td style="width: 19.93%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zbe4a342e1eb64e74a2f94dc853480f55" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Dated:</div>
            </td>
            <td style="width: 28.06%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">__________ ___, _____.</div>
            </td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10.54%; vertical-align: top;">&#160;</td>
            <td style="width: 28.06%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Signature</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.54%; vertical-align: top;">&#160;</td>
            <td style="width: 28.06%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#8217;s transfer agent.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);"><u>Certificate</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The undersigned hereby certifies by checking the appropriate boxes that:</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">this Rights Certificate [ ] is [ ] is not being sold, assigned, transferred, or exercised by or on behalf of a Person who is
          or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); and</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this
          Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z9edf985631d949aba5bb0a1e568c87c9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Dated:</div>
            </td>
            <td style="width: 28.07%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">__________ ___, _____.</div>
            </td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td style="width: 28.07%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Signature</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td style="width: 28.07%; vertical-align: top;">&#160;</td>
            <td style="width: 21.74%; vertical-align: top;">&#160;</td>
            <td style="width: 39.66%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.5pt; color: rgb(0, 0, 0);">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#8217;s transfer agent.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-4</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">NOTICE</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Rights Certificate in every particular,
        without alteration or enlargement or any change whatsoever.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">In the event the certification set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the
        beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-5</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%C-%%-->
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: right; color: rgb(0, 0, 0);"><u>Exhibit C</u></div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RIGHTS</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Introduction</u></div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">On [<font style="font-family: Times New Roman">&#9679;</font>], 2022, the Board of Directors (the &#8220;<u>Board</u>&#8221;) of United Maritime Corporation, a Marshall Islands corporation
          (the &#8220;<u>Company</u>&#8221;), declared a dividend of one preferred share purchase right (a &#8220;<u>Right</u>&#8221;) for each outstanding share of Common Stock, par value $0.0001 per share (the &#8220;<u>Common Shares</u>&#8221;) and adopted a shareholder rights plan, as
          set forth in the Shareholders Rights Agreement dated as of [<font style="font-family: Times New Roman">&#9679;</font>], 2022 (the &#8220;<u>Rights Agreement</u>&#8221;), by and between the Company and American Stock Transfer &amp; Trust Company, LLC, as rights
          agent. The dividend is payable on [<font style="font-family: Times New Roman">&#9679;</font>], 2022 to the shareholders of record on [<font style="font-family: Times New Roman">&#9679;</font>], 2022.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The Board has adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant
          penalty upon any person or group that acquires 10% (15% in the case of a passive institutional investor) or more of the outstanding Common Shares without the approval of the Board. If a shareholder&#8217;s beneficial ownership of the Common Shares as
          of the time of the public announcement of the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become
          exercisable if at any time after such announcement, the shareholder increases its ownership percentage. The Rights Agreement should not interfere with any merger or other business combination approved by the Board.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a
          summary, and is not complete, and should be read together with the entire Rights Agreement.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">The Rights</font>. The Rights will initially trade with, and will be inseparable from, the Common Shares. The Rights are evidenced only by
          certificates or book-entry notations that represent the Common Shares. New Rights will accompany any new Common Shares the Company issues after [<font style="font-family: Times New Roman">&#9679;</font>], 2022 until the Distribution Date described
          below.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Exercise Price</font>. Each Right will allow its holder to purchase from the Company one one-thousandth of a share of Series A Participating
          Preferred Shares (a &#8220;<u>Preferred Share</u>&#8221;) for $40.00 (the &#8220;<u>Exercise Price</u>&#8221;), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights
          as would one Common Share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Exercisability</font>. The Rights will not be exercisable until ten days after the public announcement that a person or group has become an
          &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of the outstanding Common Shares.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership of the underlying Common Shares or are
          reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended&#8212;are treated as beneficial ownership of the number of shares of the Company&#8217;s Common Shares equivalent to the economic exposure created by the derivative
          position, to the extent actual shares of the Company&#8217;s Common Shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights
          Agreement are excepted from such imputed beneficial ownership.</div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-1</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 10% (15% in the case of a passive institutional investor) or more of the
          outstanding Common Shares, the Rights Agreement grandfathers their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The date when the Rights become exercisable is the &#8220;<u>Distribution Date</u>.&#8221; Until that date, the Common Shares certificates (or, in the case of uncertificated shares, by
          notations in the book-entry account system) will also evidence the Rights, and any transfer of Common Shares will constitute a transfer of Rights. After that date, the Rights will separate from the Common Shares and be evidenced by book-entry
          credits or by Rights certificates that the Company will mail to all eligible holders of Common Shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Preferred Share Provisions</u></div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">Each one one-thousandth of a Preferred Share, if issued, will, among other things:</div>
        <div><br>
        </div>
      </div>
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          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>not be redeemable;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6fa630856eff4bb09070e15f13388208" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions
                other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by reclassification or otherwise), declared on Common Shares since the immediately preceding quarterly dividend payment date; and</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8a9f2cb1cbb140d58394b0f808d13f32" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">The value of one one-thousandth interest in a Preferred Share should approximate the value of one Common Share.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Consequences of a Person or Group Becoming an Acquiring Person</u>.</div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z844aea4223ec45be968ba2ba5871ca3c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-style: italic; color: rgb(0, 0, 0);">Flip In</font><font style="color: rgb(0, 0, 0);">. If an Acquiring Person obtains beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of the
                  Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market
                  value of twice the Exercise Price. </font>However<font style="color: rgb(0, 0, 0);">, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company,
                  as further described below.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were
          beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc9972197f1d0487caf921d7644eb44f9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-style: italic; color: rgb(0, 0, 0);">Flip Over</font><font style="color: rgb(0, 0, 0);">. If, after an Acquiring Person obtains 10% (15% in the case of a passive institutional investor) or more of the Common Shares, (i)
                  the Company merges into </font>another<font style="color: rgb(0, 0, 0);"> entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each
                  Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares of the person engaging in the transaction having a then-current
                  market value of twice the Exercise Price.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc203b6c542c740a396815b190e1cadb7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-style: italic; color: rgb(0, 0, 0);">Notional Shares.</font><font style="color: rgb(0, 0, 0);"> Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person
                  beneficially owns a majority of the equity securities, and Notional Common Shares (as </font>defined<font style="color: rgb(0, 0, 0);"> in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights
                  Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Redemption</font>. The Board may redeem the Rights for $0.0001 per Right under certain circumstances. If the Board redeems any Rights, it
          must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted if the Company has a stock dividend or a
          stock split.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Exchange. </font>After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding
          Common Shares, the Board may extinguish the Rights by exchanging one Common Share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, the Company may elect to exchange the Rights for
          cash or other securities of the Company having a value approximately equal to one Common Share.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Expiration</font>. The Rights expire on the earliest of (i) July 1, 2032; or (ii) the redemption or exchange of the Rights as described
          above.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Anti-Dilution Provisions</font>. The Board may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable
          and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or Common Shares. No adjustments to the Exercise Price of less than 1% will be made.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Amendments</font>. The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the
          Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or
          supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not
          adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);"><font style="font-style: italic;">Taxes.</font> The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the
          Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
      </div>
      <div><br>
      </div>
    </div>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>9
<FILENAME>ny20004194x3_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 4.2<br>
      </font></div>
    <br>
    <div style="text-align: center;"><font style="font-weight: bold;">UNITED MARITIME CORPORATION</font></div>
    <div style="text-align: center;"><font style="font-weight: bold;">2022 EQUITY INCENTIVE PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;">ADOPTED ON [<font style="font-family: Times New Roman">&#9679;</font>], 2022</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE I.</div>
    <div style="text-align: center; font-weight: bold;">General</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Purpose</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The United Maritime Corporation 2022 Equity Incentive Plan (the &#8220;Plan&#8221;) is designed to provide certain Key Persons (as defined below), whose initiative and efforts are deemed to be
      important to the successful conduct of the business of United Maritime Corporation (the &#8220;Company&#8221;), with incentives to (a) enter into and remain in the service of the Company or its Affiliates (as defined below), (b) acquire a proprietary interest in
      the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Administration</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Administration</u>.&#160; The Plan shall be administered by the Compensation Committee of the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) or such other committee of the
      Board as may be designated by the Board to administer the Plan (the &#8220;Administrator&#8221;); <u>provided</u> that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), the
      Administrator shall be composed of two or more directors, each of whom is a &#8220;Non-Employee Director&#8221; (a &#8220;Non-Employee Director&#8221;) under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the 1934 Act,
      or any successor rule or regulation thereto as in effect from time to time (&#8220;Rule 16b-3&#8221;)), and (ii) the Administrator shall be composed solely of two or more directors who are &#8220;independent directors&#8221; under the rules of any stock exchange on which
      the Company&#8217;s Common Stock (as defined below) is traded; <u>provided</u>&#160;<u>further</u>, <u>however</u>, that, (A) the requirement in the preceding clause (i) shall apply only when required to exempt an Award intended to qualify for an exemption
      under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant to the applicable rules of the applicable stock exchange and (C) if at any time the Administrator is not so
      composed as required by the preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that otherwise satisfies the terms of the Plan.&#160; Subject to the terms of the Plan and
      applicable law, and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Persons (as defined below) to receive Awards (as
      defined below) under the Plan; (2) determine the types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with
      respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property,
      or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards,
      other property and other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as
      defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9)&#160; correct
      any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (10) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the
      Plan.&#160; Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any
      time and shall be final, conclusive and binding upon all Persons.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General Right of Delegation</u>.&#160; Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or any charter, by-laws or other
      agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it; <u>provided</u>, <u>however</u>, that in no event shall an officer of the Company be delegated
      the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to grant or amend
      Awards has been delegated hereunder; <u>provided</u>, <u>further</u>, that any delegation of administrative authority shall only be permitted to the extent it is permissible under applicable securities laws (including, without limitation, Rule
      16b-3, to the extent applicable) and the rules of any applicable stock exchange.&#160; Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at
      any time rescind the authority so delegated or appoint a new delegate.&#160; At all times, the delegatee appointed under this Section 1.2(b) shall serve in such capacity at the pleasure of the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification</u>.&#160; No member of the Board, the Administrator or any employee of the Company or an Affiliate (each such Person, a &#8220;Covered Person&#8221;) shall be
      liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.&#160; Each Covered Person shall be indemnified and held harmless by the Company against and from (i) any loss,
      cost, liability or expense (including attorneys&#8217; fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such
      Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company&#8217;s approval, in settlement thereof, or paid by such
      Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; <u>provided</u> that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding
      and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company&#8217;s choice.&#160; The foregoing right of indemnification shall not be available to a Covered Person to
      the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim
      resulted from such Covered Person&#8217;s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company&#8217;s articles of incorporation or by-laws (in each case, as amended and/or
      restated).&#160; The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company&#8217;s articles of incorporation or by-laws (in each case, as amended and/or
      restated), as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delegation of Authority to Senior Officers</u>.&#160; The Administrator may, in accordance with and subject to the terms of Section 1.2(b), delegate, on such terms and
      conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to employees of the Company and its Subsidiaries (as defined below) (including any such prospective employee) and consultants of the
      Company and its Subsidiaries.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Award Grants</u>.&#160; Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards
      to Non-Employee Directors or administer the Plan with respect to such Awards, in which event the Board shall have all the authority and responsibility granted to the Administrator herein with respect to such Awards.&#160; In determining Awards to be
      granted under the Plan, the Administrator shall take into account such factors as it deem advisable, which may include taking into account the Company&#8217;s performance, the Award recipient&#8217;s performance, and/or the satisfaction of any performance goals
      or targets as may established from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Persons Eligible for Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of the Company and its
      Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries and Affiliates
      (collectively, &#8220;Key Persons&#8221;) as the Administrator shall select.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Types of Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Awards may be made under the Plan in the form of (a) &#8220;incentive stock options&#8221; that are intended to qualify for special U.S. federal income tax treatment pursuant to Sections 421
      and 422 of the Code (as defined below), as may be amended from time to time, or pursuant to a successor provision of the Code, and which is so designated in the applicable Award Agreement, (b) non-qualified stock options (i.e., any stock options
      granted under the Plan that are not &#8220;incentive stock options&#8221;), (c) stock appreciation rights, (d) restricted stock, (e) restricted stock units and (f) unrestricted stock, all as more fully set forth in the Plan.&#160; The term &#8220;Award&#8221; means any of the
      foregoing that are granted under the Plan. No incentive stock option (other than an incentive stock option that may be assumed or issued by the Company in connection with a transaction to which Section 424(a) of the Code applies) may be granted under
      the Plan to a Person who is not eligible to receive an incentive stock option under the Code.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Shares Available for Awards; Adjustments for Changes in Capitalization</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Maximum Number</u>.&#160; Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company, par value $0.0001 (&#8220;Common
      Stock&#8221;), with respect to which Awards may at any time be granted under the Plan shall be 150,000.&#160; The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares that are subject to an Award under the Plan
      and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; <u>provided</u> that any dividend equivalent
      rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the grantee.&#160; Any shares
      tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Source of Shares</u>.&#160; Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares.&#160; The Administrator may direct that any
      stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjustments</u>.&#160; (i)&#160; In the event that any dividend or other distribution (whether in the form of cash, Company shares, other securities or other property), stock
      split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares or other securities
      of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined below), affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent
      dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares
      or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan, including the maximum number of shares issuable to an individual as set forth in Section 1.5(d).</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring
      events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial statements of the Company or any
      Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are appropriate in
      order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other securities of the
      Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards,
      accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or
      desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal
      to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h) of the Code.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company&#8217;s assets or (C) a merger, reorganization or
      consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator shall have the power to:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt;">(1)&#160; provide that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent right) shall either continue in effect, be
      assumed or an equivalent award shall be substituted therefor by the successor corporation or a parent corporation or subsidiary corporation;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt;">(2)&#160; cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units (including each dividend equivalent right
      related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair
      Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per share
      Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); or</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt;">(3)&#160; notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right shall be fully vested and exercisable for
      a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which period shall expire no
      later than immediately prior to the consummation of the corporate transaction).</div>
    <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt;"> <br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price thereof, if applicable, shall be equitably
      adjusted; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring with respect to the
      aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations set forth in Sections 1.5(a) and 1.5(d)).&#160; The adjustments provided under this Section 1.5(c)(iv) shall be
      nondiscretionary and shall be final and binding on the affected participant and the Company.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Individual Limit</u>.&#160; Except for the limits set forth in this Section 1.5, no provision of this Plan shall be deemed to limit the number or value of shares of
      Common Stock with respect to which the Administrator may make Awards to any Key Person.&#160; Subject to adjustment as provided in Section 1.5(c), the total number of shares of Common Stock with respect to which incentive stock options may be granted
      under the Plan to any one employee of the Company or a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; (as such terms are defined in Section 424 of the Code) of the Company during any one calendar year shall not exceed 3,125,000.&#160; Incentive stock
      options granted and subsequently cancelled or deemed to be cancelled (<u>e.g.</u>, as a result of re-pricing) in a calendar year count against the limit in the preceding sentence even after their cancellation.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">1.6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Definitions of Certain Terms</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Affiliate&#8221; shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) any entity in
      which the Company has a significant equity interest, in either case as determined by the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise set forth in the applicable Award Agreement, in connection with a termination of employment or consultancy/service relationship or a dismissal from
      Board membership, for purposes of the Plan, the term &#8220;for Cause&#8221; shall be defined as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the grantee, on the one hand, and the
      Company or an Affiliate, on the other hand, that contains a definition of &#8220;cause&#8221; (or similar phrase), for purposes of the Plan, the term &#8220;for Cause&#8221; shall mean those acts or omissions that would constitute &#8220;cause&#8221; under such agreement; or</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term &#8220;for Cause&#8221; shall mean any of the following:</div>
    <div>&#160;</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any failure by the grantee substantially to perform the grantee&#8217;s employment or consulting/service or Board membership duties;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any excessive unauthorized absenteeism by the grantee;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any act or omission by the grantee that is or may be injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any act by the grantee that is inconsistent with the best interests of the Company or any Affiliate;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(F)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the grantee&#8217;s gross negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(G)&#160;&#160;&#160;&#160;&#160;&#160; the grantee&#8217;s material violation of any of the policies of the Company or an Affiliate, as applicable, including, without limitation, those policies relating to
      discrimination or sexual harassment;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(H)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the grantee&#8217;s material breach of his or her employment or service contract with the Company or any Affiliate;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(I)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the grantee&#8217;s unauthorized (1) removal from the premises of the Company or an Affiliate of any document (in any medium or form) relating to the Company or an Affiliate
      or the customers or clients of the Company or an Affiliate or (2) disclosure to any Person of any of the Company&#8217;s, or any Affiliate&#8217;s, confidential or proprietary information;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(J)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the grantee&#8217;s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or involves moral turpitude; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(K)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the grantee&#8217;s commission of any act involving dishonesty or fraud.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Any rights the Company or its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal &#8220;for Cause&#8221; shall be in addition to any other rights the Company or
      its Affiliates may have under any other agreement with a grantee or at law or in equity.&#160; Any determination of whether a grantee&#8217;s employment, consultancy/service relationship or Board membership is (or is deemed to have been) terminated &#8220;for Cause&#8221;
      shall be made by the Administrator.&#160; If, subsequent to a grantee&#8217;s voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination of employment or consultancy/service
      relationship without Cause or removal from the Board other than &#8220;for Cause&#8221;, it is discovered that the grantee&#8217;s employment or consultancy/service relationship or Board membership could have been terminated &#8220;for Cause&#8221;, the Administrator may deem
      such grantee&#8217;s employment or consultancy/service relationship or Board membership to have been terminated &#8220;for Cause&#8221; upon such discovery and determination by the Administrator.</div>
    <div>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless otherwise set forth in the applicable Award Agreement, &#8220;Disability&#8221; shall mean the grantee&#8217;s being unable to engage in any substantial gainful activity by
      reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the grantee&#8217;s, by reason of any medically determinable
      physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident
      and health plan covering employees of the grantee&#8217;s employer.&#160; The existence of a Disability shall be determined by the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Equity Restructuring&#8221; shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering
      or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the shares underlying outstanding
      Awards.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Exercise Price&#8221; shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share at which such share can be
      purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The &#8220;Fair Market Value&#8221; of a share of Common Stock on any day shall be the closing price on the Nasdaq Global Market, or such other primary stock exchange upon which
      such shares are then listed, as reported for such day in The Wall Street Journal, or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day.&#160; If no quotation is made for
      the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day.&#160; Notwithstanding the foregoing, if there is no reported closing
      price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and
      procedures as shall be established from time to time by the Administrator.&#160; The &#8220;Fair Market Value&#8221; of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be
      established from time to time by the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Person&#8221; shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint
      stock company, governmental body or other entity of any kind.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Repricing&#8221; shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii) the cancellation of an option or a
      stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a stock appreciation right that
      is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.</div>
    <div>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160; &#160; &#160;&#160; Unless otherwise set forth in the applicable Award Agreement, &#8220;Retirement&#8221; shall mean a grantee&#8217;s resignation of employment or consultancy/service relationship or
      dismissal from the Board, with the Company&#8217;s or its applicable Affiliate&#8217;s prior consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed at least five years of service with the Company or
      one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20 years of service with the Company or one or more of its
      Affiliates (using any method of calculation the Administrator deems appropriate).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Subsidiary&#8221; shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">ARTICLE II.</div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Awards Under The Plan</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Agreements Evidencing Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Each Award granted under the Plan shall be evidenced by a written certificate (&#8220;Award Agreement&#8221;), which shall contain such provisions as the Administrator may deem necessary or
      desirable and which may, but need not, require execution or acknowledgment by a grantee.&#160; The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Grant of Stock Options and Stock Appreciation Rights</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Option Grants</u>.&#160; The Administrator may grant non-qualified stock options and/or incentive stock options (collectively, &#8220;options&#8221;) to purchase shares of
      Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; Except to the
      extent otherwise specifically provided in the applicable Award Agreement, no option will be treated as an &#8220;incentive stock option&#8221; for purposes of the Code.&#160; Incentive stock options may be granted to employees of the Company and any &#8220;parent
      corporation&#8221; or &#8220;subsidiary corporation&#8221; (as such terms are defined in Section 424 of the Code) of the Company.&#160; In the case of incentive stock options, the terms and conditions of such Awards shall be subject to such applicable rules as may be
      prescribed by Sections 421, 422 and 424 of the Code and any regulations related thereto, as may be amended from time to time.&#160; If an option is intended to be an incentive stock option, and if for any reason such option (or any portion thereof) shall
      not qualify as an incentive stock option for purposes of Section 422 of the Code, then, to the extent of such non-qualification, such option (or portion thereof) shall be regarded as a non-qualified stock option appropriately granted under the Plan;
      <u>provided</u> that such option (or portion thereof) otherwise complies with the Plan&#8217;s requirements relating to option Awards.&#160; It shall be the intent of the Administrator to not grant an Award in the form of stock options to any Key Person who is
      then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section 409A.&#160; Furthermore, it
      shall be the intent of the Administrator, in granting options to Key Persons who are subject to Section 409A and/or 457 of the Code, to structure such options so as to comply with the requirements of Section 409A and/or 457 of the Code, as
      applicable.</div>
    <div>&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Stock Appreciation Right Grants; Types of Stock Appreciation Rights</u>.&#160; The Administrator may grant stock appreciation rights to such Key Persons, and in such
      amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; The terms of a stock appreciation right may provide that it shall be
      automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable.&#160; Stock appreciation rights may be granted in connection with all or any part of,
      or independently of, any option granted under the Plan.&#160; It shall be the intent of the Administrator to not grant an Award in the form of stock appreciation rights to any Key Person (i) who is then subject to the requirements of Section 409A of the
      Code with respect to such Award if the Common Stock underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section
      457A of the Code.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nature of Stock Appreciation Rights</u>.&#160; The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award
      Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation right, multiplied
      by (ii) the number of shares with respect to which the stock appreciation right is exercised.&#160; Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically
      provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; <u>provided</u> that in no event may such Exercise Price be less than the greater of
      (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock.&#160; Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair
      Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine.&#160; Repricing of stock appreciation rights granted under the Plan shall not be permitted (1) to the extent such
      action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules
      of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it would cause such adverse tax consequences or if
      any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.&#160; Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall be
      reduced by the number of shares with respect to which the stock appreciation right is exercised.&#160; Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock
      appreciation right shall be reduced by the number of shares with respect to which the option is exercised.</div>
    <div>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Option Exercise Price</u>.&#160; Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless otherwise specifically
      provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; <u>provided</u> that in no event may such Exercise Price be less than the greater of (i) the Fair
      Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock.&#160; Repricing of options granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to
      the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the
      Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not
      obtained prior to the effective time of such action.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Exercise of Options and Stock Appreciation Rights</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Timing and Extent of Exercise</u>.&#160; Options and stock appreciation rights shall be exercisable at such times and under such conditions as determined by the
      Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted.&#160; Unless the applicable Award Agreement
      otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice of Exercise</u>.&#160; An option or stock appreciation right shall be exercised by the filing of a written notice with the Company or the Company&#8217;s designated
      exchange agent (the &#8220;Exchange Agent&#8221;), on such form and in such manner as the Administrator shall prescribe.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Payment of Exercise Price</u>.&#160; Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased.&#160; Such payment shall be
      made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be given or withheld in the
      sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the equivalent
      thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent with
      the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment methods.</div>
    <div>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of Certificates Upon Exercise</u>.&#160; Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full option Exercise Price, or after
      receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other Person as
      may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be made in
      shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. &#160;If the method of payment employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange
      Agent, as the case may be, to deliver the stock certificate(s) to the optionee&#8217;s stockbroker.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Stockholder Rights</u>.&#160; No grantee of an option or stock appreciation right (or other Person having the right to exercise such Award) shall have any of the
      rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares.&#160; Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends,
      distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Termination of Employment; Death Subsequent to a Termination of Employment</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Rule</u>.&#160; Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or Section 3.5(b)(iii), a grantee who incurs
      a termination of employment or consultancy/service relationship or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise may be made only to the extent that the
      grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise must occur within three months after termination of employment or
      consultancy/service relationship or dismissal from the Board but in no event after the original expiration date of the Award.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160; <u>Dismissal &#8220;for Cause&#8221;</u>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board &#8220;for Cause&#8221;, all options
      and stock appreciation rights not theretofore exercised shall immediately terminate upon the grantee&#8217;s termination of employment or consultancy/service relationship or dismissal from the Board.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;<u>Retirement</u>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of his or her Retirement,
      then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such Retirement, remain exercisable for a period of three years after such Retirement; <u>provided</u> that in no event may such option or stock
      appreciation right be exercised following the original expiration date of the Award.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disability</u>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from the Board by reason of a Disability, then
      any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period of one year after such termination or dismissal; <u>provided</u> that in no event may
      such option or stock appreciation right be exercised following the original expiration date of the Award.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Death</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Termination of Employment as a Result of Grantee&#8217;s Death</font>.&#160; If a grantee incurs a termination of employment or
      consultancy/service relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year
      after such death; <u>provided</u> that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 63pt; margin-left: 36pt;">&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Restrictions on Exercise Following Death</font>.&#160; Any such exercise of an Award following a grantee&#8217;s death shall be made only by
      the grantee&#8217;s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee&#8217;s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient
      of such specific disposition.&#160; If a grantee&#8217;s personal representative or the recipient of a specific disposition under the grantee&#8217;s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient
      shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Administrator Discretion</u>.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.4.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Transferability of Options and Stock Appreciation Rights</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each
      such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of other than by will or by the laws of descent and distribution.&#160; The
      Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee&#8217;s spouse, children or grandchildren
      (&#8220;Immediate Family Members&#8221;), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved by the Administrator.&#160; Following any such transfer, any transferred options and stock appreciation rights
      shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Grant of Restricted Stock</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; <u>Restricted Stock Grants</u>.&#160; The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject to such vesting and
      forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan.&#160; A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee accepts the
      Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the Administrator shall determine and, in the event the restricted shares are newly issued by the Company, makes
      payment to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator) in an amount at least equal to the par value of the shares covered by the Award (which payment may be waived
      at the time of grant of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of Stock Certificate</u>.&#160; Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and
      3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated form.&#160;
      Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions
      described in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator&#8217;s sole discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless
      otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in the applicable Award Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Custody of Stock Certificate</u>.&#160; Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares of restricted stock shall
      remain in the possession of the Company until such shares are free of any restrictions specified in the applicable Award Agreement.&#160; The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on
      transferability.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nontransferability</u>.&#160; Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing a restricted stock Award, shares of
      restricted stock granted under the Plan may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon.&#160; The Administrator at the time of grant shall specify the date or dates
      (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.&#160; The Administrator may, in any applicable Award Agreement evidencing a restricted
      stock Award, permit a grantee to transfer all or some of the shares of restricted stock prior to the lapsing of all restrictions thereon to (i) the grantee&#8217;s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate
      Family Members or (iii) other parties approved by the Administrator.&#160; Following any permitted transfer prior to the lapsing of all restrictions on the restricted stock, any transferred shares of restricted stock shall continue to be subject to the
      same terms and conditions as were applicable immediately prior to the transfer.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consequence of Termination of Employment</u>.&#160; Unless otherwise set forth in the applicable Award Agreement, (i) a grantee&#8217;s termination of employment or
      consultancy/service relationship or dismissal from the Board for any reason other than death, Disability or Retirement shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination
      of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of his or her death, Disability or
      Retirement, all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.&#160; Unless otherwise determined by the Administrator, all dividends paid on shares
      forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or otherwise.&#160; The Administrator may, in
      writing, waive or modify the application of the foregoing provisions of this Section 2.6(e).</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Grant of Restricted Stock Units</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restricted Stock Unit Grants</u>.&#160; The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject to such vesting and
      forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company,
      conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee&#8217;s restricted stock units that vest upon the occurrence of such vesting event multiplied
      by the Fair Market Value of a share of Common Stock on the date of vesting.&#160; Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the
      Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which the Administrator shall intend to be (i) if Section 409A of the Code is applicable to the grantee, within the period
      required by Section 409A such that it qualifies as a &#8220;short-term deferral&#8221; pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the Administrator shall provide for deferral of the Award intended to comply with Section 409A,
      (ii) if Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the grantee,
      at such time as determined by the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividend Equivalents</u>.&#160; The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend equivalent right entitling the
      grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were then outstanding.&#160; In the event such a
      provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid,
      regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award&#8217;s vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in cash, shares of Common Stock or other
      property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the Award Agreement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consequence of Termination of Employment</u>.&#160; Unless otherwise set forth in the applicable Award Agreement, (i) a grantee&#8217;s termination of employment or
      consultancy/service relationship or dismissal from the Board for any reason other than death, Disability or Retirement shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of
      employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of his or her death, Disability or
      Retirement, all restricted stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.&#160; Unless otherwise determined by the Administrator, any dividend equivalent rights
      on any restricted stock units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or
      otherwise.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(c).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Stockholder Rights</u>.&#160; No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with respect to such Award unless and
      until a stock certificate is issued with respect to such Award upon the vesting of such Award (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both),
      which issuance shall be subject to Sections 3.2, 3.4 and 3.13.&#160; Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary,
      and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transferability of Restricted Stock Units</u>.&#160; Except as otherwise provided in an applicable Award Agreement evidencing a restricted stock unit, no restricted
      stock unit granted under the Plan shall be assignable or transferable.&#160; The Administrator may, in any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units to (i) the
      grantee&#8217;s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator.&#160; Following any such transfer, any transferred restricted stock units shall
      continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">2.8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Grant of Unrestricted Stock</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such
      amounts and subject to such forfeiture provisions as the Administrator shall determine.&#160; Shares may be thus granted or sold in respect of past services or other valid consideration.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">ARTICLE III.</div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Miscellaneous</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Amendment of the Plan; Modification of Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment of the Plan</u>.&#160; The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment
      shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee&#8217;s death, the Person having the right to exercise the Award).&#160; For
      purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights of any grantee.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160; <u>Stockholder Approval Requirement</u>.&#160; If (1) required by applicable rules or regulations of a national securities exchange or the SEC, the Company shall obtain
      stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the aggregate number of shares which may be issued under the Plan, except as permitted pursuant to
      Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect of, a Repricing of any outstanding Award, (B) reduce the price at which shares or options to
      purchase shares may be offered or (C) extend the duration of the Plan, or (iv) materially expands the class of Persons eligible to receive Awards under the Plan, or (2) the Administrator determines that it desires to retain the ability to grant
      incentive stock options under the Plan thereafter, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) increases the number of shares that may be issued under the Plan or the individual limit set forth
      under Section 1.5(d) of the Plan (except, in each case, as permitted pursuant to Section 1.5(c)) or (ii) expands the class of Persons eligible to receive incentive stock options under the Plan.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Modification of Awards</u>.&#160; The Administrator may cancel any Award under the Plan.&#160; The Administrator also may amend any outstanding Award Agreement, including,
      without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or (iii)
      waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the Board; <u>provided</u>, <u>however</u>, that no
      such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award.&#160; However, any such cancellation or amendment (other than an amendment pursuant to
      Section 1.5, 3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee&#8217;s death, the Person having the right
      to exercise the Award).&#160; In making any modification to an Award (<u>e.g.</u>, an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may
      consider the implications, if any, of such modification under the Code with respect to incentive stock options granted under the Plan and/or Sections 409A and 457A of the Code with respect to Awards granted under the Plan to individuals subject to
      such provisions of the Code.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Consent Requirement</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Plan Action Without Required Consent</u>.&#160; If the Administrator shall at any time determine that any Consent (as defined below) is necessary or desirable as a
      condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as a &#8220;Plan
      Action&#8221;), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consent Defined</u>.&#160; The term &#8220;Consent&#8221; as used herein with respect to any Plan Action means (i) any and all listings, registrations or qualifications in respect
      thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to any other matter,
      which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and
      (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Nonassignability</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Except as provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e),<font style="font-weight: bold; font-style: italic;">&#160;</font>(a) no Award or right granted to any Person under the Plan
      or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only
      by the grantee or the grantee&#8217;s legal representative or the grantee&#8217;s permissible successors or assigns (as authorized and determined by the Administrator).&#160; All terms and conditions of the Plan and the applicable Award Agreements will be binding
      upon any permitted successors or assigns.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Taxes</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Withholding</u>.&#160; A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and its Affiliates shall have
      the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable
      withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations
      for payment of such taxes.&#160; Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may
      satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld.&#160; Such shares shall be valued at their Fair Market Value as of the date on which
      the amount of tax to be withheld is determined.&#160; Fractional share amounts shall be settled in cash.&#160; Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award as may be approved by
      the Administrator in its sole discretion.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Liability for Taxes</u>.&#160; Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in
      connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all of such taxes.&#160;
      The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a
      manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would violate Sections 409A or 457A of the Code (to the extent applicable) and (iii)
      for any distribution event or election that could be expected to violate Section 409A of the Code, make the distribution only upon the earliest of the first to occur of a &#8220;permissible distribution event&#8221; within the meaning of Section 409A of the Code
      or a distribution event that the participant elects in accordance with Section 409A of the Code.&#160; The Administrator shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for
      purposes of the Plan and all Awards.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Change in Control</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change in Control Defined</u>.&#160; Unless otherwise set forth in the applicable Award Agreement, for purposes of the Plan, &#8220;Change in Control&#8221; shall mean the
      occurrence of any of the following:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any &#8220;person&#8221; (as defined in Section 13(d)(3) of the 1934 Act), company or other entity (other than (A) the Company, (B) any trustee or other fiduciary holding
      securities under an employee benefit plan of the Company or an Affiliate or (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially the same proportions as their ownership of
      the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company directly or indirectly &#8220;controls&#8221; (as defined in Rule 12b-2 under the 1934 Act)) acquires &#8220;beneficial ownership&#8221; (as defined in Rule 13d-3 under the
      1934 Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the sale of all or substantially all the Company&#8217;s assets in one or more related transactions to any &#8220;person&#8221; (as defined in Section 13(d)(3) of the 1934 Act),
      company or other entity, other than such a sale (A) to a Subsidiary which does not involve a material change in the equity holdings of the Company, (B) to an entity which has acquired all or substantially all the Company&#8217;s assets (any such entity
      described in clause (A) or (B), the &#8220;Acquiring Entity&#8221;) if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the
      ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of
      the voting stock of the Company, and such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the
      aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of which the holders of the voting stock of the Company
      immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving entity ordinarily entitled to elect directors of the
      surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity)
      and such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital
      stock ordinarily entitled to elect directors of the Company immediately prior to such sale;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160; the approval by the Company&#8217;s stockholders of a plan of complete liquidation or dissolution of the Company; or</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;during any period of 12 consecutive calendar months, individuals:</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b634ed2e9f1457b88f4df90cc7b5a8e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 144pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>who were directors of the Company on the first day of such period, or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb91a44fc8b5491c9ac58b55654a8e35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 144pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of the Company on the first day of such period, or whose election or
              nomination for election were so approved,</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 90pt; margin-left: 36pt;">shall cease to constitute a majority of the Board.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Notwithstanding the foregoing, unless otherwise set forth in the applicable Award Agreement, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to have occurred
      under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section
      409A of the Code, <u>provided</u> that such limitation shall apply to such Award only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of a Change in Control</u>.&#160; Unless the Administrator provides otherwise in an Award Agreement, upon the occurrence of a Change in Control:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160; notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any restriction and forfeiture provisions thereon imposed
      pursuant to the Plan and the Award Agreement shall lapse and any Award in the form of an option or stock appreciation right shall be immediately exercisable;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems
      appropriate;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160; a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason, other than a termination or dismissal
      &#8220;for Cause&#8221;, concurrent with or within one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her
      termination of employment or consultancy/service relationship or dismissal from the Board, until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without
      reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee&#8217;s termination of employment or consultancy/service relationship or dismissal from the Board.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.&#160; Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.5 may be made conditional upon
      the consummation of the applicable Change in Control transaction.&#160; For purposes of the Plan and any Award Agreement granted hereunder, the term &#8220;Company&#8221; shall include any successor to United Maritime Corporation<font style="color: rgb(0, 0, 0);">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Operation and Conduct of Business</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Affiliate from taking any action with respect to the operation and
      conduct of their business that they deem appropriate or in their best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any Affiliate, any merger or
      consolidation of the Company or any Affiliate, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
      securities or rights thereof, any dissolution or liquidation of the Company or any Affiliate, any sale or transfer of all or any part of the assets or business of the Company or any Affiliate, or any other corporate act or proceeding, whether of a
      similar character or otherwise.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">No Rights to Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">No Key Person or other Person shall have any claim to be granted any Award under the Plan.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Right of Discharge Reserved</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any Affiliate, his or her
      consultancy/service relationship with the Company or any Affiliate, or his or her position as a director of the Company or any Affiliate, or affect any right that the Company or any Affiliate may have to terminate such employment or
      consultancy/service relationship or service as a director.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Non-Uniform Determinations</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Administrator&#8217;s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the
      Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated).&#160; Without limiting the generality of the foregoing, the Administrator shall be entitled,
      among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number
      of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.10.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Other Payments or Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any other plan, arrangement or
      understanding, whether now existing or hereafter in effect.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.11.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Headings</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define
      the contents of such subdivisions.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.12.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Effective Date and Term of Plan</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Adoption; Stockholder Approval</u>.&#160; The Plan was adopted by the Board on [<font style="font-family: Times New Roman">&#9679;</font>], 2022.&#160; The Board may, but need not,
      make the granting of any Awards under the Plan subject to the approval of the Company&#8217;s stockholders.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Plan</u>.&#160; The Board may terminate the Plan at any time.&#160; All Awards made under the Plan prior to its termination shall remain in effect until such
      Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.&#160; No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted
      by the Board.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.13.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Restriction on Issuance of Stock Pursuant to Awards</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable
      under applicable law.&#160; Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in
      cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in
      writing to the Company that it is the Award holder&#8217;s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such
      time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares<font style="font-weight: bold; font-style: italic;">&#160;</font>shall be issued or transferred in
      connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator.&#160; The Company and the Administrator shall have
      the right to condition any issuance of shares to any Award holder hereunder on such Person&#8217;s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or
      advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator
      may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates
      representing such shares may contain a legend to reflect any such restrictions.&#160; The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other
      consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of
      such Award shall be promptly refunded to the relevant grantee or other Award holder.&#160; Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such
      offer shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.14.</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Requirement of Notification of Election Under Section 83(b) of the Code or Upon Disqualifying Disposition Under
        Section 421(b) of the Code</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notification of Election Under Section 83(b) of the Code</u>.&#160; If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an
      election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the
      election with the U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notification of Disqualifying Disposition of Incentive Stock Options</u>.&#160; If an Award recipient shall make any disposition of Company shares delivered pursuant to
      the exercise of an incentive stock option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions) or any successor provision of the Code, the grantee shall notify the Company of such
      disposition within ten days thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.15.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Severability</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify
      the Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the
      Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.16.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Sections 409A and 457A</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other
      interpretive guidance issued thereunder.&#160; Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or 457A of the Code,
      the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the
      Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the
      requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.17.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Forfeiture; Clawback</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any
      realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee&#8217;s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any
      Affiliate or (ii) a financial restatement that reduces the amount of bonus or incentive compensation previously awarded to a grantee that would have been earned had results been properly reported.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.18.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">No Trust or Fund Created</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and an
      Award recipient or any other Person.&#160; To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the
      Company or its Affiliate.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.19.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">No Fractional Shares</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall
      be paid or transferred in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">3.20.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Governing Law</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">The Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center;">&#160;<font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>10
<FILENAME>ny20004194x3_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> Exhibit 4.3<br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">RIGHTS OF FIRST REFUSAL AND FIRST OFFER AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">between</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">UNITED MARITIME CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
      <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
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          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">TABLE OF CONTENTS</div>
          </td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">Page</div>
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          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">ARTICLE I DEFINITIONS</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">1<br>
          </td>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 1.1 Definitions</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">1</td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">ARTICLE II RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">3</td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.1 Rights of First Refusal</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">3</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.2 Procedures</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">3</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.3 Enforcement.</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">4</td>
        </tr>
        <tr>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">ARTICLE III RIGHTS OF FIRST OFFER</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">4</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.1 Rights of First Offer</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">4<br>
          </td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.2 Procedures for Rights of First Offer</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">4<br>
          </td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.3 Enforcement</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">4</td>
        </tr>
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          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">ARTICLE IV CHARTERING OPPORTUNITIES</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.1 Chartering Opportunities</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.2 Procedures for Right of First Refusal on Chartering Opportunities</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.3 Enforcement</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">ARTICLE V MISCELLANEOUS</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.1 Certain Covenants</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.2 Choice of Law</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">5</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.3 Notice</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.4 Entire Agreement; Effectiveness</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.5 Termination</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.6 Waiver; Effect of Waiver or Consent</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.7 Amendment or Modification</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.8 Assignment</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.9 Counterparts</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.10 Severability</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.11 Gender, Parts, Articles and Sections</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.12 Further Assurances</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">6</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.13 Withholding or Granting of Consent</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">7</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.14 Laws and Regulations</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">7</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.15 Negotiation of Rights of the Parties</div>
          </td>
          <td style="width: 5%; vertical-align: top; text-align: center;">7</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">i</font></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">RIGHTS OF FIRST REFUSAL AND FIRST OFFER AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This Rights of First Refusal and First Offer Agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is made effective as of [&#9679;], 2022 between Seanergy Martime Holdings Corp., a Marshall Islands corporation
      (the &#8220;<font style="font-weight: bold;">Parent</font>&#8221;), and United Maritime Corporation, a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company is a wholly owned subsidiary of the Parent, and the Parent intends to distribute of all of the Company&#8217;s issued and outstanding common shares to the Parent&#8217;s shareholders (the &#8220;<font style="font-weight: bold;">Spin-Off</font>&#8221;) such that the Company will be an independent publicly traded company following the Spin-Off;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, in connection with the Spin-Off, the Company desires to grant the Parent a right of first refusal (a) to purchase or charter-in any Capesize Vessel when and if the Company determines to
      purchase or charter-in such a Capesize Vessel, and (b) to accept for a Parent Group Member chartering opportunities presented to Capesize Vessels owned by any Company Group Member; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, in connection with the Spin-Off, each of the Parent and the Company desires to grant the other a right of first offer to acquire any Capesize Vessel when and if either Party determines to
      sell such Capesize Vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, in consideration of the premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Parties hereto hereby agree as follows:</div>
    <div><br>
    </div>
    <div style="font-weight: bold; text-align: center;">ARTICLE I</div>
    <div style="font-weight: bold; text-align: center;"> <br>
    </div>
    <div style="font-weight: bold; text-align: center;">DEFINITIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 1.1 <u>Definitions</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As used in this Agreement, the following terms shall have the respective meanings set forth below:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Acquiring Party</font>&#8221; has the meaning given such term in <u>Section 2.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; 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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Agreement</font>&#8221; means this Rights of First Refusal and First Offer Agreement, as it may be amended, modified, or supplemented from time to time in accordance with
      <u>Section 5.7</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; means the Board of Directors of the Parent or the Company, as applicable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Break-up Costs</font>&#8221; means the aggregate amount of any and all additional taxes and/or duties, flag administration, financing, legal and other similar costs, fees
      and expenses to the Company Group Member that would be required to transfer, or result from the transfer of the Capesize Vessel acquired, directly or indirectly, by the Company Group Member as part of a larger transaction to a Parent Group Member
      pursuant to <u>Sections 2.1</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Capesize Vessel</font>&#8221; means a drybulk vessel with a carrying capacity of over 100,000 deadweight tons.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Change of Control</font>&#8221; means, with respect to any Person (the &#8220;<font style="font-weight: bold;">Applicable Person</font>&#8221;), any of the following events: (a) any
      sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person&#8217;s assets to any other Person, unless immediately following such sale, lease, exchange or other
      transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in which the outstanding Voting Securities of the
      Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the
      surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving
      Person or its parent immediately after such transaction; and (c) a &#8220;person&#8221; or &#8220;group&#8221; (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act), becoming the &#8220;beneficial owner&#8221; (as defined in Rules 13d-3 and 13d-5 under the Exchange
      Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Charter</font>&#160;<font style="font-weight: bold;">Offer</font>&#8221; has the meaning given such term in <u>Section 3.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Charter</font>&#160;<font style="font-weight: bold;">Offeree</font>&#8221; has the meaning given such term in <u>Section 3.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Chartered Asset</font>&#8221; has the meaning given such term in <u>Section 3.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Company</font>&#8221; has the meaning given such term in the Preamble.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Company Group Member</font>&#8221; means the Company and any of its direct or indirect subsidiaries.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Control</font>&#8221; 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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">First Offer Negotiation Period</font>&#8221; has the meaning given such term in <u>Section 4.2(b)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Offer</font>&#8221; has the meaning given such term in <u>Section 2.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Offered Asset</font>&#8221; has the meaning given such term in <u>Section 2.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Offeree</font>&#8221; has the meaning given such term in <u>Section 2.2</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">&#8220;</font><font style="font-weight: bold;">Parent</font><font style="font-style: italic;">&#8221;</font> has the meaning given such term in the Preamble.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Parent Group Members</font>&#8221; means the Parent and any of its direct or indirect subsidiaries, but shall exclude the Company and any other Company Group Member.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Parties</font>&#8221; means the parties to this Agreement and their respective successors and permitted assigns.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or any other entity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Sale Assets</font>&#8221; has the meaning given such term in <u>Section 4.2(a)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Spin-Off</font>&#8221; has the meaning given such term in the Recitals.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Transfer</font>&#8221; means any transfer, assignment, sale or other disposition of any Capesize Vessel owned by any Parent Group Member or Company Group Member, as
      applicable; <u>provided</u>, <u>however</u>, that such term shall not include (i) transfers, assignments, sales or other dispositions from any Parent Group Member to another Parent Group Member or from any Company Group Member to another Company
      Group Member, (ii) transfers, assignments, sales or other dispositions, pursuant to the terms of any related charter or other agreement with a contractual counterparty existing on the date hereof; (iii) grants of security interests in or mortgages or
      liens in such Capesize Vessel in favor of a bona fide third party lender; (iv) the foreclosure of any security interest, mortgage or lien in any such Capesize Vessel, (v) a sale and leaseback or similar transaction which is accounted for under United
      States generally accepted accounting principles as a financial lease or (vi) the chartering of vessels, including bareboat charters, or the entry of vessels into vessel pools.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Transfer Notice</font>&#8221; has the meaning given such term in <u>Section 4.2(a)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Transferring Party</font>&#8221; has the meaning given such term in <u>Section 4.2(a)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Voting Securities</font>&#8221; means securities of any class of Person entitling the holders thereof to vote in the election of members of the board of directors or other
      similar governing body of the Person.</div>
    <div><br>
    </div>
    <div>
      <div style="font-weight: bold; text-align: center;">ARTICLE II</div>
      <div style="text-align: center; margin-left: 22.5pt; font-weight: bold;"> <br>
      </div>
      <div style="color: #000000; font-weight: bold; text-align: center;">RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 2.1 <u>Rights of First Refusal for Acquisitions</u>. The Company hereby grants the Parent a right of first refusal to acquire any Capesize Vessel
      that a Company Group Member proposes to acquire (including the acquisition of a controlling interest in a business or package of assets that owns, operates or charters Capesize Vessels) or charter-in (in each case, other than from another Company
      Group Member, a Parent Group Member or in respect of a sale and leaseback or similar transaction which is accounted for under United States generally accepted accounting principles as a financial lease) after such Company Group Member enters into a
      binding agreement (including a recap) that sets forth the terms upon which it would acquire or charter-in such Capesize Vessel.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 2.2 <u>Procedures</u>. In the event that a Company Group Member enters an agreement to acquire or charter-in any Capesize Vessel in accordance
      with <u>Section 2.1</u>, then as soon as practicable or in any event not later than 3 calendar days after entering an agreement that sets forth the terms upon which it would acquire or charter-in such Capesize Vessel, such Company Group Member (the
      &#8220;<font style="font-weight: bold;">Acquiring Party</font>&#8221;) shall notify the Parent in writing and offer the Parent (the &#8220;<font style="font-weight: bold;">Offeree</font>&#8221;) the opportunity for any Parent Group Member to purchase or charter-in such
      Capesize Vessel (the &#8220;<font style="font-weight: bold;">Offered Asset</font>&#8221;), on terms no less favorable than those offered to or by the Company Group Member, as applicable, plus any applicable Break-up Costs (the &#8220;<font style="font-weight: bold;">Offer</font>&#8221;).




      The Offer shall set forth the Acquiring Party&#8217;s proposed terms relating to the purchase or charter-in of the Offered Asset by the applicable Parent Group Member, including any liabilities to be assumed by the applicable Parent Group Member as part of
      the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Asset and reasonably requested
      by the Offeree. The decision to purchase or charter-in the applicable Offered Asset, the purchase price or charter hire to be paid and the charter period for the applicable Offered Asset, and the other terms of the purchase or charter shall be
      approved by the independent directors of the Board and recommended to the Board for approval. As soon as practicable, but in any event, within 5 calendar days after receipt of the Offer with respect to a single vessel transaction, or a period of 14
      calendar days with respect to a multi-vessel transaction, the Offeree shall notify the Acquiring Party in writing that either:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board has elected not to cause a Parent Group Member to purchase or charter-in such Offered Asset, in which event the Acquiring Party and its Affiliates shall,
      subject to the other terms of this Agreement, be forever free to continue to own, operate, charter-in or charter-out such Offered Asset, provided that the Parent shall retain the right of first refusal for such Capesize Vessel or Vessels in <u>Section





        2.1</u> with respect to any purchase option under a charter.; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board has elected to cause a Parent Group Member to purchase such Offered Asset. After receipt by the Acquiring Party of the Board&#8217;s election to cause a Parent
      Group Member to purchase the Offered Asset, the Board shall cause such Parent Group Member to purchase the Offered Asset on the terms set forth in the Offer as soon as commercially practicable after such agreement has been reached.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 2.3 <u>Enforcement</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Each Party agrees and acknowledges that the other Party may not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set forth in this <u>Article II</u>,
      and that any breach by any such Party of its covenants and agreements set forth in this <u>Article II</u> could result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to
      the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of <u>Article II</u> of this Agreement.</div>
    <div><br>
    </div>
    <div style="font-weight: bold; text-align: center;">ARTICLE III</div>
    <div><br>
    </div>
    <div style="font-weight: bold; text-align: center;">RIGHTS OF FIRST OFFER</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 3.1 <u>Rights of First Offer</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Parent hereby grants the Company a right of first offer on any proposed Transfer of any Capesize Vessel that any Parent Group Member owns or acquires.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company hereby grants the Parent a right of first offer on any proposed Transfer of any Capesize Vessel that any Company Group Member owns or acquires.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Parties acknowledge that all potential Transfers of Capesize Vessels pursuant to this <u>Article III</u> are subject to obtaining any and all written consents of governmental
      authorities and other non-Affiliated third parties and to the terms of all existing agreements in respect of such Capesize Vessels, as applicable. Each Party shall use its commercially reasonable best efforts to obtain such consents.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 3.2 <u>Procedures for Rights of First Offer</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any Company Group Member or Parent Group Member (each, a &#8220;<font style="font-weight: bold;">Transferring Party</font>&#8221;) proposes to Transfer any Capesize Vessel (the &#8220;<font style="font-weight: bold;">Sale Assets</font>&#8221;), prior to engaging in any negotiation for such Transfer with any non-Affiliated third party or otherwise offering to Transfer the Sale Assets to any non-Affiliated third party, such Transferring Party
      shall give the Company or the Parent, as applicable, written notice setting forth all material terms and conditions (including, without limitation, the purchase price for which such Transferring Party desires to Transfer the Sale Assets) (the &#8220;<font style="font-weight: bold;">Transfer Notice</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After delivery of the Transfer Notice, and at the Company&#8217;s or Parent&#8217;s election, as applicable (following approval by the independent directors of the applicable Board), the Parties
      then shall be obligated to negotiate in good faith for a 10 calendar-day period following the delivery by the Transferring Party of the Transfer Notice (the &#8220;<font style="font-weight: bold;">First Offer Negotiation Period</font>&#8221;) to reach an
      agreement for the Transfer of such Sale Assets to any Company Group Member or Parent Group Member, as applicable, on the terms and conditions set forth in the Transfer Notice. If no such agreement has been reached between the Transferring Party and
      the Company or the Parent during the First Offer Negotiation Period, the Transferring Party may Transfer the Sale Assets to a third party; <u>provided that</u> if the Transferring Party has not Transferred or agreed in writing to Transfer such Sale
      Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not
      thereafter Transfer any of the Sale Assets without first offering such assets to the Company or Parent, as applicable, in the manner provided above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 3.3 <u>Enforcement</u>. Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set
      forth in this <u>Article III</u>, and that any breach by any such Party of its covenants and agreements set forth in this <u>Article III</u> could result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that
      any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of <u>Article
        III</u> of this Agreement.</div>
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    <div><br>
    </div>
    <div style="font-weight: bold; text-align: center;">ARTICLE IV</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CHARTERING OPPORTUNITIES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 4.1 <u>Chartering Opportunities</u>. The Parties acknowledge and agree that during the term of this Agreement, depending on a number of facts and circumstances that may exist at any given
      time when a Capesize Vessel owned by any Parent Group Member (a &#8220;Parent Vessel&#8221;) and a Capesize Vessel owned by a Company Group Member (a &#8220;Company Vessel&#8221;) are both available for charter, Parent&#8217;s management subsidiaries, in their performance of
      commercial management services, may have a conflict of interest in pursuing charter opportunities for a Company Vessel and Parent Vessel, and the Company acknowledges that no Parent Group Member shall be obliged to present any chartering opportunity
      which is determined, in such Parent Group Member&#8217;s sole discretion, to be suitable for a Parent Vessel to any Company Group Member.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 4.2 <u>Procedures for Right of First Refusal on Chartering Opportunities</u>. Except for any charting opportunity presented by a Parent Group Member to any Company Group Member, with respect
      to which the right of first refusal set forth in this section shall be deemed waived, any Company Group Member presented with a chartering opportunity (excluding renewals and extensions of existing charters and charters with a term of 13 months or
      less) for a Capesize Vessel shall grant the Parent a right of first refusal to accept such opportunity for a Parent Vessel before pursuing such potential charter opportunity for a Company Vessel by delivering a notice of the potential charter
      opportunity (the &#8220;Charter Notice&#8221;) to the Parent setting forth the material terms of the potential charter opportunity. Upon receipt of a Charter Notice, the Parent shall have two business days to consider the potential charter opportunity and to
      accept or reject such opportunity. In the event that the Parent does not elect to accept the potential charter opportunity within two business days, the Company shall be free to pursue such opportunity for a Company Vessel for a period of 15 calendar
      days on the same terms and conditions as set forth in the Charter Notice.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 4.3 <u>Enforcement</u>. Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set
      forth in this <u>Article IV</u>, and that any breach by any such Party of its covenants and agreements set forth in this <u>Article IV</u> could result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that any
      other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of <u>Article IV</u>
      of this Agreement.</div>
    <div>
      <div style="text-align: center; margin-left: 22.5pt; color: #000000; font-weight: bold;"> <br>
      </div>
      <div style="color: #000000; font-weight: bold; text-align: center;">ARTICLE V</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold; text-align: center;">MISCELLANEOUS</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.1 <u>Certain Covenants</u>. Each of the Parent and the Company hereby agree and covenant to use commercially reasonable best efforts to cause
      the other Parent Group Members and Company Group Members, respectively, to comply with the provisions of this Agreement.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.2 <u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving
      effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each of the parties hereto submits to the
      exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within the Borough of Manhattan, City of New York) for any and all
      legal actions arising out of or in connection with this Agreement.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.3 <u>Notice</u>. All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must
      be given by depositing the same in the mail, addressed to the Person to be notified, postpaid and registered or certified with return receipt requested or by delivering such notice in person or by prepaid private-courier, telecopier, facsimile or
      email to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier, facsimile or
      email shall be effective upon actual receipt if received during the recipient&#8217;s normal business hours, or at the beginning of the recipient&#8217;s next business day after receipt if not received during the recipient&#8217;s normal business hours. All notices to
      be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party&#8217;s signature to this Agreement, or at such other address as such Party may stipulate to the other Parties in the manner provided in this <u>Section




        5.3</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.4 <u>Entire Agreement; Effectiveness</u>. This Agreement constitutes the entire agreement of the Parties relating to the matters contained
      herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. For the avoidance of doubt, the parties expressly agree that this Agreement shall not take effect until the Spin-Off occurs, and
      if no such Spin-Off occurs, this Agreement will be of no force and effect.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.5 <u>Termination</u>. Upon a Change of Control of the Company or the Parent, the provisions of Articles II, III and IV of this Agreement (but
      not less than all of such Articles) shall terminate immediately.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.6 <u>Waiver; Effect of Waiver or Consent</u>. Any Party hereto may (a) extend the time for the performance of any obligation or other act of any
      other Party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the
      Party or Parties to be bound thereby. No waiver or consent, express or implied, by any Party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or
      consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a Party to complain of any act of any Person or to declare any Person in default,
      irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.7 <u>Amendment or Modification</u>. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties
      hereto.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.8 <u>Assignment</u>. No Party shall have the right to assign its rights or obligations under this Agreement without the prior written consent of
      the other Parties hereto.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties had signed
      the same document. All counterparts shall be construed together and shall constitute one and the same instrument.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.10 <u>Severability</u>. If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or
      unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">
      <div style="text-indent: 36pt;">Section 5.11 <u>Gender, Parts, Articles and Sections</u>. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words
        shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement.</div>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">
      <div style="text-indent: 36pt;">Section 5.12 <u>Further Assurances</u>. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party hereto agrees to execute and deliver such additional documents and
        instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.</div>
    </div>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.13 <u>Withholding or Granting of Consent</u>. Each Party may, with respect to any consent or approval that it is entitled to grant pursuant to
      this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate.</div>
    <div style="text-align: justify;"> <br>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.14 <u>Laws and Regulations</u>. Notwithstanding any provision of this Agreement to the contrary, no Party to this Agreement shall be required to
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Section 5.15 <u>Negotiation of Rights of the Parties</u>. The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no
      shareholder, member, assignee or other Person of the Parties shall have the right, separate and apart from the Parties, as applicable, to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the terms of
      this Agreement.</div>
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    <div style="text-align: center; font-style: italic;">[signature page follows]</div>
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    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the date first written above.</div>
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            <div>United Maritime Corporation</div>
            <div>154 Vouliagmenis Avenue</div>
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            <div>166 74 Glyfada, Greece</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">(Signature Page to Rights of First Refusal and First Offer Agreement)</div>
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            <div>Seanergy Martime Holdings Corp.</div>
            <div>154 Vouliagmenis Avenue</div>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>11
<FILENAME>ny20004194x3_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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    <div style="text-align: center; color: #000000; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
      <div style="text-align: right;">Exhibit 4.4<br>
      </div>
      <div><br>
      </div>
      CONTRIBUTION AND CONVEYANCE AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">This contribution and conveyance agreement (this &#8220;</font><font style="font-weight: bold; color: #000000;">Agreement</font><font style="color: #000000;">&#8221;) is entered into as of </font>[&#9679;]<font style="color: #000000;"> 2022 by and between Seanergy Maritime Holdings Corp., a Marshall Islands corporation (&#8220;</font><font style="font-weight: bold; color: #000000;">Seanergy</font><font style="color: #000000;">&#8221;) and United Maritime Corporation,
        a Marshall Islands corporation (&#8220;</font><font style="font-weight: bold; color: #000000;">United Maritime</font><font style="color: #000000;">&#8221;). The foregoing shall be referred to individually as a &#8220;</font><font style="font-weight: bold; color: #000000;">Party</font><font style="color: #000000;">&#8221; and collectively as the &#8220;</font><font style="font-weight: bold; color: #000000;">Parties</font><font style="color: #000000;">.&#8221;</font></div>
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    <div style="text-align: center; color: #000000; font-weight: bold;">RECITALS</div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Seanergy intends to transfer ownership of the Vessel (as defined below) to United Maritime, a wholly-owned subsidiary, and United Maritime will subsequently be spun off to current shareholders of Seanergy (the &#8220;<font style="font-weight: bold;">Spin-Off</font>&#8221;). Concurrently with the Spin-Off, the common shares of United Maritime are expected to be listed on the Nasdaq Capital Market pursuant to a registration statement on Form 20-F filed with and
              declared effective by the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;). The board of directors of Seanergy and the board of directors and sole shareholder of United Maritime have or
              will authorize the actions set forth below at the times and in the order set forth below.</div>
          </td>
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    </table>
    <div><br>
    </div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">To accomplish the objectives and purposes in the preceding recital, the following actions have been taken prior to the date of this Agreement:</div>
          </td>
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    </table>
    <div><br>
    </div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Seanergy formed United Maritime pursuant to the Marshall Islands Business Corporation Act and is the record holder of United Maritime&#8217;s common shares, par value $0.0001 per share (the &#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;), constituting all of the outstanding Common Shares of United Maritime at such time;</div>
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    <div><br>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
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            <div><font style="color: #000000;">Seanergy owns all of the outstanding shares (the &#8220;</font><font style="font-weight: bold; color: #000000;">Vessel-Owning Subsidiary Shares</font><font style="color: #000000;">&#8221;) of Sea Glorius Shipping Co., a
                Marshall Islands corporation (the &#8220;</font><font style="font-weight: bold; color: #000000;">Vessel-Owning Subsidiary</font><font style="color: #000000;">&#8221;), which owns the Capesize drybulk vessel </font>Gloriuship<font style="color: #000000;"> with IMO number 9266944 (the &#8220;</font><font style="font-weight: bold; color: #000000;">Vessel</font><font style="color: #000000;">&#8221;).</font></div>
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    <div><br>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">3</td>
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            <div style="color: #000000;">Each of the following transactions shall occur in accordance with and pursuant to this Agreement:</div>
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    <div><br>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
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            <div style="color: #000000;">Effective immediately prior to the distribution by Seanergy of United Maritime common shares to the shareholders of Seanergy (the &#8220;<font style="font-weight: bold;">Spin-off Distribution</font>&#8221;), the following
              transactions shall occur in accordance with and pursuant to this Agreement: Seanergy will contribute (i) all of the Vessel-Owning Subsidiary Shares to United Maritime as a capital contribution and (ii) an aggregate of $5.0 million in cash as
              working capital of <font style="color: #000000;">United Maritime</font> (the &#8220;<font style="font-weight: bold;">Working Capital Amount</font>&#8221;) in exchange for the issuance of 5,000 of United Maritime&#8217;s Series C Convertible Preferred Shares
              (the &#8220;<font style="font-weight: bold;">Series C Preferred Shares</font>&#8221;) to Seanergy, the cancellation of the existing outstanding common shares of United Maritime and the issuance of 1,511,156 common shares of United Maritime and 40,000
              Series B Preferred Shares of United Maritime (the &#8220;<font style="font-weight: bold;">Distribution Shares</font>&#8221;) to Seanergy.</div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
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            <div style="color: #000000;">Seanergy will distribute the Distribution Shares to its shareholders on a <font style="font-style: italic;">pro rata</font> basis as a special dividend.</div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The articles of incorporation and bylaws of United Maritime and of the Vessel-Owning Subsidiary will be amended and restated to the extent necessary to reflect the applicable matters set forth above.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows:</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLE I</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CONTRIBUTIONS AND CONVEYANCE</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d2f557ddd7849a383735026fed85c9b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Contributions and conveyances</u>. The parties acknowledge and agree that the following actions hereby occur in the following order effective immediately prior to the Spin-Off Distribution:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1ca038f01e841fb823b0faa7a1b598c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Seanergy shall contribute the Vessel-Owning Subsidiary Shares and the Working Capital Amount to United Maritime as a capital contribution;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z308aae7f1ef041849d747afc74cd32dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">United Maritime shall cancel the existing outstanding common shares of United Maritime held by Seanergy and issue and deliver the Distribution Shares and Series C Preferred Shares to Seanergy in exchange for
              Seanergy&#8217;s capital contribution of the Vessel-Owning Subsidiary Shares and Working Capital Amount; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaacc963d6dd04bf3aedb3d721cb4b356" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLE II</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF SEANERGY; DISCLAIMER</div>
    <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z305560ea1d704e67847478294468a0bf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Representations and Warranties</u>. Seanergy hereby represents and warrants that:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba0128d01c9b4d36bf4751fc89cb1c56" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Vessel-Owning Subsidiary has been duly formed or incorporated and is validly existing in good standing under the laws of the Marshall Islands and has all requisite power and authority to operate its assets,
              including the Vessel, and conducts its business as described in Seanergy&#8217;s public filings made with the U.S. Securities and Exchange Commission (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;) through the date hereof;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5e1242424864d4e85038a989698dfa9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Correct and complete copies of the certificate of incorporation, articles of incorporation, by-laws, other organizational documents and all material agreements (as amended to the date of this Agreement) of the
              Vessel-Owning Subsidiary have been made available to United Maritime;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd885fcb2c2444e388312104c96d984f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by it pursuant to this Agreement in connection with the completion of the transactions
              contemplated by this Agreement, have been or will be duly authorized by all necessary actions by Seanergy and, to the extent applicable, the Vessel-Owning Subsidiary, and this Agreement has been duly executed and delivered by Seanergy and
              constitutes a legal, valid and binding obligation of Seanergy enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general
              application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc200757976d64befae9f779098f4b72e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any
              obligation under, or constitute a default under any provision of: (i) the articles of incorporation, certificate of incorporation or by-laws or other organizational documents of Seanergy or the Vessel-Owning Subsidiary (the &#8220;<font style="font-weight: bold;">Seanergy Parties</font>&#8221; and each, a &#8220;<font style="font-weight: bold;">Seanergy Party</font>&#8221;); (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement,
              contract, franchise license, permit or other instrument or obligation to which any Seanergy Party is a party or is subject or by which any of such Seanergy Party&#8217;s assets or properties may be bound; (iii) any applicable laws, statutes,
              ordinances, rules or regulations promulgated by a governmental authority, orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court (&#8220;<font style="font-weight: bold;">Laws</font>&#8221;); or (iv) any charter or vessel management agreement to which any Seanergy Party is a party or any material provision of any material contract to which a Seanergy Party is a party or by which a Seanergy Party&#8217;s
              properties are bound;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb100c2fcd3ff423a89f445a2b3896022" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration to or filing with any governmental authority
              or any other person, including those related to any environmental laws or regulations or the charters or vessel management agreements related to the Vessel, is required in connection with the execution and delivery by any Seanergy Party of
              this Agreement or the consummation by any Seanergy Party of the transactions contemplated hereunder;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34331517e7c44e82951da56ecbc4353a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Vessel-Owning Subsidiary Shares have been duly and validly issued, in accordance with the applicable articles of incorporation, are fully paid and non-assessable and free of preemptive rights. Seanergy has, and
              will convey to United Maritime, good and valid title to the Vessel-Owning Subsidiary Shares which comprise all of the issued and outstanding shares in the Vessel-Owning Subsidiary, free and clear of all mortgages, liens, security interests,
              covenants, options, claims, restrictions, or encumbrances of any kind, except for those arising in relation to the amendment among United Maritime, the Parent, the Vessel&#8208;Owning Subsidiary, Kroll Trustee Services Limited and Kroll Agency
              Services Limited. There are no outstanding options, warrants or other rights to acquire any shares of capital stock or securities convertible into or exercisable for the capital stock of the Vessel-Owning Subsidiary. With respect to the
              Vessel-Owning Subsidiary Shares, there is no further obligation to make any capital contribution to the Vessel-Owning Subsidiary;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z852bd9ae74b0467e82f3ef88ffbc5bda" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">There is no outstanding agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person to acquire the Vessel-Owning Subsidiary Shares or the assets of the Vessel-Owning
              Subsidiary, including but not limited to the Vessel, that has not been terminated or otherwise waived;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9249871b9a8b441dabe23f3f0ae0db45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each of the charters and the vessel management agreements to which the Vessel-Owning Subsidiary is a party (as amended to the date of this Agreement) has been made available to United Maritime and is a valid and
              binding agreement of the Vessel-Owning Subsidiary enforceable in accordance with its terms and, to the knowledge of the Vessel-Owning Subsidiary, of all other parties thereto enforceable in accordance with its terms;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1409b98b93de41fdb54e03e67b730cbb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Vessel-Owning Subsidiary has fulfilled all material obligations required pursuant to any charter (described in (h) above) and the vessel management agreements to have been performed by it prior to the date of
              this Agreement and has not waived any material rights thereunder; and no material default or breach exists in respect thereof on its part or, to its knowledge, any of the other parties thereto and, to its knowledge, no event has occurred
              which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z831054e4043d4b9fb6159249863e94f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would arise in connection with the operation of vessels of the same type as the
              Vessel in the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances, defects or restrictions with respect to, or claims against the Vessel-Owning Subsidiary or any of the assets owned by the
              Vessel-Owning Subsidiary, including the Vessel, other than those disclosed in Seanergy&#8217;s public filings made with the SEC through the date hereof; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3c9340604fc4352b5fa1cdfb58b2f81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Vessel is (i) adequate and suitable for use by the Vessel-Owning Subsidiary in its business as presently conducted by it in all material respects as described in the Registration Statement, ordinary wear
                and tear excepted; (ii) seaworthy in all material respects for hull and machinery insurance warranty purposes and is in good running order and repair; (iii) insured against all risks, and in amounts, consistent with common industry
                practices; (iv) in compliance with maritime laws and regulations; (v) duly registered under the flag of </font>the Republic of the Marshall Islands<font style="color: #000000;">; and (vi) in compliance in all material respects with the
                requirements of its present class and classification society; and all class certificates of the Vessel are valid and without overdue recommendations affecting class.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z084cec53edeb448fbb0ac3b21c12ad4b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Disclaimer of Warranties</u>. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE
              PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR
              STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE VESSEL-OWNING SUBSIDIARY, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY,
              INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE
              CONDUCTED THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR
              REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS
              AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL-OWNING
              SUBSIDIARY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE OTHER PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY
              MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND
              CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR
              WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER
              DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z183ddec9a2ce4aeda8c8889d56c3677a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Indemnification</u>. Seanergy hereby agrees to indemnify United Maritime for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Vessel prior
              to the effective date of the Spin-Off, and hereby agrees to indemnify the Vessel-Owning Subsidiary for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Vessel prior to
              the effective date of the Spin-Off.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLE III</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">FURTHER ASSURANCES</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd65b77b3cc234db499b585df8efef7c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Further Assurances</u>. From time to time after the date of this Agreement, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments,
              bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with any applicable foreign, federal, national, state, provincial or local law
              (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by any federal, state, local, foreign or international court, government, department,
              commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the Nasdaq Capital Market, as may be necessary or appropriate (a) more fully to assure that the
              applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the applicable
              Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and intent of this
              Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLE IV</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">TERMINATION</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="color: #000000;"><u>Termination</u>. This Agreement may be terminated by Seanergy in its sole discretion at any time prior to the consummation of the Spin-Off Distribution.</font></div>
            </td>
          </tr>

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

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.2<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;"><font style="color: #000000;"><u>Effect of Termination</u>. In the event of any termination of this Agreement prior to consummation of the Spin-Off Distribution, neither Party
              (nor any of its directors or officers) shall have any liability or further obligation to the other Party.</font></td>
        </tr>

    </table>
    <div style="text-align: justify;"><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">ARTICLE V</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">MISCELLANEOUS</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a4272fbfe75455bb76acc5f6a04cb70" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;"><u>Power of Attorney</u>. Each Party that has conveyed any interests as reflected by this Agreement (collectively, the &#8220;</font><font style="font-weight: bold; color: #000000;">Conveying Parties</font><font style="color: #000000;">&#8221;) hereby constitutes and appoints each of Stamatios Tsantanis, Stavros Gyftakis,</font> Theodora Mitropetrou and Maria Moschopoulou,<font style="color: #000000;"> each of </font>154 Vouliagmenis Avenue, 16674
              Glyfada, Greece, and each of Will Vogel, Todd Johnson, Ioanna Pantelaki and Jamie Davidian, each of Watson Farley &amp; Williams LLP, 250 West 55th Street, New York, NY 10019, United States of America <font style="color: #000000;">(each an &#8220;</font><font style="font-weight: bold; color: #000000;">Attorney-in-Fact</font><font style="color: #000000;">&#8221;), each acting singly and independently or together, as its true and lawful attorney-in-fact with full power of substitution for it and in its
                name, place and stead or otherwise on behalf of the applicable Conveying Party and its successors and assigns, and for the benefit of the Attorney-in-Fact to demand and receive from time to time the interests contributed and conveyed by
                this Agreement (or intended so to be) and to execute in the name of the applicable Conveying Party and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of
                the same, and from time to time to institute and prosecute in the name of the applicable Conveying Party for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Attorney-in-Fact may deem
                proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in and to the Interests, (b) defend and compromise any and all actions, suits or proceedings in respect of any of the Interests, and (c) do any and
                all such acts and things in furtherance of this Agreement as the Attorney-in-Fact shall deem advisable. Each Conveying Party hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are
                and shall be irrevocable and perpetual and shall not be terminated by any act of any Conveying Party or its successors or assigns or by operation of law.</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e2d4bce798f4719b602a7a192c718ab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Survival of Representations and Warranties</u>. The representations and warranties of the Parties in this Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement,
              will survive the completion of the transactions contemplated hereby regardless of any independent investigations that United Maritime may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will
              continue in full force and effect for a period of one year from the date of this Agreement. At the end of such period, such representations and warranties will terminate, and no claim may be brought by United Maritime against Seanergy
              thereafter in respect of such representations and warranties, except for claims that have been asserted by United Maritime prior to the date of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ded6f99bbe44f7b40f89c932018f67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Costs</u>. United Maritime shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording,
              transfer, deed, and conveyance taxes and fees required in connection therewith.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc6671ac58424997933a7eb2eb384511" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Headings; References; Interpretation</u>. All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the
              provisions hereof. The words &#8220;hereof,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references herein to
              Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used in the
              masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word &#8220;including&#8221; following any general statement, term or matter shall not be construed to
              limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as &#8220;without limitation,&#8221; &#8220;but not limited to,&#8221; or words
              of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf28a91f6ab3849ee9a5c8e45efb11089" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Successors and Assigns</u>. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e0d5075c69541b09ea7ef84f698fa9f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>No Third Party Rights</u>. The provisions of this Agreement are intended to bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person
              any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96a11263f3f3417cab049378db099937" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the parties hereto.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30b98a017ff8405eb9cd4bac5244b516" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice of law rules or provisions (whether of the State of
              New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each of the parties hereto submits to the exclusive jurisdiction of the United States District Court for
              the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within the Borough of Manhattan, City of New York) for any and all legal actions arising out of or in connection with this
              Agreement.</div>
          </td>
        </tr>

    </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Severability</u>. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the
              subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable
              adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z172df05eb9ff473fa3e227cead5dec99" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Deed; Bill of Sale; Assignment</u>. To the extent required and permitted by applicable Law, this Agreement shall also constitute a &#8220;deed,&#8221; &#8220;bill of sale&#8221; or &#8220;assignment&#8221; of the Vessel-Owning-Subsidiary Shares.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a80903f95cb4501a80fbd9c893ce873" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Amendment or Modification</u>. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties hereto.</div>
          </td>
        </tr>

    </table>
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    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z937a886519ce4a31888e2edda4fdad33" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">5.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><u>Integration</u>. This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to its subject matter hereof.
              This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is intended to be or
              shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties hereto after the date of this Agreement.</div>
          </td>
        </tr>

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    <div style="text-align: justify; color: #000000;">IN WITNESS WHEREOF, this Contribution and Conveyance Agreement has been duly executed by the parties set forth below.</div>
    <div><br>
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      <table id="z3b8a91145bc140cd96586c99ff65c02a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
            </td>
            <td colspan="2" rowspan="1">
              <div style="text-align: justify; color: #000000; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
            </td>
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              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>By:</div>
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              <div>&#160;</div>
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              <div><font style="color: #000000;">Name:</font> <br>
              </div>
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              <div>&#160;</div>
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              <div><font style="color: #000000;">Title:</font> <br>
              </div>
            </td>
            <td style="width: 46%;">
              <div><br>
              </div>
            </td>
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            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td colspan="2" rowspan="1">
              <div>
                <div style="text-align: justify; color: #000000; font-weight: bold;">UNITED MARITIME CORPORATION</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div><br>
              </div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
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              <div>&#160;</div>
            </td>
            <td style="width: 4%; padding-bottom: 2px;">
              <div>By: <br>
              </div>
            </td>
            <td style="width: 46%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
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          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;"><font style="color: #000000;">Name:<br>
              </font></td>
            <td style="width: 46%;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>
                <div style="text-align: justify;"><font style="color: #000000;">Title:</font></div>
              </div>
            </td>
            <td style="width: 46%;"><font style="color: #000000;"> </font><br>
            </td>
          </tr>

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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>12
<FILENAME>ny20004194x3_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Exhibit 4.5</div>
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    <div style="text-align: center;">Dated [&#9679;] 2022</div>
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    <div style="text-align: center; font-variant: small-caps; font-weight: bold;">UNITED MARITIME CORPORATION</div>
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    <div style="text-align: center;">and</div>
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    <div style="text-align: center; font-variant: small-caps; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
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    <div style="text-align: center; font-weight: bold;">MASTER MANAGEMENT AGREEMENT</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CLAUSE</div>
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          <td style="width: 80%; vertical-align: top;">&#160;</td>
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            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PAGE</div>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 10%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: justify;"><font style="font-weight: bold;">THIS MASTER MANAGEMENT AGREEMENT</font> (this &#8220;<font style="font-weight: bold; color: #000000;">Agreement</font>&#8221;), dated as of [&#9679;], 2022, is entered into between United Maritime
      Corporation, a corporation incorporated under the laws of the Republic of the Marshall Islands (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and Seanergy Maritime Holdings Corp., a corporation incorporated under the laws of the Republic of
      the Marshall Islands (the &#8220;<font style="font-weight: bold; color: #000000;">Manager</font>&#8221;, together with the Company, the &#8220;<font style="font-weight: bold;">Parties</font>&#8221; and each a &#8220;<font style="font-weight: bold;">Party</font>&#8221;).</div>
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    <div style="text-align: justify; font-weight: bold;">WHEREAS:</div>
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            <div>The Company is in the business of owning, acquiring and operating a fleet of ocean-going vessels and intends to expand its fleet, with such vessels owned indirectly through separate subsidiaries of the Company.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
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            <div>The Manager has the benefit of expertise in management services through its wholly owned management subsidiaries and, inter alia, in corporate finance, accounting, operations, sale and purchase and administration generally.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right;">(C)</td>
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            <div>With respect to the vessels set forth on Schedule I attached hereto, as amended from time to time by agreement of the parties hereto (each a &#8220;<font style="font-weight: bold;">Vessel</font>&#8221; and collectively the &#8220;<font style="font-weight: bold;">Vessels,</font>&#8221; with each Vessel-owning subsidiary of the Company referred to as an &#8220;<font style="font-weight: bold;">SPV</font>&#8221; and collectively the &#8220;<font style="font-weight: bold;">SPVs</font>&#8221;), the Company has requested the
              Manager, and the Manager has agreed, to assist the Company and its SPV(s) in their dealings with third parties and to provide certain services to the Company, certain other subsidiaries of the Company and each SPV in connection with, inter
              alia, the management, corporate finance, accounting, operations, sale and purchase and general administration of their business.</div>
          </td>
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    <div style="text-align: justify; font-weight: bold;">NOW THEREFORE THE PARTIES HEREBY AGREE:</div>
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          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
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            <div style="font-weight: bold;">INTERPRETATION</div>
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    <div><br>
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    <div style="text-align: justify;"><font style="font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In this Agreement unless the context otherwise requires:</div>
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    <div style="text-align: justify; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Business Days</font>&#8221; means a day (excluding Saturdays and Sundays) on which banks are open for business in Athens, London and New York;</div>
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    <div style="text-align: justify; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Services</font>&#8221; means the services described in Clause 2.1.</div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The headings of this Agreement are for ease of reference and do not limit or otherwise affect the meaning hereof.</div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All the terms of this Agreement, whether so expressed or not, shall be binding upon the parties hereto and their respective successors and assigns.</div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the context otherwise requires, words in the singular include the plural and vice versa.</div>
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            <div style="font-weight: bold;">SERVICES</div>
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        </tr>

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    <div style="text-align: justify;"><font style="font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;During the term hereof (as provided in Clause 8 of this Agreement), the Company engages the Manager to provide the following services to the Company, certain
      management subsidiaries of the Company and each SPV and the Manager hereby accepts such engagement, all in accordance with the terms of this Agreement:</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
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            <div>the provision of assistance and advice with respect to financing, including without limitation the monitoring and administration of compliance with the financing terms and conditions agreed with investors, banks, lessors or other financial
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            <div>the establishment and maintenance of an appropriate accounting system (if required) and adequate internal control over financial reporting;</div>
          </td>
        </tr>

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    <div><br>
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            <div>the keeping of all books and records of things done and transactions performed as it may require from time to time, including liaising with accountants, lawyers and other professional advisors;</div>
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            <div>from time to time or at any time as requested, the preparation and presentation of reports to the board of directors thereof (or any applicable committee thereof) concerning the performance of the services mentioned in this Clause 2.1 and
              the performance of third parties with whom they have a contractual relationship and furnishing advice and recommendations with respect to all aspects of their business affairs;</div>
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            <div>the maintenance of the general ledgers, reconciliation of their bank accounts, preparation of periodic financial statements in accordance with generally accepted accounting principles consistently applied in the United States, including
              those required for governmental and regulatory or self-regulatory agency filings (including the preparation of periodic and other reports, proxy statements, registration statements and other documents and reports), tax returns and reports and
              the provision of related data processing services;</div>
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            <div>the provision of commercial management (including but not limited to the chartering of the Vessels and monitoring thereof and freight collection) and technical management (including but not limited to the crewing of the vessels, the
              day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling) services for the Vessels, the acting directly or through its wholly owned subsidiaries for and on behalf of the SPVs in
              connection therewith and the arrangement on behalf of the SPVs (through the relevant third parties) of any of the aforementioned services directly or through its wholly owned subsidiaries;</div>
          </td>
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    <div><br>
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            <div>the provision of services for the sale and purchase of the Vessels;</div>
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            <div>provision of services for the compliance with all applicable laws, including all relevant securities laws and the rules and regulations of the Securities and Exchange Commission and any securities exchange upon which the Company&#8217;s
              securities are listed;</div>
          </td>
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            <div>the maintenance of the Company&#8217;s, the Company&#8217;s management subsidiaries and the SPV&#8217;s corporate existence and good standing in all necessary jurisdictions and assistance in all other corporate and regulatory compliance matters, including
              but not limited to any action, claim, complaint, demand, suit, judgment, investigation or proceeding, pending or threatened, by any person or before any governmental or other authority;</div>
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            <div>the conducting of investor relations functions on behalf of the Company;</div>
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            <div>the provision and maintenance of all required information technology infrastructure and support relating to all operations of the Company, the Company&#8217;s management subsidiaries and the SPVs;</div>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z195bb91f3ba9470cbbe0e9bab9dff8e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the obtaining, on behalf of the Company, director and officer liability insurance and other insurance coverage not related to the Vessels that would normally be obtained for a company in a similar business to that of the Company;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d31f0055f3c42f6a57c3edbfe51b405" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the provision of office space/ premises and office equipment for the personnel of the Company, the Company&#8217;s management subsidiaries or the SPVs at the location of the Manager and clerical, secretarial and administrative assistance as may
              be reasonably necessary;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d1a4829bfe44728aadf0ebb2332cf33" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the communication with the transfer agent for the Company as may be necessary or desirable;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5be41b6227c34b4398709efe75e081cb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the provision of directors and/or officers in the board of directors of the Company or the SPVs; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37185cd225cf497b92a115e8aea21272" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the provision of such other services as the authorized representative of the Company or the SPV may request and the Manager may agree to provide from time to time.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;During the term hereof, the Manager shall use its reasonable commercial efforts to promote the business of the Company, the Company&#8217;s management subsidiaries and the
      SPVs in accordance with the directions of their authorized representative(s) and shall at all times use its reasonable commercial efforts to conform to and comply with the lawful directions, regulations and recommendation made by such authorised
      representative(s) and in the absence of any specific directions, regulations and recommendations as aforesaid and subject to the terms and conditions of this Agreement shall provide general administrative and advisory services in connection with the
      management of the business of the Company and the SPV.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company, the Company&#8217;s management subsidiaries and the SPVs each acknowledge that to the extent set out in this Agreement, the Manager is acting solely on behalf
      of, as agent of and for the account of the Company, the Company&#8217;s management subsidiaries and the SPVs.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">2.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Manager in the performance of its responsibilities under this Agreement shall be entitled to have regard to its overall responsibilities in relation to the
      management of its own subsidiaries (which include but shall not be restricted to the Manager) and in particular, without prejudice to the generality of the foregoing, the Manager shall be entitled to allocate available resources and services in such
      manner as in the prevailing circumstances the Manager in its absolute discretion considers to be fair and reasonable.&#160; The Manager and its employees may provide services of a nature similar to the Services to any other person. There is no obligation
      for the Manager to provide the Services to Company, the Company&#8217;s management subsidiaries or the SPVs on an exclusive basis.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8340a492dc114751ab48eb83617b1048" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">FEES AND EXPENSES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In consideration of the Manager providing the Services, the Company shall pay the Manager a daily administration fee of three hundred twenty-five United States
      Dollars (US$325) per Vessel (the &#8220;<font style="font-weight: bold;">Fee</font>&#8221;). The Fee shall be due and payable by the Company upon the Manager&#8217;s request.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company will reimburse the Manager for postage and communication expenses, travelling expenses and other expenses reasonably incurred by the Manager in the
      provision of the Services (including any reimbursement at-cost for sub-contracting paid by the Manager to any Sub-Manager as set forth in Clause 4).<font style="color: #000000;">&#160;</font>Within thirty (30) days after the end of each month, the Manager
      shall submit to the Company for payment an invoice for reimbursement of all such expenses in connection with the provision of the Services. Each statement will contain such supporting detail as may be reasonably required to validate such amounts
      due.&#160;&#160; The Company shall make payment within fifteen (15) days of the date of each invoice (any such day on which a payment is due, the &#8220;<font style="font-weight: bold;">Due Date</font>&#8221;). All invoices for Services are payable in U.S. dollars. All
      amounts not paid within 10 days after the Due Date shall bear interest at the rate of 1.00% per annum over SOFR (Secured Overnight Financing Rate) from such Due Date until the date payment is received in full by the Manager.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4a8b7a1ce5544a9bb24e49383a3f88d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">RIGHT TO SUB-CONTRACT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Manager shall be entitled to procure performance of the Manager's duties and obligations under this Agreement to any of its subsidiaries or arrange on behalf of
      the Company, the Company&#8217;s management subsidiaries and the SPVs the performance of the Services by third parties (collectively, the &#8220;<font style="font-weight: bold;">Sub-Managers</font>&#8221;), as agreed to by the Company or the SPVs from time to time.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event of any sub-contract by the Manager or arrangement as mentioned above, the Manager shall promptly notify the Company, the Company&#8217;s management
      subsidiaries and the SPVs thereof and shall remain fully liable for the due performance of its obligations under this Agreement except in the case of sub-contracting or arranging the Services under Clause 2.1(f) in which case the Sub-Managers will be
      solely liable towards the Company, the Company&#8217;s management subsidiaries and the SPVs and the Manager will have no liability under Clause 6.2 of this Agreement or otherwise in respect of the performance of Services under Clause 2.1(f) by a
      Sub-Manager. The Company&#8217;s management subsidiaries and the SPVs, as applicable, shall enter into the relevant management agreements with the Sub-Managers in respect of the provision of the Services under Clause 2.1(f).</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2180471963804abcba49417c372081c5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">ASSIGNMENT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Parties may not assign any of their respective rights under this Agreement in whole or in part without the prior written consent of the other Party, which
      consent may be withheld in the sole discretion of such other Party. This Agreement is binding upon and inures to the benefit of the Parties and their successors and permitted assigns.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfd04a194a7249bfa3dc1941324d1390" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">LIABILITY AND INDEMNITY</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither the Company nor the Manager shall be under any liability for any failure to perform any of its obligations hereunder <font style="color: #000000;">if any of
        the following occurs</font> (&#8220;<font style="font-weight: bold;">Force Majeure Event</font>&#8221;):</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e6452a77afa4d2992ac32f6bb10dae5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any event, cause or condition which is beyond the reasonable control of either or both of the Parties and which prevents either or both of the Parties from performing any of their respective obligations under this Agreement;</div>
          </td>
        </tr>

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

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>
                <div>acts of God, including fire, explosions, unusually or unforeseeably bad weather conditions, epidemic, lightning, earthquake or tsunami;</div>
              </div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>acts of public enemies, including war or civil disturbance, vandalism, sabotage, terrorism, blockade or insurrection;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>acts of any governmental authority, including injunction or restraining orders issued by any judicial, administrative or regulatory authority, expropriation or requisition;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>government rule, regulation or legislation, embargo or national defense requirement; or</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(vi)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>labor troubles or disputes, strikes or lockouts, including any failure to settle or prevent such event which is in the control of any Party.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify;">A Party shall give written notice to the other Party promptly upon the occurrence of a Force Majeure Event.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to Clause 6.1, the Manager and any directors or employees of the Manager or the directors and officers appointed pursuant to Clause 2.1(o) shall be under no
      liability whatsoever to the Company or the SPVs for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, and howsoever arising in the course of the performance of this Agreement, unless and to the extent that the same
      is proved to have resulted solely from (i) fraud, gross negligence or willful misconduct of the Manager, its employees, agents and the directors and officers appointed pursuant to Clause 2.1(o), or (ii) any breach of this Agreement by the Manager,
      its employees and agents and of the directors and officers appointed pursuant to Clause 2.1(o) (in which case, with the exception of fraud or willful misconduct, the Manager&#8217;s liability for each incident or series of incidents giving rise to a claim
      or claims under this Agreement shall never exceed a total of US$100,000.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except to the extent that the Manager would be liable under Clause 6.2, the Company and the SPVs hereby undertake to keep the Manager and its employees, agents,
      directors, officers and the Sub-Managers and the directors and officers appointed pursuant to Clause 2.1(o) indemnified and to hold them harmless against all actions, proceedings (whether civil, criminal, administrative or investigative), claims,
      demands or liabilities whatsoever and howsoever arising which may be brought against them, threatened or incurred or suffered by them arising out of or in connection with the performance of this Agreement, and against and in respect of all costs,
      losses, damages and expenses of whatsoever nature and kind (including but not limited to legal costs, attorneys&#8217; fees, judgements, fines, amounts paid in settlement and any other expenses on a full indemnity basis) which the Manager, its directors,
      officers, employees, agents or the Sub-Managers and the directors and officers appointed pursuant to Clause 2.1(o) may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement<font style="color: #000000;">&#160;</font>unless




      the same is proven to have resulted solely from the gross negligence or willful default of the Manager or its directors, officers, employees, or agents or the Sub-Managers employed by them or the directors and officers appointed pursuant to Clause
      2.1(o).</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No director, officer, employee, agent or Sub-Manager of the Manager or any director and officer appointed pursuant to Clause 2.1(o) shall in any circumstances
      whatsoever be under any liability for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment or holding
      of a directorship or office and, without prejudice to the generality of the foregoing provisions in this Clause 6.4, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defense and immunity
      of whatsoever nature applicable to the Manager or to which the Manager is entitled hereunder shall also be available and shall extend to protect every such director, officer, employee, agent or Sub-Manager of the Manager and the director and officer
      appointed pursuant to Clause 2.1(o) acting as aforesaid, and all such persons shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce and to enjoy the benefit of this Clause 6.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Manager or any of their directors or officers or any of the directors and officers appointed pursuant to Clause 2.1(o) shall not be liable for any indirect or
      consequential losses for any reason whatsoever.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No director or officer appointed from time to time pursuant to Clause 2.1(o) shall be personally liable to any of the SPVs or the Company or to any shareholder or
      beneficial owner of the Company for monetary damages for breach of fiduciary duty as a director or officer, provided that this provision shall not limit the liability of a director or officer (i) for any breach of the director&#8217;s or the officer&#8217;s duty
      of loyalty to the SPVs of the Company, (ii) for acts or omissions proven to be made or not made in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 28 (m) of the Business Corporations Act of
      Marshall Islands or any other applicable law, or (iv) or any transaction from which any director or officer derived an improper personal benefit.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">6.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any repeal or modification of this Clause 6 shall not adversely affect any rights to indemnification of the Manager, their employees, agents, Sub-Managers and the
      directors or officers appointed pursuant to Clause 2.1(o) existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify;">&#160;&#160;&#160; <br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7<br>
            </td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><font style="font-weight: bold;">NO JOINT VENTURE</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">7.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Nothing in this Agreement is intended to create or shall be construed as creating a joint venture or partnership between the Parties, and this Agreement shall not be
      deemed for any purpose to constitute any Party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as a member of a joint venture or joint enterprise with any other Party to this Agreement.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf69d61eb039b44a0a8836c44fcbe5186" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">DURATION OF THE AGREEMENT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">8.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The initial term of this Agreement shall commence on the date hereof and shall continue until December 31, 2024, unless it is terminated earlier by the Parties as
      provided in Clause 8.3 (the &#8220;<font style="font-weight: bold;">Initial Term</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">8.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement will, without any further act or formality on the part of either Party, on the expiration of the Initial Term, or any Renewal Term, be automatically
      renewed for a further term of twelve (12) months (each a &#8220;<font style="font-weight: bold;">Renewal Term</font>&#8221;) unless terminated in accordance with Clause 8.3.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">8.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Either Party may terminate this Agreement at any time by providing to the other party three (3) months&#8217; prior written notice. This Agreement may be&#160; terminated
      immediately (i) in the event of a material breach of this Agreement, or (ii) if an order be made or resolution be passed for the winding up of the other party (otherwise than a winding up for the purpose of reconstruction or amalgamation), or if a
      receiver be appointed of the undertaking or property of the other party, or if the other party shall suspend payment or cease to carry on business or make any special arrangement or composition with its creditors.&#160; Upon termination, the Manager shall
      assist with any transition required by the Company, the Company&#8217;s management subsidiaries or the SPVs to another service provider or manager providing services that are substantially similar to the Services.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15e8ec8276fd4096b0754a89edc902f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">NOTICES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">9.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All notices, consents and other communications hereunder or necessary to exercise any rights granted hereunder, shall be writing, either by hand, by prepaid
      registered mail or telefax, addressed as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Company, certain subsidiaries of the Company and SPVs:</div>
    <div style="text-align: justify;">c/o 154 Vouliagmenis Avenue</div>
    <div style="text-align: justify;">16674 Glyfada, Athens Greece</div>
    <div style="text-align: justify; font-style: italic;">For the Attention of</div>
    <div style="text-align: justify; font-style: italic;">United Maritime Corporation</div>
    <div style="text-align: justify;">E-mail: finance@seanergy.gr / legal@seanergy.gr</div>
    <div style="text-align: justify;">Fax: +30 210 9638404</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Manager:</div>
    <div style="text-align: justify;">Executive Offices at 154 Vouliagmenis Avenue</div>
    <div style="text-align: justify;">16674 Glyfada, Athens Greece</div>
    <div style="text-align: justify; font-style: italic;">For the Attention of</div>
    <div style="text-align: justify; font-style: italic;">Finance &amp; Legal Departments</div>
    <div style="text-align: justify;">E-mail: finance@seanergy.gr / legal@seanergy.gr</div>
    <div style="text-align: justify;">Fax: +30 210 9638404</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Any Party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving to the other Parties notice in the manner set forth in this Clause 9.1.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">6</font></div>
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    <div style="text-align: justify;">Any notice:</div>
    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if validly delivered on a Business Day, shall be deemed to have been given when delivered; and</div>
          </td>
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            <td style="width: 18pt; vertical-align: top; align: right;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>if validly transmitted by fax on a Business Day, shall be deemed to have been given on that Business Day.</div>
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    <br>
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          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">APPLICABLE LAW AND JURISDICTION</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">10.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement (including any non-contractual obligations arising from or in connection with the same) shall be governed by, and construed in accordance with,
      English law. Any dispute arising out of or in connection with this Agreement (including any non-contractual obligations arising from or in connection with the same) shall be referred to arbitration in London in accordance with the Arbitration Act
      1996, or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The language of the Arbitration shall be English and the Arbitration shall be conducted in accordance with the
      London Maritime Arbitrators Association (LMAA) terms current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators. Each party to appoint one arbitrator and the two so appointed to appoint the third
      who shall act as chairman of the Tribunal. On the receipt by one party of the nomination in writing of the other party&#8217;s arbitrator, that party shall appoint their arbitrator within fourteen days, failing which the single arbitrator shall act as sole
      arbitrator and any decision of the sole arbitrator shall be binding in both parties as if the sole arbitrator had been appointed by agreement. The two arbitrators so appointed shall appoint the third arbitrator within fourteen days.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">10.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000, the arbitration shall be conducted in accordance with the LMAA Small claims
      Procedure current at the time when the arbitration proceedings are commenced.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9117f03a0c1146cf97dff7e38c5f11cb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">MISCELLANEOUS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">11.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No Party shall disclose to any third parties information that it has relating to the businesses, properties, financial condition, results of operations or prospects
      of any of the other Parties or make use of such information other than to the extent necessary for the purpose of performing this Agreement, except (i) to the extent such information is publicly available or is obtainable from independent sources who
      did not receive the information from such other Party, (ii) as requested or required by its representatives, legal counsel, accountants, advisers, auditors, any law or statutory body, including but not limited to any stock exchange and/or Securities
      and Exchange Commission laws and regulations applicable to either Party, any applicable accounting standards, ordered by any court, regulation, court order, judicial process or arbitral award (including by oral questions, interrogatories, requests
      for information or other documents in legal proceedings, subpoena, civil investigative demand or any other similar legal process), or (iii) as authorized in writing by such other Party.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">11.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement constitutes the sole understanding and agreement of the Parties hereto with respect to the subject matter hereof and supersedes all prior agreements
      or understandings, written or oral, with respect thereto. This Agreement may not be amended, waived or discharged except by an instrument or instruments in writing executed by the party against whom enforcement of such amendment, waiver or discharge
      is sought.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">11.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement may be executed in one or more written counterparts each of which shall be deemed an original, but all of which together shall constitute one
      instrument.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">7</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">IN WITNESS</font> whereof the undersigned have executed this agreement as of the date first above written.</div>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">The Manager</div>
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    </div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">SIGNED</font> by</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">For and behalf of</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
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          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>

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    <div style="text-align: justify; font-style: italic; font-weight: bold;">The Company</div>
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    </div>
    <div></div>
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        <tr>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">SIGNED</font> by</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
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          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">For and on behalf of</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
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          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
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      <div style="text-align: center; color: #000000; font-style: italic;">[Signature Page to Master Management Agreement]</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">8</font></div>
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    <div style="text-align: center; font-weight: bold;">Schedule I</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">SPVs</div>
          </td>
        </tr>
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          <td style="width: 34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; margin-left: 9pt;">M/V Gloriuship</div>
            <div style="text-align: center; margin-left: 9pt;">(IMO 9266944)</div>
          </td>
          <td style="width: 66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Sea Glorius Shipping Co., of the Republic of the Marshall Islands</div>
          </td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>13
<FILENAME>ny20004194x3_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<html>
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    <title></title>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 4.6</font><br>
    </div>
    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z452ce4c0253e431eadc4e0285330a077" border="0" cellpadding="3" cellspacing="0">

        <tr>
          <td colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">1. Date of Agreement</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">[&#9679;]</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>M/V GLORIUSHIP</u></div>
          </td>
        </tr>
        <tr>
          <td rowspan="4" style="width: 36pt; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>2</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Owner (name, place of registered office and law of registry) (<u>Cl. 1</u>)</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">SEA GLORIUS SHIPPING CO.</div>
          </td>
          <td rowspan="4" style="width: 36pt; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>3.</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Managers (name, place of registered office and law of registry) (Cl. 1)</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">SEANERGY SHIPMANAGEMENT CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Name</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">Trust Company Complex, Ajeltake Road, Ajeltake Island</div>
            <div style="font-weight: bold;">Majuro MH96960, Marshall Islands</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Name</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Trust Company Complex, Ajeltake Road, Ajeltake Island </font><br>
            </div>
            <div style="font-weight: bold;">Majuro MH96960, Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Place of registered office</div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">Republic of the Marshall Islands</div>
            <div style="font-weight: bold;">
              <div>Law of registry</div>
            </div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Place of registered office</div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">Republic of the Marshall Islands
              <div>Law of registry</div>
            </div>
          </td>
        </tr>
        <tr>
        </tr>
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          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>4.<br>
            </div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Day and year of commencement of Agreement (<u>Cl. 2</u>)</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">[&#9679;]</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);"><br>
          </td>
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          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">5. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Crew Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.1<u>)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">NO</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">6. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Technical Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.2)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES</div>
          </td>
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        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>7. <br>
            </div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Commercial Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.3)</u></div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">NO</font></div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">8. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Insurance Arrangements (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.4</u><u>)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">9. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Accounting Services (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.5)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">10. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Sale or purchase of the Vessel (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.6)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES, upon Owner&#8217;s request</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">11. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Provisions (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.7</u><u>)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">12. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Bunkering (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (<u>Cl. 3.8</u><u>)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">YES</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">13. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Chartering Services (only to be filled in if&#160; &#8220;yes&#8221; stated in box 7) (<u>Cl . 3.3(i))</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">NO</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">14. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Managers&#8217; Insurance (state alternative (i), (ii) or (iii) of <u>Cl. 6.3</u><u>)</u></div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">YES AS PER CLAUSE 6.3 (i)</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">15. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Annual Management Fee (state annual amount) (<u>Cl. 8.1)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">US$ 14,000 monthly</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">16. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Severance Costs (state maximum amount) (<u>Cl. 8.4(ii)</u><u>)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">N/A</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">17. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Day and year of termination of Agreement (<u>Cl. 17)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">N/A</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">18. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Law and Arbitration (state alternative <u>19.1</u>, <u>19.2</u> or <u>19.3</u>; if <u>19.3</u> place of arbitration must be stated) (<u>Cl. 19)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">AS PER CLAUSE 19.1</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">19. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Notices (state postal and cable addresses, telex and telefax number for serving notice and communication <u>to the Owners)</u>&#160;(<u>Cl. 20)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">[&#9679;]</div>
          </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">20. </td>
          <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Notices (state postal and cable addresses, telex and telefax number for serving notice and communication <u>to the Managers)</u>&#160;(<u>Cl. 20)</u></div>
            <div>&#160;</div>
            <div style="font-weight: bold;">[&#9679;]</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 0pt; margin-left: 35.45pt;">It is mutually agreed between the party stated in&#160;<u>Box 2</u> and the party stated in <u>Box 3</u> that this Agreement consisting of <u>PART I</u> and <u>PART II</u> as well as <u>Annexes &#8220;A&#8221;</u>
      (Details of Vessel) and <u>&#8220;B&#8221;</u> (Budget) attached hereto, shall be performed subject to the conditions contained herein.&#160; In the event of a conflict of conditions, the provisions of <u>PART I</u> and <u>Annexes &#8220;A&#8221; </u>and&#160;<u>&#8220;B&#8221;</u>&#160;shall
      prevail over those of <u>PART II</u>&#160;to the extent of such conflict but no further.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za27136acf47c4143a7dc4a8ed20e1063" border="0" cellpadding="3" cellspacing="0">

        <tr>
          <td style="width: 47.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Signature(s) (Owners)</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">SEA GLORIUS SHIPPING CO.</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 52.24%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Signature(s) (Managers)</div>
            <div>&#160;</div>
            <div style="font-weight: bold;">SEANERGY SHIPMANAGEMENT CORP.</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <br>
    <div>
      <div>
        <div style="font-weight: bold; text-align: center;">PART II</div>
      </div>
      <div>
        <div id="EFPFTCL" style="float: left; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">1. Definitions</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">In this Agreement save where the context otherwise requires,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">the following words and expressions shall have the meanings</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">hereby assigned to them.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">4</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Owners" </font>means the party identified in Box 2.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Managers" </font>means the party identified in Box 3.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">6</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Vessel" </font>means the vessel or vessels details of which are set</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">7</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">out in Annex "A" attached hereto.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Crew" </font>means the Master, officers and ratings of the numbers,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">9</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">rank and nationality specified by the Owners.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">10</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;"><strike>"Crew Support Costs" </strike></font><strike>means all expenses of a general nature</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>11</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>which are not particularly referable to any individual vessel for</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>12</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the time being managed by the Managers and which are incurred</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>13</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>by the Managers for the purpose of providing an efficient and</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>14</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>economic management service and, without prejudice to the</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>15</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>generality of the foregoing, shall include the cost of crew standby</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>16</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>pay, training schemes for officers and ratings, cadet training</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>17</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>schemes, sick pay, study pay, recruitment and interviews.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>18</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;"><strike>"Severance Costs" </strike></font><strike>means the costs which the employers are</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>19</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>legally obliged to pay to or in respect of the Crew as a result of</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>20</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the early termination of any employment contract for service on</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>21</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the Vessel.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>22</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Crew Insurances" </font>means insurances against crew risks which</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">23</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">shall include but not be limited to death, sickness, repatriation,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">24</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">injury, shipwreck unemployment indemnity and loss of personal</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">25</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">effects.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">26</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"Management Services" </font>means the services specified in sub-</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">27</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12 and all other functions performed by the Managers under the terms of this Agreement.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">28</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"ISM Code" </font>means the International Management Code for the</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">29</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Safe Operation of Ships and for Pollution Prevention as adopted</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">30</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">by the International Maritime Organization (IMO) by resolution</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">31</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">A.741(18) or any subsequent amendment thereto.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">32</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">&#8220;United Maritime Group&#8221; </font>means United Maritime Corporation</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">33</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">group of companies and vessels</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">"STCW 95" </font>means the International Convention on Standards</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">34</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">of Training, Certification and Watchkeeping for Seafarers, 1978,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">as amended in 1995 or any subsequent amendment thereto or substitution hereto.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">35</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">2. Appointment of Managers</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">36</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">With effect from the day and year stated in Box 4 and continuing</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">37</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">unless and until terminated as provided herein, the Owners</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">38</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">hereby appoint the Managers and the Managers hereby agree</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">39</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">to act as the Managers of the Vessel.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">40</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">3. Basis of Agreement</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">41</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Subject to the terms and conditions herein provided, during the</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">42</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">period of this Agreement, the Managers shall carry out</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">43</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Management Services in respect of the Vessel as agents for</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">44</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">and on behalf of the Owners. The Managers shall have authority</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">45</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">to take such actions as they may from time to time in their absolute</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">46</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">discretion consider to be necessary to enable them to perform</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">47</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">this Agreement in accordance with sound ship management</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">48</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">practice including but not limited to compliance with all relevant rules and regulations.</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">49</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.1<font style="font-weight: bold;"> Crew Management</font></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">50</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">(only applicable if agreed according to </font>Box 5)</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">51</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>The Managers shall provide suitably qualified Crew for the Vessel</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>52</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>as required by the Owners in accordance with the STCW 95</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>53</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>requirements, provision of which includes but is not limited to</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>54</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the following functions:</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>55</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(i)&#160;&#160; selecting and engaging the Vessel's Crew, including payroll</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>56</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>arrangements, pension administration, and insurances for</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>57</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the Crew other than those mentioned in </strike><font style="font-weight: bold;">Clause 6:</font></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>58</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(ii) ensuring that the applicable requirements of the law of the</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>59</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>flag of the Vessel are satisfied in respect of manning levels,</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>60</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>rank, qualification and certification of the Crew and</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>61</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>employment regulations including Crew's tax, social</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>62</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>insurance, discipline and other requirements;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>63</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(iii) ensuring that all members of the Crew have passed a medical</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>64</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>examination with a qualified doctor certifying that they are fit</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>65</strike></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div id="EFPFTCR" style="float: right; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>for the duties for which they are engaged and are in possession</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>66</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>of valid medical certificates issued in accordance with</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>67</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>appropriate flag State requirements. In the absence of</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>68</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>applicable flag State requirements the medical certificate shall</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>69</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>be dated not more than three months prior to the respective</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>70</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>Crew members leaving their country of domicile and</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>71</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>maintained for the duration of their service on board the Vessel;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>72</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(iv) ensuring that the Crew shall have a command of the English</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>73</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>&#160;&#160;&#160;&#160;&#160;&#160;language of a sufficient standard to enable them to perform</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>74</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>&#160;&#160;&#160;&#160;&#160;&#160;&#160;their duties safely;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>75</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(v)&#160; arranging transportation of the Crew, including repatriation;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>76</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(vi) training of the Crew and supervising their efficiency;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>77</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(vii)</strike><font style="font-weight: bold;"><strike>&#160;</strike></font><strike>conducting union negotiations;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>78</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(viii) operating the Managers' drug and alcohol policy unless</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>79</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;otherwise agreed.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>80</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.2 <font style="font-weight: bold;">Technical Management</font></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">81</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-style: italic;">&#160;(only applicable if agreed according to Box </font>6)</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">82</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall provide technical management which</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">83</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">includes, but is not limited to, the following functions:</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">84</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i)&#160; provision of competent personnel to supervise the</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">85</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">maintenance and general efficiency of the Vessel;</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">86</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii)arrangement and supervision of dry dockings, repairs,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">87</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">modifications, alterations and the upkeep of the Vessel to the standards</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">88</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">required by the Owners provided that the Managers shall</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">89</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">be entitled to incur the necessary expenditure to ensure</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">90</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">that the Vessel will comply with the laws and regulations of the flag of the</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">91</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Vessel and of the places where she trades, and all</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">92</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">requirements and recommendations of the classification</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">93</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">society and equipment manufacturers;</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">94</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(iii) arrangement of the supply of necessary stores, spares and</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">lubricating oil;</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">96</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(iv) appointment of surveyors and technical consultants as the</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">97</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Managers may consider from time to time to be necessary;</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(v) development, implementation and maintenance of a Safety</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">99</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Management System (SMS) in accordance with the ISM</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">100</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Code (see sub-clauses 4,2 and 5;3);</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">(vi) arrangement of periodic analysis of the bunker fuel, lubricating oils and chemicals by third parties (the costs being included in the Vessel&#8217;s running costs).</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.3<font style="font-weight: bold;"> Commercial Management</font></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">102</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">(only applicable if agreed according to Box 7)</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">103</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>The Managers shall provide the commercial operation of the</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>104</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>Vessel, as required by the Owners, which includes, but is not</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>105</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>limited to, the following functions:</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>106</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(i)&#160;&#160; providing chartering services in accordance with the Owners'</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>107</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>instructions which include, but are not limited to, seeking</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>108</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>and negotiating employment for the Vessel and the conclusion</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>109</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(including the execution thereof) of charter parties or other</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>110</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>contracts relating to the employment of the Vessel. If such a</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>111</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>contract exceeds the period stated in </strike>Box 13<strike>. consent thereto</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>112</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>in writing shall first be obtained from the Owners.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>113</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(ii) arranging of the proper payment to Owners or their nominees</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>114</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>of all hire and/or freight revenues or other moneys of</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>115</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>whatsoever nature to which Owners may be entitled arising</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>116</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>out of the employment of or otherwise in connection with the</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>117</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>Vessel.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>118</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(iii)</strike><font style="font-weight: bold;"><strike>&#160;</strike></font><strike>providing voyage estimates and accounts and calculating of</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>119</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>hire, freights, demurrage and/or despatch moneys due from</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>120</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>or due to the charterers of the Vessel;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>121</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(iv) issuing of voyage instructions;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>122</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(v) appointing agents;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>123</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(vi) appointing stevedores;</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>124</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>(vii)arranging surveys associated with the commercial operation</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>125</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>of the Vessel.</strike></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>126</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.4 <font style="font-weight: bold;">Insurance Arrangements</font></div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">127</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">(only applicable if agreed according to Box 8)</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">128</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall arrange insurances in accordance with</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">129</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">Clause 6, on such terms and conditions as the Owners shall</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">130</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.47%; vertical-align: top;">
                    <div style="font-size: 8pt;">have instructed or agreed, in particular regarding conditions,</div>
                  </td>
                  <td style="width: 8.53%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">131</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="clear: both;"><br>
        </div>
      </div>
    </div>
    <div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">PART II</div>
      <div>
        <div id="EFPFTCL" style="float: left; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">insured values, deductibles, limits of liability and franchises.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">132</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">3.5 Accounting Services</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">133</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">(only applicable if agreed according to Box 9)</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">134</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">135</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i)&#160;&#160; establish an accounting system which meets the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">136</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">requirements of the Owners and provide regular accounting</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">137</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">services, supply regular reports and records,</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">138</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii) maintain the records of all costs and expenditure incurred</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">139</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">as well as data necessary or proper for the settlement of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">140</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">accounts between the parties.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">141</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">3.6 Sale or Purchase of the Vessel</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">142</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">(only applicable if agreed according to Box 10)</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">143</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall, upon Owners' instructions,</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">144</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">supervise the sale or purchase of the Vessel, including the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">145</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">performance of any sale or purchase agreement, but not</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">146</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">the negotiation of the same.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">147</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.7 <font style="font-weight: bold;">Provisions </font><font style="font-style: italic;">(only applicable if agreed according to Box 11)</font></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">148</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall arrange for the supply of provisions.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">149</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.8 <font style="font-weight: bold;">Bunkering </font><font style="font-style: italic;">(only applicable if agreed according to Box 12)</font></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">150</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Managers shall arrange for the provision of bunker fuel of the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">151</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">quality specified by the Owners as required for the Vessel's trade.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">152</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">3.9 <font style="font-weight: bold;">Operations</font></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">As required by the Owners, the Managers shall, as agents for the Owners, provide support on the following functions:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i) Monitoring voyage instructions and liaising as appropriate with the Owners, the Owners&#8217; brokers and charterers;</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii) Appointment of agents; and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(iii) Arrangement of surveying of cargoes.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">4. Managers' Obligations</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">153</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">4.1 The Managers undertake to use their best endeavours to</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">154</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">provide the agreed Management Services as agents for and on</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">155</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">behalf of the Owners in accordance with sound ship management</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">156</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">practice and to protect and promote the interests of the Owners in</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">157</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">all matters relating to the provision of services hereunder.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">158</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Provided, however, that the Managers in the performance of their</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">159</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">management responsibilities under this Agreement shall be entitled</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">160</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">to have regard to their overall responsibility in relation to other vessels</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">161</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">of the United Maritime Group as may from time to time be entrusted to their</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">162</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">management and in particular, but without prejudice to the generality</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">163</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">of the foregoing, the Managers shall be entitled to allocate available supplies,</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">164</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">manpower and services in such manner as in the prevailing</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">165</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">circumstances the Managers in their absolute discretion consider</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">166</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">to be fair and reasonable.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">167</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">4.2 Where the Managers are providing Technical Management</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">168</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">in accordance with sub-clause 3.2, they shall procure that the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">169</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">requirements of the law of the flag of the Vessel are satisfied and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">170</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">they shall in particular be deemed to be the "Company" as defined</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">171</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">by the ISM Code, assuming the responsibility for the operation of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">172</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">the Vessel and taking over the duties and responsibilities imposed</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">173</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">by the ISM Code and the ISPS Code when applicable.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">174</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">5. Owners' Obligations</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">175</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">5.1 The Owners shall pay all sums due to the Managers punctually</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">176</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">in accordance with the terms of this Agreement.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">177</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">5.2 Where the Managers are providing Technical Management</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">178</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">in accordance with sub-clause 3.2, the Owners shall:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">179</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i)&#160;&#160; procure that all officers and ratings supplied by them or on</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">180</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">their behalf comply with the requirements of STCW 95;</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">181</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii)&#160;&#160; instruct such officers and ratings to obey all reasonable orders</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">182</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">of the Managers in connection with the operation of the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">183</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Managers' safety management system.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">184</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">5.3 Where the Managers are not providing Technical Management</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">185</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">in accordance with sub-clause 3.2, the Owners shall procure that</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">186</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">the requirements of the law of the flag of the Vessel are satisfied</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">187</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">and that they, or such other entity as may be appointed by them</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">188</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">and identified to the Managers, shall be deemed to be the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">189</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">"Company" as defined by the ISM Code assuming the responsibility</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">190</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">for the operation of the Vessel and taking over the duties and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">191</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">responsibilities imposed by the ISM Code when applicable.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">192</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div id="EFPFTCR" style="float: right; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-weight: bold;">6</font>. <font style="font-weight: bold;">Insurance Policies</font></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">193</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">The Owners shall procure, whether by instructing the Managers</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">194</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">under sub-clause 3.4 or otherwise, that throughout the period of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">195</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">this Agreement:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">196</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">6.1 at the Owners' expense, the Vessel is insured for not less</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">197</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">than her sound market value or entered for her full gross tonnage,</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">198</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">as the case may be for:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">199</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i)&#160;&#160; usual hull and machinery marine risks (including crew</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">200</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">negligence) and excess liabilities;</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">201</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii) protection and indemnity risks (including pollution risks and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">202</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Crew Insurances); and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">203</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(iii) war risks (including protection and indemnity and crew risks)</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">204</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">in accordance with the best practice of prudent owners of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">205</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">vessels of a similar type to the Vessel, with first class insurance</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">206</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">companies, underwriters or associations ("the Owners'</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">207</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Insurances");</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">208</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">6.2 all premiums and calls on the Owners' Insurances are paid</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">209</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">promptly by their due date,</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">210</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">6.3 the Owners' Insurances name the Managers and, subject</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">211</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">to underwriters' agreement, any third party designated by the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">212</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Managers or the Owners as a joint assured, with full cover, with the Owners</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">213</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">obtaining cover in respect of each of the insurances specified in</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">214</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">sub-clause 6.1:</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">215</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(i)&#160;&#160; on terms whereby the Managers and any such third party</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">216</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">are liable in respect of premiums or calls arising in connection</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">217</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">with the Owners' Insurances; or</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">218</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(ii) if reasonably obtainable, on terms such that neither the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">219</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Managers nor any such third party shall be under any</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">220</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">liability in respect of premiums or calls arising in connection</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">221</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">with the Owners' Insurances; or</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">222</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(iii) on such other terms as may be agreed in writing.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">223</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14&#160;is left</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">224</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-style: italic;">blank then (i) applies.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">225</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">6.4 written evidence is provided, to the reasonable satisfaction</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">226</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">of the Managers, of their compliance with their obligations under</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">227</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Clause 6&#160;within a reasonable time of the commencement of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">228</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">the Agreement, and of each renewal date and, if specifically</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">229</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">requested, of each payment date of the Owners' Insurances.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">230</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">7. Income Collected and Expenses Paid on Behalf of Owners</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">231</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">7.1 All moneys collected by the Managers under the terms of</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">232</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">this Agreement (other than moneys payable by the Owners to</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">233</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">the Managers) and any interest thereon shall be held to the</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">234</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">credit of the Owners <strike>in a separate bank account</strike>.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">235</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">7.2 All expenses incurred by the Managers under the terms</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">236</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">of this Agreement on behalf of the Owners (including expenses</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">237</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">as provided in Clause 8) may be debited against the Owners</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">238</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>in the account referred to under sub-clause 7.1. but shall in any</strike></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>239</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>event remain payable by the Owners to the Managers on</strike></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>240</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>demand.</strike></div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">241</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">8. Management Fee</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">242</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">8.1 The Owners shall pay to the Managers for their services</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">243</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">as Managers under this Agreement an annual management</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">244</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">fee as stated in Box 15 which shall be payable by equal</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">245</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">monthly instalments in advance, the first instalment</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">(pro rata if applicable) being</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">246</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">payable on the commencement of this Agreement (see Clause</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">247</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">2&#160;and Box 4) and subsequent instalments being payable every</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">248</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">month. The management fee shall be payable to the Managers&#8217; account advised by the Managers.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">249</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">8.2 The management fee shall be subject to an annual review</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">250</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>on the anniversary date of the Agreement</strike> and the proposed</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">251</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">fee shall be presented in the annual budget referred to in sub-</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">252</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">Clause 9.1</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">253</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">8.3 The Managers shall, at no extra cost to the Owners, provide</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">254</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">their own office accommodation, office staff, facilities and</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">255</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">stationery. Without limiting the generality of Clause 7 the Owners</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">256</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">shall reimburse the Managers for postage and communication</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">257</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">expenses, travelling expenses, and other out of pocket</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">258</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 91.18%; vertical-align: top;">
                    <div style="font-size: 8pt;">expenses properly incurred by the Managers in pursuance of the Management Services.</div>
                  </td>
                  <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">259</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="clear: both;"><br>
        </div>
      </div>
    </div>
    <br>
    <div><br>
    </div>
    <br>
    <div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">PART II</div>
      <div id="EFPFTCL" style="float: left; width: 48%;">
        <div>&#160;
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Any days used by the Manager&#8217;s personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services shall be charged as per actual expenses.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">260</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">8.4 In the event of the appointment of the Managers being</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">261</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">terminated by the Owners or the Managers in accordance with</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">262</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">the provisions of Clauses 17 and 18 other than by reason of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">263</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">default by the Managers, or if the Vessel is lost, sold or otherwise</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">264</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">disposed of, the "management fee" payable to the Managers</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">265</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">according to the provisions of sub-clause 8.1. shall continue to</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">266</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">be payable for a further period of three calendar months as</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">267</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">from the termination date. <strike>In addition, provided that the</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>268</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>Managers provide Crew for the Vessel in accordance with sub-</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>269</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>clause 3.1</strike><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><strike>:</strike></sup></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>270</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>(i)&#160;&#160; the Owners shall continue to pay Crew Support Costs during</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>271</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>the said further period of three calendar months and</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>272</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>(ii) the Owners shall pay an equitable proportion of any</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>273</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>Severance Costs which may materialize, not exceeding</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>274</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>the amount stated in </strike>Box 16<strike>.</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">275</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">8.5 If the Owners decide to lay-up the Vessel whilst this</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">276</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Agreement remains in force and such lay-up lasts for more</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">277</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">than three months, an appropriate reduction of the management</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">278</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">fee for the period exceeding three months until one month</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">279</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">before the Vessel is again put into service shall be mutually</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">280</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">agreed between the parties.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">281</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">8.6 Unless otherwise agreed in writing all discounts and</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">282</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">commissions obtained by the Managers in the course of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">283</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">management of the Vessel shall be credited to the Owners.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">284</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt; font-weight: bold;">9. Budgets and Management of Funds</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">285</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">9.1 The Managers shall present to the Owners annually a</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">286</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">budget for the following twelve months in such form as the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">287</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Owners require. The budget for the first year hereof is set out</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">288</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">in Annex "B" hereto. Subsequent</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">&#160;annual budgets shall be</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">289</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">prepared by the Managers and submitted to the Owners not</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">290</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">less than one month before January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each calendar year</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">291</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(see Clause 2 and Box 4).</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">292</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">9.2 The Owners shall indicate to the Managers their acceptance</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">293</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">and approval of the annual budget within one month of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">294</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">presentation and in the absence of any such indication the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">295</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Managers shall be entitled to assume that the Owners have</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">296</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">accepted the proposed budget.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">297</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">9.3 Following the agreement of the budget, the Managers shall</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">298</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">prepare and present to the Owners their estimate of the working</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">299</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">capital requirement of the Vessel and the Managers shall each</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">300</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">month up-date this estimate. Based thereon, the Managers shall</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">301</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">each month request the Owners in writing for the funds required</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">302</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">to run the Vessel for the ensuing month, including the payment</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">303</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">of any occasional or extraordinary item of expenditure, such as</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">304</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">emergency repair costs, additional insurance premiums, bunkers</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">305</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">or provisions. Such funds shall be received by the Managers</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">306</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">within ten running days after the receipt by the Owners of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">307</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Managers' written request and shall be held to the credit of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">308</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Owners in a separate bank account.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">309</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">9.4 The Managers shall produce a comparison between</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">310</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">budgeted and actual income and expenditure of the Vessel in</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">311</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">such form as required by the Owners monthly or at such other</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">312</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">intervals as mutually agreed.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">313</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">9.5 Notwithstanding anything contained herein to the contrary,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">314</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">the Managers shall in no circumstances be required to use or</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">315</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">commit their own funds to finance the provision of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">316</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Management Services.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">317</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt; font-weight: bold;">10. Managers' Right to Sub-Contract</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">318</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">The Managers shall not have the right to sub-contract any of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">319</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">their obligations hereunder, <strike>including those mentioned in sub-</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>320</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>clause </strike><strike>3.1</strike>&#160;without the prior written consent of the Owners which</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">321</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">shall not be unreasonably withheld. In the event of such a sub-</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">322</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">contract the sub-managers <strike>Managers </strike>shall<strike> remain </strike>be fully liable for the due</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">323</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">performance of their obligations towards the Owners <strike>under this Agreement</strike>.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">324</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="EFPFTCR" style="float: right; width: 48%;">
        <div>&#160;
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt; font-weight: bold;">11.Responsibilities</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">325</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">11.1 <font style="font-weight: bold; font-style: italic;">Force Majeure </font>- <strike>Neither the Owners nor the Managers</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">326</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>shall be under any liability for any failure to perform any of their</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>327</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>obligations hereunder by reason of any cause whatsoever of</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>328</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>any nature or kind beyond their reasonable control.</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>329</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events and/or conditions to the extent that the party invoking force majeure is prevented or hindered from
                    performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(i) acts of God;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(ii) any Government requisition, control, intervention, requirement or interference;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(iii) any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(iv) riots, civil commotion, blockades or embargoes;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(v) epidemics;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(vi) earthquakes, landslides, floods or other extraordinary weather conditions;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(vii) strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the party seeking to invoke force majeure;</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(viii) fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(ix) any other similar cause beyond the reasonable control of either party.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">11.2 <font style="font-weight: bold; font-style: italic;">Liability to Owners&#160; </font>- <font style="font-weight: bold;">(i) </font>Without prejudice to sub-clause</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">330</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">11.1, the Managers shall be under no liability whatsoever to the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">331</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Owners for any loss, damage, delay or expense of whatsoever</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">332</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">nature, whether direct or indirect, (including but not limited to</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">333</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">loss of profit arising out of or in connection with detention of or</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">334</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">delay to the Vessel) and howsoever arising in the course of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">335</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">performance of the Management Services <font style="font-weight: bold;">UNLESS </font>same is</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">336</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">proved to have resulted solely from the <strike>negligence,</strike> gross</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">337</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">negligence or wilful default of the Managers or their employees,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">338</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">or agents or sub-contractors employed by them in connection</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">339</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">with the Vessel, in which case (save where loss, damage, delay</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">340</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">or expense has resulted from the Managers' personal act or</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">341</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">omission committed with the intent to cause same or recklessly</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">342</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">and with knowledge that such loss, damage, delay or expense</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">343</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">would probably result) the Managers' liability for each incident</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">344</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">or series of incidents giving rise to a claim or claims shall never</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">345</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">exceed a total of ten times the annual management fee payable</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">346</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">hereunder.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">347</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(ii) Notwithstanding anything that may appear to the contrary in</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">348</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">this Agreement, the Managers shall not be liable for any of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">349</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">actions of the Crew, even if such actions are negligent, grossly</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">350</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">negligent or wilful.<strike>, except only to the extent that they are shown</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>351</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>to have resulted from a failure by the Managers to discharge</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>352</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>their obligations under sub-clause </strike><strike>3.1, </strike><strike>in which case their liability</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>353</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>shall be limited in accordance with the terms of this Clause 11.</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>354</strike></div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">11.3 <font style="font-weight: bold; font-style: italic;">Indemnity </font><font style="font-style: italic;">- </font>Except to the extent and solely for the amount</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">355</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">therein set out that the Managers would be liable under sub-</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">356</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">clause 11.2, the Owners hereby undertake to keep the Managers</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">357</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">and their employees, agents and sub-contractors indemnified</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">358</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">and to hold them harmless against all actions, proceedings,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">359</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">claims, demands or liabilities whatsoever or howsoever arising</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">360</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">which may be brought against them or incurred or suffered by</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">361</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">them arising out of or in connection with the performance of the</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">362</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Agreement, and against and in respect of all costs, losses,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">363</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">damages and expenses (including legal costs and expenses on</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">364</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">a full indemnity basis) which the Managers may suffer or incur</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">365</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">(either directly or indirectly) in the course of the performance of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">366</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">this Agreement.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">367</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">11.4 <font style="font-weight: bold; font-style: italic;">"Himalaya" </font><font style="font-style: italic;">- </font>It is hereby expressly agreed that no</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">368</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">employee or agent of the Managers (including every sub-</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">369</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">contractor from time to time employed by the Managers) shall in</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">370</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">any circumstances whatsoever be under any liability whatsoever</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">371</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">to the Owners for any loss, damage or delay of whatsoever kind</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">372</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">arising or resulting directly or indirectly from any act, neglect or</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">373</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">default on his part while acting in the course of or in connection</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">374</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">with his employment and, without prejudice to the generality of</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">375</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">the foregoing provisions in this Clause 11. every exemption,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">376</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">limitation, condition and liberty herein contained and every right,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">377</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">exemption from liability, defence and immunity of whatsoever</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">378</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">nature applicable to the Managers or to which the Managers are</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">379</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">entitled hereunder shall also be available and shall extend to</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">380</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">protect every such employee or agent of the Managers acting</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">381</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">as aforesaid and for the purpose of all the foregoing provisions</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">382</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">of this Clause 11&#160;the Managers are or shall be deemed to be</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">383</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">acting as agent or trustee on behalf of and for the benefit of all</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">384</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">persons who are or might be their servants or agents from time</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">385</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">to time (including sub-contractors as aforesaid) and all such</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">386</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">persons shall to this extent be or be deemed to be parties to this</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">387</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Agreement.</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">388</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt; font-weight: bold;">12.Documentation</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">389</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">Where the Managers are providing Technical Management in</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">390</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;">accordance with sub-clause 3.2 <strike>and/or Crew Management in</strike></div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">391</div>
                </td>
              </tr>
              <tr>
                <td style="width: 91.18%; vertical-align: top;">
                  <div style="font-size: 8pt;"><strike>accordance with sub-clause 3.1</strike>. they shall make available,</div>
                </td>
                <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">392</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both;"><br>
      </div>
    </div>
    <div></div>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PART II</div>
    </div>
    <div id="EFPFTCL" style="float: left; width: 48%;">
      <div>&#160;
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">upon Owners' request, all documentation and records related</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">393</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">to the Safety Management System (SMS) and/or the Crew</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">394</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">which the Managers need in order to demonstrate compliance</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">395</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">with the ISM Code and STCW 95 or to defend a claim against</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">396</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">a third party.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">397</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">13.General Administration</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">398</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.1 The Managers shall handle and settle all claims arising</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">399</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">out of the Management Services hereunder and keep the Owners</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">400</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">informed <strike>in a timely manner</strike> regarding any incident of which</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the Managers become</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">401</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">aware which gives or may give rise to claims or disputes involving</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">402</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">third parties.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">403</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.2 The Managers shall, as instructed by the Owners, bring</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">404</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">or defend actions, suits or proceedings in connection with matters</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">405</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">entrusted to the Managers according to this Agreement.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">406</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.3 The Managers shall also have power to obtain legal or</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">407</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">technical or other outside expert advice in relation to the handling</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">408</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">and settlement of claims and disputes or all other matters</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">409</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">affecting the interests of the Owners in respect of the Vessel.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">410</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.4 The Owners shall arrange for the provision of any</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">411</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">necessary guarantee bond or other security.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">412</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.5 Any costs reasonably incurred by the Managers in</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">413</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">carrying out their obligations according to Clause 13&#160;shall be</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">414</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">reimbursed by the Owners.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">415</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">13.6 The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in relation to the handling and settlement of claims in relation to Sub-clauses 13.1 and 13.2 and
                  disputes and any other matters affecting the interests of the Owners in respect of the Vessel, unless the Owners instruct the Managers otherwise.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">14. Auditing</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">416</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The Managers shall at all times maintain and keep true and</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">417</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">correct accounts in respect of the Management Services in accordance with the relevant US GAAP Standards or such other standard as the parties may agree, including records of all costs and expenditure incurred,
                  and shall make the same available for inspection</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">418</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">and auditing by the Owners at such times as may be mutually</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">419</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">agreed. On the termination, for whatever reasons, of this</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">420</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">Agreement, the Managers shall release to the Owners, if so</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">421</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">requested, the originals where possible, or otherwise certified</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">422</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">copies, of all such accounts and all documents specifically relating</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">423</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">to the Vessel and her operation.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">424</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The Managers shall make such accounts available for inspection and auditing by the Owners and/or their representatives in the Manager&#8217;s offices or by electronic means.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">15.lnspection of Vessel</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">425</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The Owners shall have the right at any time after giving</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">426</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">reasonable notice to the Managers to inspect the Vessel for any</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">427</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">reason they consider necessary.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">428</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">16.Compliance with Laws and Regulations</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">429</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The Managers will not do or permit to be done anything which</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">430</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">might cause any breach or infringement of the laws and</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">431</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">regulations of the Vessel's flag, or of the places where she trades.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">432</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">17.Duration of the Agreement</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">433</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">This Agreement shall come into effect on the day and year stated</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">434</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">in Box 4&#160;and shall continue <strike>until the date stated in Box 17.</strike></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">435</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;"><strike>Thereafter it shall continue </strike>until terminated by either party giving</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">436</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">to the other notice in writing, in which event the Agreement shall</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">437</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">terminate upon the expiration of a period of one <strike>two</strike> month<strike>s</strike> from the</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">438</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">date upon which such notice was given.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">439</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">18.Termination</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">440</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.1<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">Owners' default</font></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">441</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;"><font style="font-weight: bold;">(i)&#160; </font>The Managers shall be entitled to terminate the Agreement</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">442</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">with immediate effect by notice in writing if any moneys</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">443</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">payable by the Owners under this Agreement <strike>and/or the</strike></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">444</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;"><strike>Owners of any associated vessel, details of which are listed</strike></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">445</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;"><strike>in </strike>Annex "D"<strike>.</strike> shall not have been received in the Managers'</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">446</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">nominated account within ten running days of receipt by</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">450</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the Owners of the Managers written request or if the Vessel</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">451</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">is repossessed by the Mortgagees.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">452</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">(ii) If the Owners:</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">453</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">(a) fail to meet their obligations under sub-clauses <font style="font-style: italic;">5.2</font></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">454</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">and 5.3 of this Agreement for any reason within their</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">455</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">control, or</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">456</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">(b) proceed with the employment of or continue to employ</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">457</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the Vessel in the carriage of contraband, blockade</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">458</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="EFPFTCR" style="float: right; width: 48%;">
      <div>&#160;
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">running, or in an unlawful trade, or on a voyage which</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">459</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">in the reasonable opinion of the Managers is unduly</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">460</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">hazardous or improper,</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">461</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the Managers may give notice of the default to the Owners,</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">462</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">requiring them to remedy it as soon as practically possible.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">463</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">In the event that the Owners fail to remedy it within a</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">464</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">reasonable time to the satisfaction of the Managers, the</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">465</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">Managers shall be entitled to terminate the Agreement</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">466</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">with immediate effect by notice in writing.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">467</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.2 <font style="font-weight: bold; font-style: italic;">Managers' Default</font></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">468</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">If the Managers fail to meet their obligations under Clauses 3</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">469</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">and 4&#160;of this Agreement for any reason within the control of the</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">470</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">Managers, the Owners may give notice to the Managers of the</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">471</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">default, requiring them to remedy it as soon as practically</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">472</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">possible. In the event that the Managers fail to remedy it within a</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">473</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">reasonable time to the satisfaction of the Owners, the Owners</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">474</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">shall be entitled to terminate the Agreement with immediate effect</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">475</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">by notice in writing.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">476</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.3 <font style="font-weight: bold; font-style: italic;">Extraordinary Termination</font></div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">477</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">This Agreement shall be deemed to be terminated in the case of</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">478</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the sale of the Vessel (except where the vessel is sold and leased back to the Owners) or if the Vessel becomes a total loss or is</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">479</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">declared as a constructive or compromised or arranged total</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">480</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">loss or is requisitioned.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">481</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.4 For the purpose of sub-clause 18.3&#160;hereof</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">482</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">(i)&#160; the date upon which the Vessel is to be treated as having</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">483</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">been sold or otherwise disposed of shall be the date on</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">484</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">which the Owners cease to be registered as Owners of</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">485</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the Vessel;</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">486</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">(ii) the Vessel shall not be deemed to be lost unless either</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">487</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">she has become an actual total loss or agreement has</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">488</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">been reached with her underwriters in respect of her</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">489</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">constructive, compromised or arranged total loss or if such</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">490</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">agreement with her underwriters is not reached it is</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">491</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">adjudged by a competent tribunal that a constructive loss</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">492</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">of the Vessel has occurred.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">493</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.5 This Agreement shall terminate forthwith in the event of</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">494</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">an order being made or resolution passed for the winding up,</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">495</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">dissolution, liquidation or bankruptcy of either party (otherwise</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">496</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">than for the purpose of reconstruction or amalgamation) or if a</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">497</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">receiver is appointed, or if it suspends payment, ceases to carry</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">498</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">on business or makes any special arrangement or composition</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">499</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">with its creditors.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">500</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.6 The termination of this Agreement shall be without</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">501</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">prejudice to all rights accrued due between the parties prior to</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">502</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the date of termination.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">503</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">18.7 A change of control of either party shall not terminate this</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">504</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">Agreement.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">505</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt; font-weight: bold;">19.Law and Arbitration</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">506</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">19.1 This Agreement shall be governed by and construed in</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">507</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">accordance with English law and any dispute arising out of or</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">508</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">in connection with this Agreement shall be referred to arbitration</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">509</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">in London in accordance with the Arbitration Act 1996 or</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">510</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">any statutory modification or re-enactment thereof save to</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">511</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">the extent necessary to give effect to the provisions of this</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">512</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">Clause.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">513</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The arbitration shall be conducted in accordance with the</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">514</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">London Maritime Arbitrators Association (LMAA) Terms</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">515</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">current at the time when the arbitration proceedings are</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">516</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">commenced.</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">517</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">The reference shall be to three arbitrators. A party wishing</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">518</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">to refer a dispute to arbitration shall appoint its arbitrator</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">519</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">and send notice of such appointment in writing to the other</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">520</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">party requiring the other party to appoint its own arbitrator</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">521</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">within 14 calendar days of that notice and stating that it will</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">522</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">appoint its arbitrator as sole arbitrator unless the other party</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">523</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">appoints its own arbitrator and gives notice that it has done</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">524</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">so within the 14 days specified. If the other party does not</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">525</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">appoint its own arbitrator and give notice that it has done so</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">526</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">within the 14 days specified, the party referring a dispute to</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">527</div>
              </td>
            </tr>
            <tr>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="font-size: 8pt;">arbitration may, without the requirement of any further prior</div>
              </td>
              <td style="width: 8.82%; vertical-align: bottom; text-align: right;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">528</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both;"><br>
    </div>
    <div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="margin: 0px; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center;">PART II</div>
      </div>
      <div>
        <div id="EFPFTCL" style="float: left; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">notice to the other party, appoint its arbitrator as sole</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">529</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">arbitrator and shall advise the other party accordingly. The</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">530</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">award of a sole arbitrator shall be binding on both parties</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">531</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">as if he had been appointed by agreement.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">532</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">Nothing herein shall prevent the parties agreeing in writing</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">533</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">to vary these provisions to provide for the appointment of a</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">534</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">sole arbitrator.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">535</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">In cases where neither the claim nor any counterclaim</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">536</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">exceeds the sum of USD50.000 (or such other sum as the</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">537</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">parties may agree) the arbitration shall be conducted in</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">538</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">accordance with the LMAA Small Claims Procedure current</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">539</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;">at the time when the arbitration proceedings are commenced.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">540</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>19.2 This Agreement shall be governed by and construed</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>541</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>in accordance with Title 9 of the United States Code and</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>542</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the Maritime Law of the United States and any dispute</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>543</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>arising out of or in connection with this Agreement shall be</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>544</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>referred to three persons at New York, one to be appointed</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>545</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>by each of the parties hereto, and the third by the two so</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>546</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>chosen; their decision or that of any two of them shall be</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>547</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>final, and for the purposes of enforcing any award,</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>548</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>judgement may be entered on an award by any court of</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>549</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>competent jurisdiction. The proceedings shall be conducted</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>550</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>in accordance with the rules of the Society of Maritime</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>551</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>Arbitrators, Inc.</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>552</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>In cases where neither the claim nor any counterclaim</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>553</strike></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div id="EFPFTCR" style="float: right; width: 48%;">
          <div>&#160;
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>exceeds the sum of USD50,000 (or such other sum as the</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>554</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>parties may agree) the arbitration shall be conducted in</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>555</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>accordance with the Shortened Arbitration Procedure of the</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>556</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>Society of Maritime Arbitrators, Inc. current at the time when</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>557</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the arbitration proceedings are commenced.</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>558</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif;"><strike>19.3 </strike><strike>This Agreement shall be governed by and construed</strike></font></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>559</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>in accordance with the laws of the place mutually agreed by</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>560</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>the parties and any dispute arising out of or in connection</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>561</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>with this Agreement shall be referred to arbitration at a</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>562</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>mutually agreed place, subject to the procedures applicable</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>563</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><strike>there.</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>564</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif;"><strike>19.4 </strike><strike>If </strike>Box 18<strike> in Part I is not appropriately filled in, sub-</strike></font></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>565</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif;"><strike>clause </strike>19.1<strike> of this Clause shall apply.</strike></font></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>566</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">19.2 Notwithstanding Sub-clause 19.1 above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection
                      with this Agreement.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">i)In the case of a dispute in respect of which arbitration has been commenced under Sub-clause 19.1 above, the following shall apply:</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">ii)Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party of a written
                      notice (the "Mediation Notice") calling on the other party to agree to mediation.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">iii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the parties
                      shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal
                      may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of disagreement, as may be set by the mediator.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">iv) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when
                      allocating the costs of the arbitration as between the parties.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(v) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(vi) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the
                      Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(vii) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall share
                      equally the mediator's costs and expenses.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(viii) The mediation process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal
                      except to the extent that they are disclosable under the law and procedure governing the arbitration.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic;"><strike>Note: 19.1. 19.2&#160;and 19.3&#160;are alternatives; indicate</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>567</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic;"><strike>alternative agreed in Box 18.</strike></div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><strike>568</strike></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;">20.Notices</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">569</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">20.1 Any notice to be given by either party or their agents to the other</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">570</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">party shall be in writing and may be sent by fax, telex,</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">571</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">registered or recorded mail, email or by personal service.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">572</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">20.2 The address of the Parties for service of such</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">573</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">communication shall be as stated in Boxes 19&#160;and 20,</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">574</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">respectively.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">575</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;">21. Third Party Rights</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90.14%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">Except to the extent provided in Sub-clauses 11.3 (Indemnity) and 11.4 (Himalaya), no third parties may enforce any term of this Agreement.</div>
                  </td>
                  <td style="width: 9.86%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
                </tr>

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      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div>
        <div style="font-weight: bold;">ANNEX "A" (DETAILS OF VESSEL OR VESSELS)</div>
        <div><br>
        </div>
      </div>
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            <td style="width: 20%; vertical-align: top;">
              <div>Date of Agreement:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="font-weight: bold;">[&#9679;]</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">
              <div>Name of Vessel(s):</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 15%; vertical-align: top;">
              <div>M/V GLORIUSHIP</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">
              <div>Particulars of Vessel(s):</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>Built:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>2004</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>IMO:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>9266944</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>GRT:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>87,720 TONS</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>NRT:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>54,606 TONS</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>Length:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>280.46M</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div>Breath:</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div>45.00M</div>
            </td>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
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      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div>
        <div style="font-weight: bold;">ANNEX "B" (BUDGET)</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="margin-left: 0.7pt;">Date of Agreement:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 107.3pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">[&#9679;]</font></div>
        <div><br>
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        <div style="margin-left: 0.7pt;">Managers Budget in USD for the first year with effect from the Commencement Date of this Agreement:</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>14
<FILENAME>ny20004194x3_ex4-7.htm
<DESCRIPTION>EXHIBIT 4.7
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 4.7</font><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>DATED [&#8226;]</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">United Maritime Corporation</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">-and-</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Seanergy Management Corp.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">COMMERCIAL</div>
    <div style="text-align: center; font-weight: bold;">MANAGEMENT AGREEMENT</div>
    <div><br>
    </div>
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    <div><font style="font-weight: bold;">THIS AGREEMENT</font>,<font style="font-weight: bold;">&#160;</font>dated [&#8226;], is made between:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">A) United Maritime Corporation,</font> a
      company incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro Marshall Islands MH96960 (hereinafter called the <font style="font-weight: bold;">&#8220;Company&#8221;</font>) for its own behalf and on behalf of the Shipowning Entities;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">- and -</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">B) Seanergy Management Corp.,</font> a
      company incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro Marshall Islands MH96960 (hereinafter called the <font style="font-weight: bold;">&#8220;Commercial Manager&#8221;</font>).</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">WHEREAS:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to a master management agreement
        dated [&#8226;] (the &#8220;<font style="font-weight: bold;">Master Agreement</font>&#8221;) and entered into between Seanergy Maritime Holdings Corp., of the Republic of the Marshall Islands (&#8220;<font style="font-weight: bold;">Seanergy&#8221;</font>) and United Maritime Corporation, of the Republic of the Marshall Islands (&#8220;<font style="font-weight: bold;">United Maritime</font>&#8221;), Seanergy has agreed to provide, directly or through its wholly owned subsidiaries or by arranging with third parties, administrative, accounting, finance, commercial, technical
        management, brokerage and certain other services to United Maritime and its ship-owning subsidiaries.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(B)&#160;&#160;&#160;&#160;&#160;&#160; United Maritime is in the business of owning, acquiring and operating (including via bareboat chartering or sub-bareboat chartering) a fleet of oceangoing vessels (a &#8220;<font style="font-weight: bold;">Vessel</font>&#8221; and collectively the &#8220;<font style="font-weight: bold;">Vessels</font>&#8221;), indirectly through its
        separate wholly owned subsidiaries (each a &#8220;<font style="font-weight: bold;">Shipowning Entity</font>&#8221; and collectively the &#8220;<font style="font-weight: bold;">Shipowning Entities</font>&#8221; and together with the Company, hereinafter referred to as the &#8220;<font style="font-weight: bold;">Group</font>&#8221; and
        any of them a &#8220;<font style="font-weight: bold;">member of the Group</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to the Master Agreement, Seanergy has the right to procure performance of its duties and obligations to any of its subsidiaries or arrange on behalf of United Maritime and its vessel-owning
        subsidiaries the performance of the relevant services by third parties.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(D)&#160;&#160;&#160;&#160;&#160;&#160; The Company, acting in its capacity as parent for and on behalf of the Shipowning Entities, wishes to appoint the Commercial Manager, a wholly owned subsidiary of Seanergy, as the agent of the Group
        to, directly or through subcontracting, seek, negotiate and conclude charterparties or other contracts for the employment of the Vessels, on the terms and conditions set out herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">WHEREBY IT IS AGREED</font> as follows:</div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Definitions</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>In this Agreement, except where the context otherwise requires:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">&#8220;Management Services&#8221;</font> means the
      services provided by the Commercial Manager pursuant to Clauses 2 and 6.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6daf5062ce654f05b250419ef5e3ceef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1.2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Unless the context otherwise requires, words in the singular include the plural and vice versa.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ee9fdba85554bac8dd7e2a8e68c6002" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1.3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>References to any document include the same as varied, supplemented or replaced from time to time.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94fe3b3ca2874f0a99717dce2746df58" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1.4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>References to any enactment include re-enactments, amendments and extensions thereof.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e769c9fbb8443a0a0c9848620132848" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1.5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Clause headings are for convenience of reference only and are not to be taken into account in construction.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9133b46452a46d79e6fab643610a602" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Appointment of Commercial Manager</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze00598c444bf4cf4b7838623f0d269f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>In consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
              acknowledged, the parties hereby agree as follows:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The Company for and on behalf of the Shipowning Entities hereby appoints the Commercial Manager as the agent of the Group for the
      provision, directly or through subcontracting, of chartering services to the Group, which include seeking and negotiating employment for the Vessels in accordance with the Company&#8217;s instructions and subject to the Company&#8217;s prior approval the
      conclusion (including the execution) of charter parties or other contracts relating to the employment of the Vessels, as described in detail in this Agreement.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z193a7b81ec024dacbf156797bf2e36af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For services performed hereunder by the Commercial Manager, the Company shall pay or procure that the relevant member of the Group pays, to the Commercial Manager as a
              management fee (the &#8220;<font style="font-weight: bold;">Fee</font>&#8221;) comprising of: (i) a fee equal to one point twenty-five percent (1.25%) calculated on the collected gross hire/
              freight/ demurrage payable when the relevant hire/ freight/ demurrage are collected (except for any Vessels that are chartered-out to Seanergy)<font style="font-style: italic;">,
              </font>and (ii) a fee equal to one per cent (1%) of the contract price of any Vessel bought or sold by the Commercial Manger on the Company&#8217;s (and the respective Shipowning Entity&#8217;s) behalf, except for any Vessels bought or sold from or to
              Seanergy, or in respect of any Vessel sale relating to a sale leaseback transaction. The Fee hereunder shall be paid to the Commercial Manager to an account of the Commercial Manager advised in writing to the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <div> <br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Purpose, Authority and Basis of Agreement</div>
              </td>
            </tr>

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

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Subject to the terms and conditions provided herein during the period of this Agreement the Commercial Manager shall carry out the Management Services in respect of
                the Vessels for and on behalf of the Shipowning Entities. The Commercial Manager (unless otherwise provided for herein) shall have authority to take such actions as it may from time to time in its discretion consider necessary to enable it
                to perform its obligations pursuant hereunder in accordance with sound ship management practices, provided the Company has given its approval.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc39e3e1fa3e346a4b75dc5ea73050e10" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company hereby ratifies, confirms and undertakes at all times to ratify and to confirm all lawful conduct of the Commercial Manager, its employees, agents and
              subcontractors in connection with the provision of the Management Services pursuant to this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze49985d2d5e242aea3871fc8db1a6a2a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall procure forthwith that each Shipowning Entity (including such entities as may become members of the Group from time to time) shall evidence its
              agreement to be bound by the terms and conditions of this Agreement by executing a deed of accession to this Agreement in the form of Schedule 1.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fcc8299ad3443069737248e4036f504" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Obligations of Commercial Manager</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The Commercial Manager undertakes in so far as applicable to its respective duties pursuant to this Agreement to use its best endeavours
      to provide the Management Services and to protect and promote the interests of the Company and the Shipowning Entities in all matters relating to the efficient commercial management of the Vessels provided however that without prejudice to the
      generality of the foregoing the Commercial Manager shall not be:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0739f5c08974503b94294e43dd6de05" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>required to exercise its powers pursuant hereto as to give preference in any respect to the Shipowning Entities, it being understood and agreed that the Commercial
              Manager shall so far as is practicable ensure a fair distribution of available manpower, supplies and services to all ships owned or managed by it;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b777f9a797a40aba4d06a22eb33ec61" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>restricted from carrying on or (whether as manager or otherwise) being concerned or interested in carrying on any business which is or may be similar to or competitive
              with the business presently or at any time carried on by the Shipowning Entity; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb11ed60472884745a484d49d3eef4da7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 34.9pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>answerable for the consequences of any decision or exercise of judgment taken or made in the exercise of its powers and taken or made honestly and in good faith.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z628a2721f53647d9847d95051ac58297" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Obligations of the Company</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;">The Company shall pay or procure that the relevant member of the Group pays any moneys due to the Commercial Manager pursuant to this
      Agreement.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d650429d18e44bf980e9e04a0860e0c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Management Services</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b309fc78a5f490f9af1de65bfc63eda" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager shall provide and/or procure, directly or through subcontracting, the provision of the services specified hereunder in the name of the Shipowning
              Entities or otherwise on its behalf and do all things which may be expedient or necessary for the provision of said services or otherwise in relation to the commercial operation of the Vessels, such services as stated below:-</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Commercial Management</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98955a7c2fcb438a823208ce21c23733" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Employment of the Vessels</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">Seeking and negotiating employment of the Vessels in accordance with the Company&#8217;s instructions.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2fb225611ac34913ab396216942de1d7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Chartering</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 1.65pt; margin-left: 106.35pt;">Providing chartering services which include, but are not limited to seeking, negotiating and the concluding
      (including the execution thereof) of charterparties and on behalf of the Shipowning Entity agreeing with the charterers (inter alia) on the itineraries and timetables of the Vessel during the charter period, charter hire and other monies payable to
      the Shipowning Entity and methods of payment thereof and any other terms and conditions in relation to the employment of the Vessel, provided that the Commercial Manager received the Company&#8217;s prior approval.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe08631aa90c4329a4aa95c83d67d987" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Commercial operation</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">Commercial operation of the Vessels, which includes, but is not limited to, the following functions</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64639d65f8b744c681f90cdc834f6358" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Providing detailed voyage estimates and accounts and calculating hire, freights, demurrage and/or dispatch moneys due from or due to the charterers of the Vessels;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7029cc49ab1c415abe4bc8f089a001fe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Issuing voyage instructions;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c4f7d2ac50648528942064f77938127" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Arranging surveys associated with the commercial operation of the Vessels;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfe5d0056e1a4a6fb4125a1c33abc16d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Estimation of bunker quantities and types to be supplied.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60d238fd3eea48edbbcbba06e7cf680d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Sale and Purchase</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">Identifying potential opportunities and supervising the sale or purchase of the Vessels, including but not limited to the negotiation
      and the performance of the relevant sale and purchase agreements.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbed94eaf33924984b028136f83e2b780" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Accounting Services</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3b887937fd24f539cc38621b9c31b07" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>calculating and arranging for the collection of and receiving for and on behalf of the Shipowning Entity all hire, revenue or other monies of whatsoever kind to which
              the Shipowning Entity may from time to time be entitled arising out of the employment of or otherwise in connection with the Vessel and to this end co-ordinating the invoicing procedures on behalf of the Shipowning Entity of all aforesaid
              amounts due to the Shipowning Entity;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4567bc65cd814085b02afdf1b899c86a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>arranging for the proper payment to the Company, or the Shipowning Entity or its nominee of all such monies;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43c0ab42000d4ddaa0ec5c56e9ac6442" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>establishing and operating an accounting system which meets the requirements of the Company and providing regular accounting services, supplying regular reports and
              records in this regard; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd88ce878f1f4493815a4fe4e17ebfec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>maintaining the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of accounts between the parties.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed4e4ae0c0d0458cb2277cf0cff76daa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">6.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager has the right to appoint any third party to provide any of the Management Services provided by it, as may be agreed from time to time with the
              Company or the Shipowning Entity. In such event, the Commercial Manager shall promptly notify the Company and the Shipowning Entity and the appointed sub-manager will be solely liable towards the Company and the Shipowning Entity and the
              Commercial Manager will have no liability for the sub-contracted services and obligations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5e591559fdf4326bd006ee214aa37db" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">6.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager shall have the express authority to negotiate, conclude and execute all forms of documentation and agreements including contracts and
              acknowledgements on behalf of the Company in so far as is necessary for the provision by the Commercial Manager of its Management Services, provided that all such documentation will be approved in advance in writing by the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd327864b96ed4891874db8410f5504a1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Accounts and Management of Funds</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfec08897c55045bfab0b9baf6ddcba88" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>In so far as applicable to the Commercial Managers&#8217; Services, the Commercial Manager shall operate accounting systems satisfactory to the Shipowning Entity and provide
              regular services, reports and records in this regard and maintain records of all expenditure and cost together with information necessary and appropriate for the settlement of accounts between the parties hereto.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83f6832885ce4e4cacd5899be7040992" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Notwithstanding any contrary provisions herein the Commercial Manager shall in no circumstances whatsoever be required to use or commit its own funds to finance the
              provision of the Management Services.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z457af504d22f4f11ad19a1a794745331" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">7.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Company at
              such times as may be mutually agreed. On the termination, for whatever reasons, of this Agreement, the Commercial Manager shall release to the Shipowning Entities, if so requested, the originals where possible, or otherwise certified copies,
              of all such accounts and all documents specifically relating to the Vessels and their commercial operation.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d830bd085444944ac6e447947df8fbf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Management Expenses</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7f579656bb44a7bbbd30171bc182fa1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager shall, at no extra cost to the Company, provide its office accommodation and office staff. The Company will reimburse the Commercial Manager for
              all reasonable running and/or out of pocket expenses, including but not limited to, telephone, fax, stationary and printing expenses. Any required travelling expenses in relation to this Agreement and the Management Services will be
              pre-approved by the Company and the relevant expenses will be reimbursed to the Commercial Manager.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z925bf569f36f43a28ccb1c9592a26a7d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>All moneys collected by the Commercial Manager pursuant to this Agreement (other than moneys payable by the Company to the Commercial Manager) and any interest thereon
              shall be held to the credit of each applicable Shipowning Entity in a separate bank account.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ba8fc81da2c4010a96a21f6f7488715" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Termination</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;">This Agreement may be terminated by either party giving to the other one (1) month prior notice in writing or by mutual written
      agreement between the parties.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc6a59ae7684a424db705e28ae5d2c35d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Company&#8217;s default</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;">The Commercial Manager shall be entitled to terminate its appointment under this Agreement with immediate effect by notice in writing
      if any monies payable by&#160;&#160; the Company under this Agreement shall not have been received by the Commercial Manager within ten (10) running days of receipt by the Company of the Commercial Manager&#8217;s written request.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21bf51905fb64d41a3184e1a34781972" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Commercial Managers&#8217; default</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">If the Commercial Manager fails to meet its obligations under clauses 5 and 7 of this Agreement for any reason within its control, the
      Company may give notice to the Commercial Manager of the default, requesting also to remedy it as soon as practically possible. In the event that the Commercial Manager fails to remedy said default within a reasonable time to the satisfaction of the
      Company, the Company shall be entitled to terminate the Agreement in relation to the defaulting Commercial Manager with immediate effect by notice in writing.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78ca95dada35478599b7161e5e2ef7bf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Extraordinary Termination</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total loss or is
      declared as a constructive or compromised or arranged total loss or is requisitioned.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z511f16472e9441d481887233b2829380" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.4</td>
          <td style="width: auto; vertical-align: top;">
            <div>For the purpose of sub-clause 9.3. hereof:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e78a348a2ea4799985fa646d5da07ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Shipowning Entity cease to be registered as
              owner of the Vessel;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze400f625b18042f6a62e882bc627527a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Vessel shall only be deemed lost where she has become an actual total loss or agreement has been reached with her underwriters in respect of her constructive,
              compromised or arranged total loss or if such agreement with her underwriters is not reached it is nevertheless adjudged by a competent tribunal that a constructive total loss of the Vessel has been occurred.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8763bd840adb411298ab104be87fdf70" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Either party hereto may by notice to the other party terminate forthwith the appointment if an order is made or resolution is passed for the winding up, dissolution,
              liquidation or bankruptcy of such party (otherwise than for the purpose of reconstruction or amalgamation) or if any party ceases to carry on business or makes any special arrangement or composition with its creditors.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4ec190c39094198bedfa214b43f3bf8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83372ca6dfb143d8affbc2a8fba6b421" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Insurances</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The Company shall procure that, throughout the period of this Agreement,</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc9734d5b55f4278b0e3ab06c7b6bbcb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>at no expense to the Commercial Manager, the Vessels are insured for not less than their sound market value or entered for their full gross tonnage, as the case may be
              for:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03da290fcae648c1809d4c9a28cce3e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70.9pt;"><br>
          </td>
          <td style="width: 37.1pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>usual hull and machinery marine risks (including crew negligence) and excess liabilities;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62fee057b3c949e5a0dd3ab44a8dd6c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>protection and indemnity risks (including pollution risks and crew insurances); and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z467bf802a190487fbddce06cd5fe2072" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>war risks (including protection and indemnity and crew risks),</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">in accordance with the best practice of prudent owners of ships of a similar type to the Vessels, with first class insurance companies,
      underwriters or associations (the &#8220;<font style="font-weight: bold;">Shipowning Entities&#8217; Insurances</font>&#8221;);</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb998ed7db8a49329699b23e36792f14" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all premiums and calls on the Shipowning Entities&#8217; Insurances are paid promptly by their due date;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4603462bfd5491480837058291ab709" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Shipowning Entities&#8217; Insurances name the Commercial Manager and, subject to underwriters&#8217; agreement, any third party designated by the Commercial Manager as a joint
              assured, with full cover, with the Company procuring on behalf of the relevant Shipowning Entity cover in respect of each of the insurances specified in sub-clause 6.1, if reasonably obtainable, on terms such that neither the Commercial
              Manager nor any such third party shall be under any liability in respect of premiums or calls arising in connection with the Shipowning Entities&#8217;<font style="font-weight: bold;">&#160;</font>Insurances;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35d3aa1c10f74546a531036e3a5885f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>written evidence is provided, to the reasonable satisfaction of the Commercial Manager, of compliance with the obligations under Clause 4 within a reasonable time from
              the commencement of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the Shipowning Entities&#8217;<font style="font-weight: bold;">&#160;</font>Insurances.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a7c97ee31874dd4b9aebc79e8ada2f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Force Majeure</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;">Neither the Company nor the Commercial Manager shall be under any liability for any failure to perform or delay in the performance of
      any of their obligations under this Agreement by reason of any cause whatsoever beyond their reasonable control.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z467dd17758ea422387a74967cec47d02" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Indemnities</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;">Subject to any liability of the Commercial Manager pursuant to Clause 12.2&#160; &#160;&#160; hereto, the members of the Group hereby ratify and
      confirm, and undertake at all times to ratify and confirm, whatever may be done or caused to be done by the Commercial Manager in the course of or in the provision of the Management Services and the members of the Group hereby undertake to keep the
      Commercial Manager and its respective employees and agents indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities&#160;&#160; whatsoever or howsoever arising which may be brought against them or any one of them
      or incurred or suffered by them or any one of them arising out of or in connection with the performance of this Agreement, and against and in respect of all loss, damages, costs and expenses (including legal costs and expenses on a full indemnity
      basis) which the Commercial Manager may suffer or incur (either directly or indirectly) in defending or settling the same.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc16f7d09c63d4b42b7819b982e772345" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Commercial Manager shall be under no liability whatsoever to the members&#160; of the Group for any loss, damage, delay or expense of whatsoever nature,&#160; whether direct
              or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of the performance of the Management Services hereunder unless same is
              proved to have resulted solely from gross negligence or willful default of the Commercial Manager or its employees or agents or subcontractors employed by it in connection with the Vessels, in which case&#160; &#160; (except where loss, damage, delay
              or expense has resulted from the Commercial Managers&#8217; personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage delay or expense would probably result) the Commercial Manager&#8217;s
              liability (any such liability arising in accordance herewith always being on an individual basis in relation to each Manager) for all incidents or series of incidents arising in any calendar year shall never exceed a total of 10 times the
              actual annual management fee paid in that year.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9543ee3bc25d48878606a64fdbbec85b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">12.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No employee, agent or subcontractor of the Commercial Manager shall in any circumstances whatsoever be liable to the members of the Group for any loss, damage or delay
              arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course or in connection with his employment and without prejudice to the generality of the forgoing provisions of this Clause 12,
              every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to and enjoyed by the Commercial Manager or to which the said Commercial
              Manager is entitled hereunder, shall also be available and shall extend to protect every such employee, agent or subcontractor of the Commercial&#160; Manager acting as aforesaid and for the purpose of all the foregoing provisions of this clause
              12 the Commercial Manager is or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all
              such persons shall to this extent be or be deemed to be parties to this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze45dd9545f274602be2c48d6d4cee81e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Confidentiality and Commercial Manager&#8217;s Documents</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbf2acda25564c7286a8767123730d3e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">13.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Save for the purpose of enforcing or carrying out as may be necessary the rights&#160; &#160; or obligations of the Commercial Manager hereunder, the Commercial Manager agrees to
              maintain and to use its best endeavours to procure that its officers and employees maintain confidence and secrecy in respect of all information relating&#160; to the Company&#8217;s business received by the Commercial Manager directly or indirectly
              pursuant to this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2ebe654fe1e49b7938d185405250a3d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">13.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>As between the Company, the members of the Group and the Commercial Manager, the Company hereby agrees and acknowledges that all title and property in and to the
              management manuals of the Commercial Manager and other written material concerning management functions and activities is vested in the Commercial Manager and the Company agrees not to disclose the same to any third party and, on termination
              of this Agreement, to return all such manuals and other material to the Commercial Manager.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7cefdca36f1453889299e9b2c63ed1f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Notices and Other Matters</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26a9f10d9ed6478197044df846d458c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">14.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Every notice, request, demand or other communication under this Agreement shall:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za74e5c5ae12e4a9da3ec78203ff0f831" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>be in writing, delivered personally or by registered or recorded first-class prepaid letter (airmail if available) facsimile or telex;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3459cf40b8d40aebaeed5a3dad32b5b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>be deemed to have been received, subject as otherwise provided in this Agreement, in the case of a telex at the time of dispatch with confirmed answerback of the
              addressee appearing at the beginning and end of the communication (provided that if the date of dispatch is not a business day in the country of the addressee it shall be deemed to have been received at the opening of business on the next
              such business day), in the case of a facsimile at the time of dispatch evidenced by a timed and dated transmittal confirmation (provided that if the date of dispatch is not a business day in the country of the addressee it shall be deemed to
              have been received at the opening of business on the next business day), and in the case of a letter when delivered personally or five (5) days after it has been put into the post; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze10522b16dfb4aeb8a99f1695cbf29ca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>be sent to the respective addresses hereto or to such other address, facsimile or telex number as is notified by the parties hereto to the other parties to this
              Agreement:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">(i) in respect of the Company to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">UNITED MARITIME CORPORTAION</div>
    <div style="text-align: justify; margin-left: 72pt;">[&#9679;]</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">(ii) in respect of the Commercial Manager to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">SEANERGY MANAGEMENT CORP.</div>
    <div style="text-align: justify; margin-left: 72pt;">[&#9679;]</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z571dece68a5043d0b914f29a18097e96" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Law and Arbitration</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c008e87715440bdaab6e32481a83899" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Agreement shall be governed by English Law and any dispute arising out of or in connection herewith shall be referred to arbitration in London</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0afa84c0380e4c26a301af1ce41e76ce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) rules current at the time of commencement of the arbitration.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z772d2849960843ddbe7ec104dc419eaf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any referral made pursuant to this Clause 15 shall be to three (3) Arbitrators on the following basis: if a dispute arises between the parties then each shall appoint
              an Arbitrator and the two Arbitrators so appointed shall appoint a third.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31addd19210b4569bd4f90f1186e3ad3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Upon receipt of notice of appointment of an Arbitrator by the first notifying party (who shall therein state that it shall appoint its own arbitrator as sole arbitrator
              if the other party does not appoint an Arbitrator in accordance herewith), the second party shall appoint its Arbitrator and give notice of such appointment within fourteen (14) days, failing which the prior notifying party shall be entitled
              either to appoint its Arbitrator as Sole Arbitrator or appoint an Arbitrator on behalf of the second party who shall accept such appointment as if it had been made by itself.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za25e82eccf484e0e8f8ea7920d71a057" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If a party does not appoint its own Arbitrator and give due notice in accordance with Clause 15.4 the party referring the dispute to arbitration may without requirement
              for further notice to such other party failing to so appoint make appointment in accordance with Clause 15.4 and shall advise the other party accordingly and the award of a Sole Arbitrator or panel appointed in accordance with Clause 15.4
              shall be binding on all parties as if appointment had been by agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z327f3470acbc45bbb0fe4f7711003041" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Nothing in this Clause 15 shall prevent the parties agreeing in writing to vary these provisions to provide for appointment of a Sole Arbitrator or to consolidate
              arbitration proceedings hereunder where thought appropriate or desirable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d662d8c8d4d43f98b2e4521b2cdd7b5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>In cases where neither the claim nor any counterclaim exceeds the sum of UK &#163;50,000 (or such other sum as the parties may agree) (or such other sum as the parties may
              agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z80909ea831294cb2a1bce5d9c745c6dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">15.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any such Arbitration shall be in accordance with and subject to the Arbitration Act 1996 and any statutory amendment or modification thereto.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb7ac2ed228c43a78a80c144cbaab728" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">16</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Miscellaneous</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cc6a9fc502748bb9fd89d9f1c06e547" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">16.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Subject to Clause 16.2 this Commercial Management Agreement contains the entire agreement and understanding between the parties and supersedes all prior negotiations,
              representations, warranties and other documents or matter related to any of the subject matter of this Commercial Management Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z300fc386171842caaba92f21bd959583" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">16.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Agreement may be amended by mutual agreement of both parties hereto provided that any such amendment is evidenced by written amendment duly executed by both
              parties and following which any such amendment shall be considered part of, appended to and read together with this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf82b658b3eaf43ec8bf0acb9a5fdd970" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; font-weight: bold;">16.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>All details of or pertaining to this Agreement shall be kept strictly private and confidential.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font> the Company and the Commercial
      Manager have caused this Agreement to be duly executed as a deed the day and year first before written.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0bb205b6ac6b4f859c25d57a736c138c" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>by</div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>the duly authorised attorney of</div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
          <td style="vertical-align: top;">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>of the Republic of the Marshall Islands</div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>in the presence of:</div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>by</div>
          </td>
          <td style="vertical-align: top;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>the duly authorised attorney of</div>
          </td>
          <td style="vertical-align: top;">
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            <div style="font-weight: bold;">SEANERGY MANAGEMENT CORP.</div>
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            <div>)</div>
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        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>of the Republic of the Marshall Islands</div>
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            <div>)</div>
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        <tr>
          <td style="width: 200pt; vertical-align: top;">
            <div>in the presence of:</div>
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            <div>)</div>
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    <div style="text-align: center; font-weight: bold;"><u>Schedule 1</u></div>
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    <div style="text-align: center; font-weight: bold;">Deed of Accession</div>
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    <div style="text-align: right;">Date: [&#160;&#160; ]</div>
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    <div style="text-align: justify;">Dear Sirs,</div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-weight: bold;">Re:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td rowspan="1" style="vertical-align: top;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Commercial Management Agreement of [</font><font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  ] and made between (1) United Maritime Corporation (the &#8220;Company&#8221;) and Seanergy Management Corp. (the &#8220;Commercial Manager&#8221;)</font></td>
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    <div style="text-align: justify;">We refer to the Commercial Management Agreement dated [&#160;&#160; ]&#160; referred to as the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;). We are a Shipowning Entity as defined in the Agreement and [are] [are to become] owners of the vessel &#8220;[<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#160; ]&#8221; (the &#8220;<font style="font-weight: bold;">Vessel</font>&#8221;).</div>
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            <div>we are bound to observe the terms and conditions of the Agreement as if we were a named signatory therein.</div>
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    <div style="text-align: justify;">We confirm that we are the Company&#8217;s principal in respect of the Agreement as it relates to the Vessel and ourselves.&#160; We hereby confirm that the Company
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    <div style="text-align: justify;">The terms and provisions of this letter shall be governed by and construed in accordance with English law, and this letter is being executed as a deed on
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          <td style="width: 50%; vertical-align: top;">
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: justify;">[&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160; ]</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>15
<FILENAME>ny20004194x3_ex4-8.htm
<DESCRIPTION>EXHIBIT 4.8
<TEXT>
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  <head>
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  <title></title>
  <!-- Licensed to: Broadridge Financial Solutions, Inc.
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  <p style="margin: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="width: 100%">
    <div style="font-size: 1pt; border-top: Black 4pt solid">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Exhibit 4.8</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>&#160;</b></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated 15 July 2020</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>US$22,500,000</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>TERM LOAN FACILITY</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SEA GLORIUS SHIPPING CO.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SEA GENIUS SHIPPING CO.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">as joint and several Borrowers</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SEANERGY MARITIME HOLDINGS CORP.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">as Guarantor</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>LUCID AGENCY SERVICES LIMITED</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>LUCID TRUSTEE SERVICES LIMITED<br>
    </b>as Security Agent</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FACILITY AGREEMENT</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">relating to</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">the refinancing certain existing indebtedness</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">secured on m.v.s "GLORIUSHIP" and "GENIUSHIP"</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><img src="ny20004194x3_ex10-80img01.jpg" alt=""></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Index</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 6.5%"><b>Clause</b></td>
        <td style="width: 85.5%">&#160;</td>
        <td style="width: 8%; text-align: right"><b>Page</b></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td style="text-align: right">&#160;</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td>1 Interpretation</td>
        <td style="text-align: right">2</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>1</td>
        <td>Definitions and Interpretation</td>
        <td style="text-align: right">2</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td> 2 The Facility</td>
        <td style="text-align: right">29</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>2</td>
        <td>The Facility</td>
        <td style="text-align: right">29</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>3</td>
        <td>Purpose</td>
        <td style="text-align: right">29</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>4</td>
        <td>Conditions of Utilisation</td>
        <td style="text-align: right">30</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td>3 Utilisation</td>
        <td style="text-align: right">31</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>5</td>
        <td>Utilisation</td>
        <td style="text-align: right">31</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td>4 Repayment, Prepayment and Cancellation</td>
        <td style="text-align: right">33</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>6</td>
        <td>Repayment</td>
        <td style="text-align: right">33</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>7</td>
        <td>Prepayment and Cancellation</td>
        <td style="text-align: right">33</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>Section</td>
        <td> 5 Costs of Utilisation</td>
        <td style="text-align: right">36</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>8</td>
        <td>Interest</td>
        <td style="text-align: right">36</td>
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        <td>9</td>
        <td>Interest Periods</td>
        <td style="text-align: right">36</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>10</td>
        <td>Fees</td>
        <td style="text-align: right">37</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>Section</td>
        <td> 6 Additional Payment Obligations</td>
        <td style="text-align: right">39</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>11</td>
        <td>Tax Gross Up and Indemnities</td>
        <td style="text-align: right">39</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>12</td>
        <td>Increased Costs</td>
        <td style="text-align: right">44</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>13</td>
        <td>Other Indemnities</td>
        <td style="text-align: right">45</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>14</td>
        <td>Mitigation by the Finance Parties</td>
        <td style="text-align: right">48</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>15</td>
        <td>Costs and Expenses</td>
        <td style="text-align: right">48</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>Section</td>
        <td>7 Guarantee and Joint and Several Liability of the Borrowers</td>
        <td style="text-align: right">50</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>16</td>
        <td>Guarantee and Indemnity</td>
        <td style="text-align: right">50</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>17</td>
        <td>Joint and Several Liability of the Borrowers</td>
        <td style="text-align: right">53</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td> 8 Representations, Undertakings and Events of Default</td>
        <td style="text-align: right">55</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>18</td>
        <td>Representations</td>
        <td style="text-align: right">55</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>19</td>
        <td>Financial Covenants</td>
        <td style="text-align: right">61</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>20</td>
        <td>Information Undertakings</td>
        <td style="text-align: right">62</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>21</td>
        <td>General Undertakings</td>
        <td style="text-align: right">66</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>22</td>
        <td>Insurance Undertakings</td>
        <td style="text-align: right">72</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>23</td>
        <td>Ship Undertakings</td>
        <td style="text-align: right">78</td>
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        <td>24</td>
        <td>Security Cover</td>
        <td style="text-align: right">83</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>25</td>
        <td>Earnings Account and Application of Earnings</td>
        <td style="text-align: right">86</td>
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      <tr style="vertical-align: top; background-color: White">
        <td>26</td>
        <td>Events of Default</td>
        <td style="text-align: right">87</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>Section</td>
        <td>9 Changes to Parties</td>
        <td style="text-align: right">93</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>27</td>
        <td>Changes to the Lenders</td>
        <td style="text-align: right">93</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td>28</td>
        <td>Changes to the Transaction Obligors</td>
        <td style="text-align: right">98</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td>Section</td>
        <td> 10 The Finance Parties</td>
        <td style="text-align: right">99</td>
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        <td style="text-align: right">99</td>
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        <td style="text-align: right">110</td>
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        <td style="text-align: right">128</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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        <td style="width: 8%; text-align: right">134</td>
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        <td style="text-align: right">141</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedules</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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        <td style="text-align: right">159</td>
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        <td style="text-align: right">161</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>THIS AGREEMENT </b>is made on 15 July 2020</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Parties</p>
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        <td style="text-align: justify"><font style="text-transform: uppercase"><b>SEA GLORIUS SHIPPING CO.</b></font>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="text-transform: uppercase">&#160;</font></p>
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        <td style="text-align: justify"><font style="text-transform: uppercase"><b>SEA GENIUS SHIPPING CO.</b></font>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road,
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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        <td style="text-align: justify"><font style="text-transform: uppercase"><b>SEANERGY MARITIME HOLDINGS CORP.</b></font>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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        <td style="text-align: justify"><b>THE FINANCIAL INSTITUTIONS</b> listed in <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Part B of <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Lenders have agreed to make available to the Borrowers a senior secured term loan facility of up to US$22,500,000 in two Tranches for the purpose of refinancing part
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in">OPERATIVE PROVISIONS</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 1<br>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">1</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.1</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">In this Agreement:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in relation to a Ship, as at the date of this Agreement, the classification in relation to that Ship specified in <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 7 (<i>Details


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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in relation to a Ship, as at the date of this Agreement, the classification society in relation to that Ship specified <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 7 (<i>Details


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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">or such other flag approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders, such approval not to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
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  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><b>&#160;</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><font style="font-weight: normal">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><font style="font-weight: normal">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="text-align: justify">in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Part B of <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 1 (<i>The Parties</i>) and the amount of any other Commitment transferred to it under this Agreement; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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    </table>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Transaction Obligor whose operations are
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders), pooled or shared with any other person:</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any other account in the name of a Borrower with the Account Bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td>
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    </table>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">which in each case has not ceased to be a Party in accordance with this Agreement.</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<b>Non-Call Period</b>" means the period commencing on the Utilisation Date and ending on the date falling 18 months after the Utilisation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Notes</b></font>" means, as at the date of calculation, the aggregate outstanding
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Obligor</b></font>" means the Borrower or the Guarantor.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Original Financial Statements</b></font>" means the Guarantor&#8217;s audited
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Parallel Debt</b></font>" means any amount which an Obligor owes to the Security
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Participating Member State</b></font>" means any member state of the European
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Party</b></font>" means a party to this Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<b>Perfection Requirements</b>" means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and any other Charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Permitted Financial Indebtedness</b></font>" means:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    (<i>Make-whole prepayment fee</i>).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    (<i>Mandatory prepayment on sale or Total Loss</i>).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any moneys or other assets which the Security Agent has transferred to the Facility Agent (acting on the instructions of the Majority Lenders) or (being entitled to do so) has retained in accordance with the
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Ship</b></font>" means Ship A or Ship B.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <!-- Field: Page; Sequence: 24; Value: 2 -->
  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Ship A</b></font>" means the 2004-built Capesize bulk carrier type of vessel with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Ship B</b></font>" means the 2010-built Capesize bulk carrier type of vessel with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Termination Date</b></font>" means the date falling on the fifth anniversary of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Third Parties Act</b></font>" has the meaning given to it in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>1.5 (<i>Third party rights</i>).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Transaction Obligor</b></font>" means an Obligor, the Collateral Guarantor, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Transaction Security"</b></font> means the Security created or evidenced or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<b>UK Bail-In Legislation</b>" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Utilisation</b></font>" means the utilisation of the Facility.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <!-- Field: Page; Sequence: 27; Value: 2 -->
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        <tr style="vertical-align: top; text-align: left">
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>VAT</b></font>" means:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<b>V.Ships</b>" means V.Ships Limited, a corporation incorporated and existing under the laws of Cyprus whose registered office is at Zenas
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other
          financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
          of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
          Legislation that are related to or ancillary to any of those powers; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other
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          of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In
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        <td style="text-align: justify">the "<b>Account Bank</b>", any "<font style="font-family: Times New Roman, Times, Serif"><b>Borrower</b></font>", the "<font style="font-family: Times New Roman, Times, Serif"><b>Facility Agent</b></font>", any "<font style="font-family: Times New Roman, Times, Serif"><b>Finance Party</b></font>", any "<font style="font-family: Times New Roman, Times, Serif"><b>Lender</b></font>", any "<font style="font-family: Times New Roman, Times, Serif"><b>Obligor</b></font>",


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              Agent</b></font>", any "<font style="font-family: Times New Roman, Times, Serif"><b>Transaction Obligor</b></font>" or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees
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        <td style="text-align: justify">"<b>assets</b>" includes present and future properties, revenues and rights of every description;</td>
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        <td style="text-align: justify">"<b>expense</b>" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</td>
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        <td style="text-align: justify">a "<b>Finance Document</b>", a "<b>Security Document</b>" or "<b>Transaction Document</b>" or any other agreement or instrument is a reference to that Finance Document, Security Document or Transaction Document or
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        <td style="text-align: justify">"<b>indebtedness</b>" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</td>
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        <td style="text-align: justify">"<b>law</b>" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the
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        <td style="text-align: justify">"<b>proceedings</b>" means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure;</td>
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        <td style="text-align: justify">a provision of law is a reference to that provision as amended or re-enacted;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">a time of day is a reference to New York time unless specified to the contrary;</td>
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        <td style="text-align: justify">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be
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        <td style="text-align: justify">words denoting the singular number shall include the plural and vice versa; and</td>
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        <td style="text-align: justify">The determination of the extent to which a rate is "<b>for a period equal in length</b>" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">In this Agreement:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Where there is any reference in this Agreement or any other Finance Document to the Facility Agent or the Security Agent acting reasonably or properly, or doing an act or coming to a determination, opinion or belief
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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    parties to this Agreement, unless otherwise required by the Lenders (acting reasonably), and after the said effective date all references in this Agreement to the Facility Agent or Security Agent shall be deemed to be references to such successor
    corporation. Written notice of any such merger, conversion, consolidation or transfer shall promptly be given to the Borrower by the Facility Agent or Security Agent.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 2<br>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Subject to the terms of this Agreement, the Lenders make available to the Borrowers a senior dollar term loan facility in two Tranches, Tranche A and Tranche
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from a Transaction Obligor is
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Lenders will only be obliged to comply with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>5.4 (<i>Lenders'
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If the Majority Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>4.1 (<i>Initial conditions precedent</i>) or Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>4.2 (<i>Further conditions precedent</i>)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="text-transform: uppercase"><b>&#160;</b></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 3<br>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the proposed Utilisation Date is a Business Day within the Availability Period;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the currency and amount of the Utilisation comply with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>5.3 (<i>Currency and amount</i>); and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the proposed Interest Period complies with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>9 (<i>Interest Periods</i>).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Only one advance may be requested in the Utilisation Request.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The currency specified in the Utilisation Request must be dollars.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">If the conditions set out in this Agreement have been met, each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The amount of each Lender's participation in the Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately before advancing the Loan.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Commitments in respect of any Tranche which are unutilised at the end of the Availability Period shall then be cancelled.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower irrevocably authorises the Facility Agent:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Payment by the Facility Agent under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>5.6 (<i>Retentions and payment
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If, in respect of the Utilisation of the Loan, the Facility Agent (acting on the instructions of the Lenders), at the request of the Borrowers and on terms
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <td style="text-align: justify">any such pre-positioning of funds shall constitute the advance of the Loan and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <td style="text-align: justify">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="text-transform: uppercase"><b>&#160;</b></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 4<br>
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    Repayment, Prepayment and Cancellation</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">6</td>
        <td style="text-align: justify">Repayment</td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">6.1</td>
        <td style="text-align: justify">Repayment of Loan</td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Borrowers shall repay each Tranche by:</td>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">20 consecutive quarterly instalments, each in the amount specified in the Repayment Schedule (the "<b>Instalments</b>" and each an "<b>Instalment</b>"); and</td>
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">a balloon instalment in an amount equal to any part of that Tranche remaining outstanding on the Termination Date (each a "<b>Balloon Instalment</b>" and together with the Instalments, the "<b>Repayment Instalments</b>"
          and each a "<b>Repayment Instalment</b>"),</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><b>provided that</b> if the aggregate amount of each Tranche advanced is less than the applicable Maximum Tranche Amount, each Repayment
    Instalment of that Tranche shall be reduced pro rata by an amount equal to the undrawn amount.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The First Repayment Instalment in respect of each Tranche shall be repaid on the date falling 3 Months after the Utilisation Date and the last one, together with the Balloon Instalment relevant to that Tranche shall
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Termination Date</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">On the Termination Date, the Borrowers shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and
    owing under the Finance Documents.</p>
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        <td style="width: 35.45pt">6.3</td>
        <td style="text-align: justify">Reborrowing</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Borrower may re-borrow any part of the Facility which is repaid.</p>
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        <td style="width: 35.45pt">7</td>
        <td style="text-align: justify">Prepayment and Cancellation</td>
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">If it becomes unlawful in any applicable jurisdiction for a Lender, or an Affiliate of a Lender, for that Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its
          participation in the Loan:</td>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">that Lender shall promptly notify the Facility Agent upon becoming aware of that event;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(ii)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the Borrowers shall prepay the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by that Lender in the notice
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The unutilised Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Loan is made available.</p>
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        <td style="text-align: justify">Any partial prepayment made under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>7.3 (<i>Voluntary prepayment of Loan</i>) shall reduce the Repayment Instalments of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">In this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>7.4 (<i>Mandatory prepayment on sale or Total Loss</i>):</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 5<br>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The rate of interest on the Loan or any part of the Loan for each Interest Period is the Interest Rate for that Interest Period.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The Borrowers shall pay accrued interest on the Loan for each Interest Period on the last day of that Interest Period (each an "<b>Interest
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or the relevant part of the Loan; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be 2 per cent. per annum higher than the rate which would have applied if that Unpaid Sum had not become due.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">Any interest accruing under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>8.3 (<i>Default
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest under this Agreement.</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">10</td>
        <td style="text-align: justify">Fees</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Borrowers shall pay to the Facility Agent a non-refundable upfront fee (for the account of the Lenders pro-rata to their Commitments) on the Utilisation
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Borrowers shall pay to the Facility Agent and the Security Agent (for their own account) non-refundable annual agency fees at the times
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The Borrowers shall pay to the Facility Agent a non-refundable deferred fee (for the account of the Lenders pro-rata to their Commitments)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">In this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>10.3 (<i>Deferred Fee</i>):</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><font style="font-weight: normal">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-style: normal; font-weight: normal">(a)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><font style="font-weight: normal">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">10.4</td>
        <td style="text-align: justify">Make-whole prepayment fee</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If the Borrowers prepay a Tranche in whole during the Make-Whole Period (other than as a result of any prepayment made to rectify a shortfall pursuant Clause
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      Prepayment on sale or Total Loss) </i>triggered as a result of the sale of a Ship), the Borrowers shall additionally pay to the Facility Agent (for the account of the Lenders pro-rata to their Commitments) a non-refundable make-whole prepayment fee
    on the date of such prepayment (the "<b>Prepayment Date</b>") calculated on the basis of the following formula:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: 0in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
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    <p style="margin: 0pt">&#160;</p>
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  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img src="ny20004194x3_ex10-80img02.jpg" alt=""></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">where:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -34.9pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 34.9pt">E:</td>
        <td style="text-align: justify">means the make-whole prepayment fee payable under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>10.4 (<i>Make-whole prepayment fee</i>).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">means 50 per cent of the amount of the Tranche being prepaid, which is outstanding on the Prepayment Date (for the avoidance of doubt, immediately prior to any prepayment made).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in">Y:</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">means the Interest Rate applicable on the Prepayment Date.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 6<br>
    <br>
    Additional Payment Obligations</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">11</td>
        <td style="text-align: justify">Tax Gross Up and Indemnities</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">11.1</td>
        <td style="text-align: justify">Definitions</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">In this Agreement:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Protected Party</b></font>" means a Finance Party which is or will be subject to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    repayment of any Tax.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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    Tax from a payment under a Finance Document, other than a FATCA Deduction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">"<font style="font-family: Times New Roman, Times, Serif"><b>Tax Payment</b></font>" means either the increase in a payment made by an Obligor
    to a Finance Party under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.2 (<i>Tax gross-up</i>) or a payment under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.3


    (<i>Tax indemnity</i>).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Unless a contrary indication appears, in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11 (<i>Tax Gross Up and Indemnities</i>) reference to "<b>determines</b>" or "<b>determined</b>"
          means a determination made in the absolute discretion of the person making the determination.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">11.2</td>
        <td style="text-align: justify">Tax gross-up</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Each Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a
          Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Borrowers and that Obligor.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the
          payment which would have been due if no Tax Deduction had been required.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required
          by law.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Obligors shall (within five Business Days of demand by the Facility Agent acting on the instructions of a Protected Party or claiming on its own behalf) pay to a Protected Party an amount equal to the loss,
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">to the extent a loss, liability or cost:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">is compensated for by an increased payment under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.2 (<i>Tax gross-up</i>); or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">relates to a FATCA Deduction required to be made by a Party.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">A Protected Party making, or intending to make, a claim under paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above shall promptly notify the Facility Agent of the
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        <td style="text-align: justify">A Protected Party shall, on receiving a payment from an Obligor under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.3 (<i>Tax indemnity</i>), notify the Facility
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</p>
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        <td style="text-align: justify">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">that Finance Party has obtained and utilised that Tax Credit,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Obligors shall pay and, within five Business Days of demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any
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          any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such
          supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</td>
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        <td style="text-align: justify">If VAT is or becomes chargeable on any supply made by any Finance Party (the "<b>Supplier</b>") to any other Finance Party (the "<b>Recipient</b>") under a Finance Document, and any Party other than the Recipient
          (the "<b>Relevant Party</b>") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that
          consideration):</td>
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        <td style="text-align: justify">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to
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        <td style="text-align: justify">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
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        <td style="text-align: justify">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of
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        <td style="text-align: justify">Any reference in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.6 (<i>VAT</i>) to any Party shall, at any time when that Party is treated as a member of a group or
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          grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group
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        <td style="text-align: justify">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's
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        <td style="text-align: justify">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and</td>
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        <td style="text-align: justify">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 7<br>
    <br>
    Guarantee and Joint and Several Liability of the Borrowers</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">16</td>
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      </tr>

  </table>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Guarantor irrevocably and unconditionally:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">guarantees to each Finance Party punctual performance by each Transaction Obligor other than the Guarantor of all such other Transaction Obligor's obligations under the Finance Documents;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">undertakes with each Finance Party that whenever a Transaction Obligor other than the Guarantor does not pay any amount when due under or in connection with any Finance Document, the Guarantor shall immediately on
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on
          demand against any cost, loss or liability it incurs as a result of a Transaction Obligor other than the Guarantor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Transaction Obligor under the Finance Documents,
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If any discharge, release or arrangement (whether in respect of the obligations of any Transaction Obligor or any security for those obligations or otherwise)
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">16.4</td>
        <td style="text-align: justify">Waiver of defences</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The obligations of the Guarantor under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>16 (<i>Guarantee and
      Indemnity</i>) and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>16.4 (<i>Waiver

      of defences</i>), would reduce, release or prejudice any of its obligations under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>16 (<i>Guarantee and Indemnity</i>) or in respect of any Transaction
    Security (without limitation and whether or not known to it or any Secured Party) including:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any time, waiver or consent granted to, or composition with, any Transaction Obligor or other person;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">the release of any other Transaction Obligor or any other person under the terms of any composition or arrangement with any creditor of Transaction Obligor;</td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Transaction Obligor or any other person;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Until all amounts which may be or become payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably paid in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">hold any moneys received from the Guarantor or on account of the Guarantor's liability under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>16 (<i>Guarantee and
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrowers, any other
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    instructions of the Majority Lenders), the Guarantor will not exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="text-transform: uppercase"><b>&#160;</b></font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The liabilities and obligations of a Borrower shall not be impaired by:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">any time, waiver or consent granted to, or composition with any other Borrower or other person;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any other Borrower or other person or any
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        <td style="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Borrower or any other person;</td>
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        <td style="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">any insolvency or similar proceedings.</td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">17.3</td>
        <td style="text-align: justify">Principal Debtor</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p>
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        <td style="width: 35.45pt">17.4</td>
        <td style="text-align: justify">Borrower restrictions</td>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">claim any amount which may be due to it from any other Borrower whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">take or enforce any form of security from any other Borrower for such an amount, or in any way seek to have recourse in respect of such an amount against any asset of any other Borrower; or</td>
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">set off such an amount against any sum due from it to any other Borrower; or</td>
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        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Borrower; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(v)</td>
        <td style="text-align: justify">exercise or assert any combination of the foregoing.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action referred to in paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a)

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Deferral of Borrowers' rights</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">to be indemnified by any other Borrower; or</td>
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        <td style="text-align: justify">to claim any contribution from any other Borrower in relation to any payment made by it under the Finance Documents.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 8<br>
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    Representations, Undertakings and Events of Default</p>
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        <td style="width: 35.45pt">18</td>
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Obligor makes the representations and warranties set out in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>18


    (<i>Representations</i>) to each Finance Party on the date of this Agreement.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Status</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Each Borrower is authorised to issue 500 registered shares with no par value, all of which shares have been issued and the direct legal title and beneficial ownership of all those shares is held, free of any Security
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Guarantor is authorised to issue 525,000,000 shares consisting of 500,000,000 registered shares of common stock with a par value of US$0.0001 each and 25,000,000 registered shares of preferred stock with a par
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery create, subject to the Perfection Requirements, the Security it purports to create over any assets to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Subject to the Perfection Requirements, the Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in connection with any Transaction Security.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.6</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the constitutional documents of any Transaction Obligor; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">any agreement or instrument binding upon it or constitute a default or termination event (however described) under any such agreement or instrument.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case of a Borrower, its continuing registration of its Ship under the Approved Flag.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">have been obtained or effected and are in full force and effect.</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">The choice of governing law of each Transaction Document to which it is a party will be recognised and enforced in its Relevant Jurisdictions.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">corporate action, legal proceeding or other procedure or step described in paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>26.8 (<i>Insolvency proceedings</i>); or</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.13</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it (or any other Transaction Obligor)
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.14</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Any factual information provided by any Transaction Obligor for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">The financial projections contained in any such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></td>
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in any such information being untrue or misleading in any material respect.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.15</td>
        <td style="text-align: justify">Financial Statements</td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">In the case of the Guarantor, its Original Financial Statements were prepared in accordance with GAAP consistently applied.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">In the case of the Guarantor, its Original Financial Statements give a true and fair view of its financial condition as at the end of the relevant financial year and results of operations during the relevant
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      </tr>

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">In the case of each Borrower, its unaudited financial statements were prepared in accordance with GAAP consistently applied.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">In the case of each Borrower, its unaudited financial statements give a true and fair view of its financial condition as at the end of the relevant financial year and results of operations during the relevant
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">There has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Guarantor) since 31 December
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Since the date of the most recent financial statements delivered pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>20.2 (<i>Financial statements</i>) there has been
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Its payment obligations under the Finance Documents to which it is a party rank at least <i>pari passu</i> with the claims of all its other unsecured and
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.17</td>
        <td style="text-align: justify">No proceedings pending or threatened</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to
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      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.18</td>
        <td style="text-align: justify">Valuations</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">There has been no change to the factual information provided pursuant to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above in relation to any valuation between the
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.19</td>
        <td style="text-align: justify">No breach of laws</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">It has not breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">No Transaction Obligor or any Affiliate thereof is in violation of and nor shall it violate any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.20</td>
        <td style="text-align: justify">No Charter</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Except as disclosed by the Borrowers to the Facility Agent in writing on or before the date of this Agreement, no Ship is subject to any Charter other than a
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.21</td>
        <td style="text-align: justify">Compliance with Environmental Laws</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All Environmental Laws relating to the ownership, operation and management of each Ship and the business of each Transaction Obligor (as now conducted and as
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.22</td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Environmental Claim has been made or threatened against any Transaction Obligor or any Ship.</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.23</td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All requirements of the ISM Code and the ISPS Code as they relate to each Borrower, the Approved Technical Manager and each Ship have been complied with.</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.26</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.27</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Obligor has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.28</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.29</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Borrower B is the sole legal and beneficial owner of Ship B, its Earnings and its Insurances.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">With effect on and from the date of its creation or intended creation, each Transaction Obligor will be the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit any transfer of the shares of a Borrower on creation or enforcement of the security conferred by the Security
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      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.30</td>
        <td style="text-align: justify">Centre of main interests and establishments</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the "<b>Regulation</b>"), its centre of main
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.31</td>
        <td style="text-align: justify">Place of business</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Obligor has a place of business in any country other than Greece and its executive office functions are carried out, in the case of each Obligor, at c/o
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.32</td>
        <td style="text-align: justify">No employee or pension arrangements</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Borrower has any employees or any liabilities under any pension scheme.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.33</td>
        <td style="text-align: justify">Sanctions</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">No Transaction Obligor:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(ii)</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(iv)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">18.34</td>
        <td style="text-align: justify">US Tax Obligor</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Obligor is a US Tax Obligor.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">18.35</td>
        <td style="text-align: justify">Margin Regulations; Investment Company Act</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">No Borrower is engaged, nor will it engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">No Borrower is, nor is it required to be, registered as an "investment company" under the United States of America Investment Company Act of 1940.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of the Utilisation
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">19</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Borrowers shall maintain in the Earnings Accounts aggregate credit balances (the "<b>Minimum Liquidity Amount</b>") of not less than:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">on and from the Utilisation Date and until the date falling three months after the Utilisation Date, $250,000 in relation to each Ship (being $500,000 in aggregate); and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">as soon as they become available, but in any event within 120 days after the end of each financial year of the Guarantor the audited consolidated financial statements of the Guarantor for that financial year; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">as soon as the same become available, but in any event within 90 days after the end of each financial quarter of each Obligor, the unaudited financial statements of that Obligor for that financial quarter.</td>
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        <td style="text-align: justify">Each set of financial statements delivered by an Obligor pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>20.2 (<i>Financial statements</i>) shall be certified by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each Obligor shall procure that each set of financial statements delivered pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>20.2 (<i>Financial statements</i>) is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">sufficient information, in form and substance as may be reasonably required by the Facility Agent acting on the instructions of the Majority Lenders, to make an accurate comparison between the financial position
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">amending Directive 2011/16/EU.</p>
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        <td style="text-align: justify">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out (or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of
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        <td style="text-align: justify">promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is made against
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        <td style="text-align: justify">promptly, its constitutional documents where these have been amended or varied;</td>
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        <td style="text-align: justify">promptly, such further information and/or documents regarding:</td>
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        <td style="text-align: justify">each Ship, the Collateral Ship, goods transported on each Ship and/or the Collateral Ship, the Earnings or the Insurances;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly inform the Facility Agent if it delivers to the Registrar particulars
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Obligor shall, and shall procure that no Transaction Obligor (excluding the Collateral Shareholder) will change the location of its centre of main interest
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, create or permit to subsist any Security over any of its assets which are, in the case of a Transaction Obligor other than a
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Borrower shall:</p>
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        <td style="text-align: justify">be the creditor in respect of any loan or any form of credit to any person other than another Transaction Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower will keep proper books of record and account which will be accurate in all material respects and in which full, true and correct entries in
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly, and in any event within the time period specified by the Security Agent (acting on the instructions of the Facility Agent
          which is acting on the instructions of the Majority Lenders) do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents
          (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify acting reasonably (and in such form as the Security Agent (acting on the
          instructions of the Facility Agent which is acting on the instructions of the Majority Lenders) may require in favour of the Security Agent or its nominee(s)):</td>
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        <td style="text-align: justify">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right of any kind created or intended to be created under or evidenced by the Finance Documents (which may
          include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of any of
          the Secured Parties provided by or pursuant to the Finance Documents or by law;</td>
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        <td style="text-align: justify">to confer on the Security Agent or confer on the Secured Parties Security over any property and assets of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be
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        <td style="text-align: justify">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction
          Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the
          creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">At the same time as an Obligor delivers to the Security Agent any document executed by itself or another Transaction Obligor pursuant to this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>21.25 (<i>Further assurance</i>), that Obligor shall deliver, or shall procure that such other Transaction Obligor will deliver, to the Security Agent reasonable evidence that that Obligor's or Transaction Obligor's
          execution of such document has been duly authorised by it.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">22</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The undertakings in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>22 (<i>Insurance Undertakings</i>) remain
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall keep its Ship insured at its expense against:</p>
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        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">fire and usual marine risks (including hull and machinery and excess risks);</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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    <p style="margin: 0pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">war risks (including the London Blocking and Trapping addendum or its equivalent);</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">protection and indemnity risks (including liability for oil pollution for an amount of no less than $1,000,000,000 and excess war risk P&amp;I cover) on standard Club Rules, covered by a Protection and Indemnity
          association which is a member of the International Group of Protection and Indemnity Associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and
          indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover); and</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers, having regard to practices and other circumstances prevailing at the relevant time, it would be
          reasonable for that Borrower to insure and which are specified by the Facility Agent (acting on the instructions of the Majority Lenders) by notice to the Borrowers.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">22.3</td>
        <td style="text-align: justify">Terms of obligatory insurances</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall effect such insurances:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">in dollars;</td>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of:</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">120 per cent. of the Tranche relating to the Ship owned by it; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the Market Value of its Ship;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine
          insurance market (such amount currently being $1,000,000,000);</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">in respect of any obligatory insurances for hull and machinery and war risks;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 74.3pt"></td>
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  </table>
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        <tr style="vertical-align: top; text-align: left">
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <!-- Field: /Page -->
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 74.3pt"></td>
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        <td style="text-align: justify">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and every other named insured has undertaken in writing to the Security Agent (in such form as it requires acting on the instructions of the Facility Agent
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">whenever the Facility Agent requires (acting on the instructions of the Majority Lenders), name (or be amended to name) the Security Agent as additional named insured for its rights and interests, warranted no
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">provide that the Security Agent may make proof of loss if the relevant Borrower fails to do so.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">at least 21 days before the expiry of any obligatory insurance effected by it:</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which that Borrower proposes to renew that obligatory insurance and of
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">obtain the Facility Agents' approval (acting on the instructions of the Majority Lenders) to the matters referred to in sub-paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(i)


          above;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent's approval pursuant to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above; and</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of
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      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">22.6</td>
        <td style="text-align: justify">Copies of policies; letters of undertaking</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it, ensure that the Approved Brokers provide the Security Agent with:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify"><i>pro forma</i> copies of all policies relating to the obligatory insurances which they are to effect or renew; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">a letter or letters or undertaking in a form required by the Facility Agent (acting on the instructions of the Majority Lenders) and including undertakings by the Approved Brokers that:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>22.4 (<i>Further protections for the Finance Parties</i>);</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">they will, if they have not received notice of renewal instructions from that Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(v)</td>
        <td style="text-align: justify">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(vi)</td>
        <td style="text-align: justify">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(vii)</td>
        <td style="text-align: justify">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it, ensure that any protection and indemnity and/or war risks associations in which its Ship is entered
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to its Ship.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
    <table style="border-collapse: collapse; width: 100%; font-size: 10pt" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">No Borrower shall do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it, is entered
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Settlement of claims</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it:</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it, provide the Security Agent, at the time of each such communication, with copies of all written
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    relevant Borrower and:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Approved Brokers;</td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the approved protection and indemnity and/or war risks associations; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the approved insurance companies and/or underwriters,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">which relate directly or indirectly to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">that Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it, promptly provide the Facility Agent (or any persons which it may designate) with any information
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">effecting, maintaining or renewing any such insurances as are referred to in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>22.16 (<i>Mortgagee's interest and additional
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and each Borrower shall, forthwith upon demand, indemnify the Facility Agent in respect of all fees and other expenses incurred by or for the account of the
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee's interest marine insurance and a mortgagee's interest additional perils insurance each in an amount of up to 120 per
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">Each Borrower shall upon demand fully indemnify the Security Agent in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any
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      <tr style="vertical-align: top">
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall, in respect of the Ship owned by it:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall keep the Ship in a good and safe condition and state of repair:</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall submit the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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    themselves about proposed or executed repairs and shall afford all proper facilities for such inspections. Each Borrower will be liable for the costs of the inspection for the Ship owned by it once in each 12-month period (starting on the Utilisation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without limiting Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>23.9 (<i>Compliance with laws etc.</i>), each
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">that such Ship shall not be used in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on each Obligor);</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">that such Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the prior written consent of the Security Agent acting on the instructions of the Facility Agent which is acting on the instructions of the Majority Lenders has been given; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">the relevant Borrower has (at its expense) effected any special, additional or modified insurance cover which the Security Agent acting on the instructions of the Facility Agent which is acting on the instructions of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without prejudice to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>20.5 (<i>Information: miscellaneous</i>) the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and, upon the Facility Agent's request (acting on the instructions of the Majority Lenders), promptly provide copies of any current Charter relating to that
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall immediately notify the Facility Agent by fax or, subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>36.5 (<i>Electronic communication</i>), by electronic mail, confirmed forthwith by letter, of:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or otherwise in connection with that Ship; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and each Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent (acting on the instructions of
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">23.15</td>
        <td style="text-align: justify">Restrictions on chartering, appointment of managers etc.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Borrower shall:</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">terminate or materially amend or supplement a Management Agreement unless, in the case of termination, such Management Agreement is immediately replaced by another Management Agreement acceptable to the Facility
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        <td style="text-align: justify">appoint a manager of that Ship other than an Approved Commercial Manager or an Approved Technical Manager or agree to any alteration to the terms of an Approved Manager's appointment;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">de activate or lay up that Ship; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">put its Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,500,000 (or the equivalent in any other currency) unless that person has first
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><b>23.16</b></td>
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        <td style="text-align: justify">the aggregate Market Value of the Ships; plus</td>
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the net realisable value of additional Security previously provided under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>24 (<i>Security Cover</i>);</td>
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        <td style="text-align: justify">on the Utilisation Date and ending on the date falling 18 months thereafter (inclusive) (the "<b>First Date</b>"), 110 per cent. of the Loan;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">If the Facility Agent (acting on the instructions of the Majority Lenders) serves a notice on the Borrowers under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>24.1 (<i>Minimum

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        <td style="width: 35.45pt">(i)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(ii)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The net realisable value of any additional security which is provided under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>24.2


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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any valuation under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>24 (<i>Security Cover</i>) shall be binding
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><b>&#160;</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Until an Event of Default occurs, the Facility Agent shall on each Repayment Date and on each Interest Payment Date distribute to the Finance Parties in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">in discharge of the Borrowers' liability for that Repayment Instalment, that interest or that fee.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Borrower shall promptly:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">A breach occurs of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>4.4 (<i>Waiver of conditions precedent</i>),
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>26.2 (<i>Non-payment</i>)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">No Event of Default under paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above will occur if the failure to comply is capable of remedy and is remedied within 10
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">26.5</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any representation or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered by or on behalf of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">26.6</td>
        <td style="text-align: justify">Cross default</td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</td>
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">26.7</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">is unable or admits inability to pay its debts as they fall due;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">suspends or threatens to suspend making payments on any of its debts; or</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">obtains or receives a deferral or suspension of payments, a rescheduling or re-organisation of debt (or certain debt) or an arrangement with all or a substantial proportion (by number or value) of creditors or of any
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">A moratorium is officially declared in respect of any indebtedness of any Transaction Obligor.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><b>Provided however that</b>:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.5pt"></td>
        <td style="width: 35.4pt">(A)</td>
        <td style="text-align: justify">should a Transaction Obligor, by any reason, including without limitation, any actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (including any Finance Party in
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          creditors (including any Finance Party in its capacity as such) setting out the terms of any such rescheduling, deferral, reorganisation or suspension of its indebtedness, shall not in itself constitute an Event of Default; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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        <td style="width: 35.5pt"></td>
        <td style="width: 35.4pt">(B)</td>
        <td style="text-align: justify">no Event of Default will occur under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>26.7 (<i>Insolvency</i>) if any of the events described in paragraphs <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a)-<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above occurs in respect of an Approved Manager which is a member of the Group
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  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">26.8</td>
        <td style="text-align: justify">Insolvency proceedings</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the suspension of payments, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Transaction Obligor;</td>
      </tr>

  </table>
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">a composition, compromise, assignment or arrangement with any creditor of any Transaction Obligor;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not a Transaction Obligor), receiver, administrator, administrative receiver, compulsory manager or
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iv)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">or any analogous procedure or step is taken in any jurisdiction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">26.9</td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy the Security Agent (acting on the instructions of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The authority or ability of a Transaction Obligor (excluding the Collateral Shareholder) to conduct its business is limited or wholly or substantially
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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    reasonably likely to have a Material Adverse Effect. No Event of Default will occur under this clause in respect of the Guarantor if the monetary value of the subject matter of such litigation, arbitration or administrative proceedings or
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        <tr style="vertical-align: top; text-align: left">
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and the Facility Agent may serve notices under paragraphs <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a), <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) and <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(c) above simultaneously or on different dates and the Security Agent may take any
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders, take any action
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 9<br>
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    Changes to Parties</p>
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        <td style="width: 35.45pt">27</td>
        <td style="text-align: justify">Changes to the Lenders</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Subject to this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27 (<i>Changes to the Lenders</i>), a Lender (the "<b>Existing

      Lender</b>") may without the consent of any Obligor:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the
    purpose of making, purchasing or investing in loans, securities or other financial assets or person (the "<b>New Lender</b>").</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the
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        <td style="text-align: justify">Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are
          assigned to the New Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which any Borrower or any other Transaction Obligor had against the Existing Lender.</td>
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        <td style="text-align: justify">A transfer will only be effective if the procedure set out in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.5 (<i>Procedure for transfer</i>) is complied with.</td>
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        <td style="text-align: justify">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the
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        <td style="text-align: justify">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver
          that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and any representations or warranties implied by law are excluded.</p>
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        <td style="text-align: justify">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor and its related entities in connection with its participation
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        <td style="text-align: justify">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27

          (<i>Changes to the Lenders</i>); or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Transaction Documents or otherwise.</td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">27.5</td>
        <td style="text-align: justify">Procedure for transfer</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Subject to the conditions set out in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.2 (<i>Conditions of assignment or transfer</i>), a transfer is effected in accordance
          with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New
          Lender. The Facility Agent shall, subject to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
          appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied in its sole discretion that it has complied with all necessary
          "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.9 (<i>Pro rata interest settlement</i>), on the Transfer Date:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the
          Transaction Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance
          Documents and in respect of the Transaction Security shall be cancelled (being the "<b>Discharged Rights and Obligations</b>");</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">each of the Transaction Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that
          Transaction Obligor and the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the Facility Agent, the Security Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have
          acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent and the Existing Lenders shall each
          be released from further obligations to each other under the Finance Documents; and</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">the New Lender shall become a Party as a "<b>Lender</b>".</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">27.6</td>
        <td style="text-align: justify">Procedure for assignment</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Subject to the conditions set out in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.2 (<i>Conditions of assignment or transfer</i>) an assignment may be effected in
          accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and
          the New Lender. The Facility Agent shall, subject to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment
          Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied in its sole discretion it has complied with all necessary
          "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.9 (<i>Pro rata interest settlement</i>), on the Transfer Date:</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment
          Agreement;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the Existing Lender will be released from the obligations (the "<b>Relevant Obligations</b>") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is
          bound in respect of the Transaction Security); and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">Lenders may utilise procedures other than those set out in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.6 (<i>Procedure for assignment</i>) to assign their rights
          under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.5 (<i>Procedure for transfer</i>),

          to obtain a release by that Transaction Obligor from the obligations owed to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) <b>provided that</b> they comply with the conditions set out in
          Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.2 (<i>Conditions of assignment or transfer</i>).</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">27.7</td>
        <td style="text-align: justify">Copy of Transfer Certificate or Assignment Agreement to Borrower</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrowers a
    copy of that Transfer Certificate or Assignment Agreement.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">27.8</td>
        <td style="text-align: justify">Security over Lenders' rights</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">In addition to the other rights provided to Lenders under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27 (<i>Changes

      to the Lenders</i>), each Lender may without consulting with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights
    under any Finance Document to secure obligations of that Lender including, without limitation:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">except that no such charge, assignment or Security shall:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for a Lender as a party to any of the Finance Documents; or</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">require any payments to be made by a Transaction Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the
          Finance Documents.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">27.9</td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a "<i>pro rata</i> basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.5 (<i>Procedure for transfer</i>) or any assignment pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.6 (<i>Procedure


            for assignment</i>) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
          Date ("<b>Accrued Amounts</b>") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next
          of the dates which falls at six Monthly intervals after the first day of that Interest Period); and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">The rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</td>
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        <td style="width: 74.3pt"></td>
        <td style="width: 33.7pt">(A)</td>
        <td style="text-align: justify">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 74.3pt"></td>
        <td style="width: 33.7pt">(B)</td>
        <td style="text-align: justify">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.9 (<i>Pro
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="text-transform: uppercase"><b>&#160;</b></font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">28</td>
        <td style="text-align: justify">Changes to the Transaction Obligors</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Release of security</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">If a disposal of any asset subject to security created by a Security Document is made in the following circumstances:</td>
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">the Security Agent (acting on the instructions of the Facility Agent acting on the instructions of the Majority Lenders) shall release the asset(s) being
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">If the Security Agent (acting on the instructions of the Facility Agent acting on the instructions of the Majority Lenders) is satisfied that a release is allowed under this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>28.2 (<i>Release of security</i>) (at the request and expense of the Borrowers) each Finance Party must enter into any document and do all such other things which are reasonably required to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 10<br>
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    The Finance Parties</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">29</td>
        <td style="text-align: justify">The Facility Agent</td>
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each of the Lenders authorises the Facility Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent
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  </table>
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        <td style="text-align: justify">exercise or refrain from exercising any right, power, authority or discretion vested in it as Facility Agent (including, without limitation, make any designation, determination, specification or demand, approve an
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        <td style="text-align: justify">not be liable for any act (or omission) if it acts (or refrains from acting) (A) in accordance with sub-paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(i) above (or, if
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        <td style="text-align: justify">The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other
          Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may
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        <td style="text-align: justify">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any
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        <td style="text-align: justify">If the Facility Agent receives notice from a Party referring to any Finance Document, describing a circumstance and stating that the circumstance described is a Default, it shall promptly notify the other Finance
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        <td style="text-align: justify">If the Facility Agent is aware of the non-payment of any principal, interest or any fee payable to a Finance Party under this Agreement, it shall promptly notify the other Finance Parties.</td>
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        <td style="text-align: justify">The Facility Agent shall provide to the Borrowers within 5 Business Days of a request by the Borrowers (but no more frequently than once per calendar quarter), a list (which may be in electronic form) setting out the
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
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        <td style="text-align: justify">Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties,
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        <td style="text-align: justify">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any
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        <td style="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation
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        <td style="text-align: justify">any determination as to whether any information provided or to be provided to any Finance Party or Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or
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        <td style="text-align: justify">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered
          into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</td>
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        <td style="text-align: justify">any act, event or circumstance not reasonably within its control; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation,
    expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown,
    failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act
          or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>1.5 (<i>Third party rights</i>) and the provisions of the Third Parties Act.</td>
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        <td style="text-align: justify">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has
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        <td style="text-align: justify">Nothing in this Agreement shall oblige the Facility Agent to carry out:</td>
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        <td style="text-align: justify">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Alternatively, the Facility Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above within 20 days after
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      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">The retiring Facility Agent shall, at the Borrowers' cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request
          for the purposes of performing its functions as Facility Agent under the Finance Documents. The Borrowers shall indemnify the retiring Facility Agent prior to it being required to undertake any actions referred to in this sub-paragraph for the
          amount of all costs and expenses (including legal fees) to be properly incurred by it in making available such documents and records and providing such assistance.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The retiring Facility Agent's resignation notice shall only take effect upon the appointment of a successor.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(d) above) but shall remain entitled to the benefit of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>13.3 (<i>Indemnity to
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          its liability (or to indemnify it) in acting as Facility Agent. Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date. Any successor and each of the other Parties shall have the
          same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(g)</td>
        <td style="text-align: justify">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above. In this
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        <td style="width: 0"></td>
        <td style="width: 35.45pt">(h)</td>
        <td style="text-align: justify">The consent of the Borrowers (or any other Transaction Obligor) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent in accordance with this Agreement.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">The Facility Agent shall resign in accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above (and, to the extent applicable, shall use reasonable
          endeavours to appoint a successor Facility Agent pursuant to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(c) above) if on or after the date which is three months before the earliest FATCA
          Application Date relating to any payment to the Facility Agent under the Finance Documents, either:</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the Facility Agent fails to respond to a request under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.7 (<i>FATCA Information</i>) and a Lender reasonably believes that
          the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the information supplied by the Facility Agent pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>11.7 (<i>FATCA Information</i>) indicates that the Facility Agent
          will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the Facility Agent notifies the Borrowers and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">29.13</td>
        <td style="text-align: justify">Confidentiality</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
          departments.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">If information is received by a division or department of the Facility Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that
          information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Without prejudice to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>29.4 (<i>No fiduciary duties</i>), the Facility Agent is not obliged to disclose to any other person (i)
          any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</td>
      </tr>

  </table>
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    <p style="margin: 0pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">29.14</td>
        <td style="text-align: justify">Relationship with the other Finance Parties</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.9 (<i>Pro rata interest settlement</i>), the Facility Agent may treat a person shown in its records as Lender at
          the opening of business (in the place of the Facility Agent's principal office as notified to the Finance Parties from time to time) as a Lender acting through its Facility Office.</td>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">entitled to or liable for any payment due under any Finance Document on that day; and</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">unless it has received not less than five Business Days' prior written notice from that Lender to the contrary in accordance with the terms of this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to
          perform its functions as Security Agent. Each Finance Party shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent and any reference to any instructions being given by or
          sought from any Finance Party or group of Finance Parties to or by the Security Agent in this Agreement must be given or sought through the Facility Agent.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents.
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            communication</i>)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made)
          and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>36.2 (<i>Addresses</i>) and sub-paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(ii) of paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a)


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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">29.15</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document,
    each Finance Party confirms to the Facility Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document
    including but not limited to:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the financial condition, status and nature of each Transaction Obligor;</td>
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of,
          under or in connection with any Transaction Document or the Security Property;</td>
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  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property,
          the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any
          Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</td>
      </tr>

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security
          Assets.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any amount payable to the Facility Agent under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>13.3 (<i>Indemnity to
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      indemnity to the Facility Agent</i>) shall include the cost of utilising the Facility Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not
    exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
    Documents that Party shall be regarded as having received any amount so deducted.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">29.18</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Secured Party confirms that the Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports
    already accepted by the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the
    transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">29.19</td>
        <td style="text-align: justify">Full freedom to enter into transactions</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without prejudice to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>29.6 (<i>Business with the Group</i>) or any
    other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document
          (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction
          Obligor or any person who is party to, or referred to in, a Finance Document);</td>
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        <td style="text-align: justify">to deal in and enter into and arrange transactions relating to:</td>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any securities issued or to be issued by any Transaction Obligor or any other person; or</td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">any options or other derivatives in connection with such securities; and</td>
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">to provide advice or other services to the Borrowers or any person who is a party to, or referred to in, a Finance Document,</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions
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    from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">29.20</td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Notwithstanding anything to the contrary contained in the Transaction Documents, the Parties acknowledge that where any provision in a Transaction Document refers to the Facility Agent being obliged to or entitled to
          take any specified action, exercise any discretion, make any determination, give any consent or waiver, or act in a certain way in connection with the transactions contemplated by the Transaction Documents, it shall or may (as the case may be)
          take such specified action, exercise such discretion, make such determination, give any consent in accordance with the instructions or directions of the Majority Lenders or all Lenders (as the case may be) and in doing so shall be deemed to have
          acted reasonably.</td>
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        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Any instructions given by the Majority Lenders or the Lenders shall be in writing and any instructions by the Majority Lenders on matters which do not require the consent or instructions of all the Lenders as
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders or the Lenders (as the case may be) until it has received such security as it may require for any cost, loss or
          liability (together with any associated VAT) which it may incur in complying with the instructions.</td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">In the absence of instructions from the Majority Lenders the Facility Agent shall not be obliged to take action.</td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining the relevant Finance Party's consent) in any legal or arbitration proceedings relating to any Transaction Document.</td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="text-transform: uppercase"><b>&#160;</b></font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">The Security Agent declares that it holds the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30 (<i>The Security Agent</i>) and the other provisions of the Finance Documents.</td>
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        <td style="text-align: justify">Each other Finance Party authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</td>
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        <td style="text-align: justify">shall become due and payable at the same time as its Corresponding Debt;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">and the Corresponding Debt of an Obligor shall be:</p>
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        <td style="text-align: justify">increased to the extent that its Parallel Debt has increased,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</p>
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        <td style="text-align: justify">exercise or refrain from exercising any right, power, authority or discretion (including, without limitation, make any designation, determination, specification or demand, approve an evidence or the form of a
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        <td style="text-align: justify">not be liable for any act (or omission) if it acts (or refrains from acting) (A) in accordance with sub-paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(i) above (or if
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        <td style="text-align: justify">The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates
          the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or
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        <td style="text-align: justify">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any
          instructions given to the Security Agent by the Facility Agent (acting on the instructions of the Majority Lenders) shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</td>
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        <td style="text-align: justify">in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the relevant Secured Parties.</td>
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        <td style="text-align: justify">in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority under any of:</td>
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      <tr style="vertical-align: top">
        <td style="width: 74.3pt"></td>
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        <td style="text-align: justify">Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.28 (<i>Application of receipts</i>);</td>
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        <td style="width: 74.3pt"></td>
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        <td style="text-align: justify">Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.30 (<i>Prospective liabilities</i>).</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">If giving effect to instructions given by the Majority Lenders would in the Security Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>42 (<i>Amendments and Waivers</i>), the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent)
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        <td style="text-align: justify">In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:</td>
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        <td style="text-align: justify">it has not received any instructions as to the exercise of that discretion; or</td>
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        <td style="text-align: justify">the exercise of that discretion is subject to sub-paragraph (ii) of paragraph (d) above,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">the Security Agent shall do so having regard to the interests of all the Secured Parties.</p>
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        <td style="text-align: justify">The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion
          require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those
          instructions.</td>
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        <td style="text-align: justify">The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</td>
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        <td style="text-align: justify">The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party.</td>
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        <td style="text-align: justify">Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</td>
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        <td style="text-align: justify">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">as sufficient evidence that that is the case and, in the case of paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(A)


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        <td style="text-align: justify">The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through the Facility Agent and may give to the Facility Agent any notice or other communication required to be given by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The Security Agent may engage (at the Borrowers' cost) the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">unless such error or such loss was directly caused by the Security Agent's gross negligence or wilful misconduct.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any
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        <td style="text-align: justify">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation,
    expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown,
    failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</p>
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        <td style="text-align: justify">No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any
          claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer,
          employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>1.5 (<i>Third party rights</i>) and the provisions of
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        <td style="text-align: justify">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent has
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        <td style="text-align: justify">Nothing in this Agreement shall oblige the Security Agent to carry out:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any "know your customer" or other checks in relation to any person; or</td>
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry
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        <td style="text-align: justify">Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate, any liability of the Security Agent or any Receiver or Delegate
          arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of
          default of the Security Agent. Receiver or Delegate or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent, any Receiver or
          Delegate at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
          punitive, indirect or consequential damages, whether or not the Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the
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        <td style="text-align: justify">Alternatively, the Security Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Security Agent.</td>
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        <td style="text-align: justify">The retiring Security Agent shall, at the Borrowers' cost, make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request
          for the purposes of performing its functions as Security Agent under the Finance Documents. The Borrowers shall indemnify the retiring Security Agent prior to it being required to undertake any actions referred to in this sub-paragraph for the
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        <td style="text-align: justify">The Security Agent's resignation notice shall only take effect upon:</td>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the appointment of a successor; and</td>
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></td>
          <td style="width: 33%; text-align: right">&#160;</td>
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    <p style="margin: 0pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its
          obligations under paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.25 (<i>Winding up of trust</i>) and
          paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(d) above) but shall remain entitled to the benefit of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>13.4 (<i>Indemnity

            to the Security Agent</i>) and this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30 (<i>The Security Agent</i>) and any other provisions of a Finance Document which are expressed to limit or exclude
          its liability (or to indemnify it) in acting as Security Agent. Any fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the
          same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(g)</td>
        <td style="text-align: justify">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above. In this
          event, the Security Agent shall resign in accordance with paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above but the cost referred to in paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(d) above shall be for the account of the Borrowers.</td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(h)</td>
        <td style="text-align: justify">The consent of the Borrowers (or any other Transaction Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</td>
      </tr>

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.14</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or
          departments.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">If information is received by a division or department of the Security Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that
          information may be treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">Without prejudice to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.6 (<i>No fiduciary duties</i>) and notwithstanding any other provision of any Finance Document to the
          contrary, the Security Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation
          or a breach of a fiduciary duty.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.15</td>
        <td style="text-align: justify">Credit appraisal by the Finance Parties</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document,
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    including but not limited to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the financial condition, status and nature of each Transaction Obligor;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of,
          under or in connection with any Transaction Document or the Security Property;</td>
      </tr>

  </table>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></td>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property,
          the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any
          Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security
          Assets.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.16</td>
        <td style="text-align: justify">Security Agent's management time</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">Any amount payable to the Security Agent under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>13.4 (<i>Indemnity to the Security Agent</i>), Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>15 (<i>Costs and Expenses</i>) and Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.12 (<i>Lenders' indemnity to the
            Security Agent</i>) shall include the cost of utilising the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Borrowers and
          the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>10 (<i>Fees</i>). The Security Agent shall as soon as
          reasonably practicable notify the Borrowers in writing of any extraordinary management time which the Security Agent is envisaging to spend.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Without prejudice to paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above, in the event of:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">a Default;</td>
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the Security Agent being requested by a Transaction Obligor or the Majority Lenders to undertake duties which the Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">the Borrowers shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by
          the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the
          Borrowers) and the determination of any investment bank shall be final and binding upon the Parties.</td>
      </tr>

  </table>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.17</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each Secured Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports
    already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the
    transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">No responsibility to perfect Transaction Security</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Security Agent shall not be liable for any failure to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Security Assets;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">require any further assurance in relation to any Security Document.</td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">if it considers that appointment to be in the interests of the Secured Parties; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and the Security Agent shall give prior notice to the Borrowers and the Finance Parties of that appointment.</p>
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and
          responsibilities that are given or imposed by the instrument of appointment.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall,
          for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Acceptance of title</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction Obligor may
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Releases</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security Agent, the
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    Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.25</td>
        <td style="text-align: justify">Winding up of trust</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents,</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">then</p>
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(ii)</td>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other
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        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.28</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) or in connection with the realisation or enforcement of all or any part of the Security Property (for the
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.2 (<i>Parallel Debt
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties, for application towards the discharge of all sums due and payable by any Transaction Obligor under any of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">if none of the Transaction Obligors is under any further actual or contingent liability under any Finance Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute
          in priority to any Transaction Obligor; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the balance, if any, in payment or distribution to the relevant Transaction Obligor.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.29</td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Security Agent may, in its discretion:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance
          Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.30</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Following enforcement of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any
    Recoveries in a suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit for later payment to the Facility Agent for application in
    accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.28 (<i>Application of receipts</i>) in respect of:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">any sum to the Security Agent, any Receiver or any Delegate; and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">any part of the Secured Liabilities,</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">that the Security Agent or, in the case of paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(b) only, the Facility
    Agent, reasonably considers, in each case, might become due or owing at any time in the future.</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.31</td>
        <td style="text-align: justify">Investment of proceeds</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.28 (<i>Application of receipts</i>) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security
    Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent's
    discretion in accordance with the provisions of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.28 (<i>Application of receipts</i>).</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.32</td>
        <td style="text-align: justify">Currency conversion</td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of
          exchange available to the Security Agent in its usual course of business.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.33</td>
        <td style="text-align: justify">Good discharge</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(a) above in the same currency
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.34</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent,
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">30.35</td>
        <td style="text-align: justify">Full freedom to enter into transactions</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Without prejudice to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>30.7 (<i>Business with the Group</i>) or any
    other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document
          (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction
          Obligor or any person who is party to, or referred to in, a Finance Document);</td>
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          <td style="width: 33%">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">to deal in and enter into and arrange transactions relating to:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">any securities issued or to be issued by any Transaction Obligor or any other person; or</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">Notwithstanding anything to the contrary contained in the Transaction Documents, the Parties acknowledge that where any provision in Transaction Document refers to the Security Agent being obliged to or entitled to
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          take such specified action, exercise such discretion, make such determination, give any consent in accordance with the instructions or directions of the Facility Agent (acting on the instructions of the Majority Lenders or all Lenders, as the
          case may be) and in doing so shall be deemed to have acted reasonably.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in">(f)</td>
        <td style="text-align: justify">Any instructions given by the Majority Lenders shall be in writing and be binding on all the Lenders.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0"></td>
        <td style="width: 0.5in">(g)</td>
        <td style="text-align: justify">The Security Agent may refrain from acting in accordance with the instructions of the Facility Agent until it has received such security as it may require for any cost, loss or liability (together with any associated
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      </tr>

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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in">(h)</td>
        <td style="text-align: justify">In the absence of instructions from the Facility Agent, the Security Agent shall not be obliged to take any action.</td>
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    legal or arbitration proceedings relating to any Security Document. Subject to the terms of the Transaction Documents, this paragraph (d) shall not apply to any legal or arbitration proceedings relating to the perfection preservation or protection of
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Conduct of Business by the Finance Parties</td>
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">No provision of this Agreement will:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
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          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">32</td>
        <td style="text-align: justify">Sharing among the Finance Parties</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">32.1</td>
        <td style="text-align: justify">Payments to Finance Parties</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If a Finance Party (a "<b>Recovering Finance Party</b>") receives or recovers any amount from a Transaction Obligor other than in accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>33 (<i>Payment Mechanics</i>) (a "<b>Recovered Amount</b>") and applies that amount to a payment due to it under the Finance Documents then:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent
          and distributed in accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>33 (<i>Payment Mechanics</i>), without taking account of any Tax which would be imposed on the Facility Agent in relation
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the "<b>Sharing Payment</b>") equal to such receipt or recovery less any amount
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            of receipts; partial payments</i>).</td>
      </tr>

  </table>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Redistribution of payments</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties
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    towards the obligations of that Transaction Obligor to the Sharing Finance Parties.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">32.3</td>
        <td style="text-align: justify">Recovering Finance Party's rights</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">On a distribution by the Facility Agent under Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>32.2 (<i>Redistribution


      of payments</i>) of a payment received by a Recovering Finance Party from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be
    treated as not having been paid by that Transaction Obligor.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">32.4</td>
        <td style="text-align: justify">Reversal of redistribution</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing
          Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "<b>Redistributed Amount</b>"); and</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">This Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>32 (<i>Sharing among the Finance Parties</i>) shall not apply to the extent that the Recovering Finance Party would not,
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0"></td>
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        <td style="text-align: justify">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</td>
      </tr>

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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">it notified that other Finance Party of the legal or arbitration proceedings; and</td>
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  </table>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
          arbitration proceedings.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Section 11<br>
    <br>
    Administration</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">33</td>
        <td style="text-align: justify">Payment Mechanics</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">33.1</td>
        <td style="text-align: justify">Payments to the Facility Agent</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility
          Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in
          the place of payment.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as
          specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies.</td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">33.2</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>33.3 (<i>Distributions to a Transaction Obligor</i>) and Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>33.4 (<i>Clawback and pre-funding</i>) be made available by the
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    Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The Facility Agent may (with the consent of the Transaction Obligor or in accordance with Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>34 (<i>Set-Off</i>)) apply any amount received by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under the Finance
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Application of receipts; partial payments</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><b>first</b>, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">All payments to be made by a Transaction Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for)
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting on the instructions of the Majority Lenders and after consultation with the Borrowers) specifies (acting
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The address, fax number and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party
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        <td style="text-align: justify">in the case of each Lender or any other Obligor, that specified in <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 1 (<i>The Parties</i>) or, if it becomes a Party after
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other
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        <td style="text-align: justify">All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</td>
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    Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Any Finance Party may disclose:</p>
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        <td style="text-align: justify">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</p>
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        <td style="text-align: justify">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Transaction Obligors by a numbering service provider and the information associated with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The obligations in this Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>43 (<i>Confidential Information</i>) are
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        <td style="text-align: justify">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">irrevocably appoints Messrs E. J. C. Album Solicitors, presently of Landmark House, 190 Willifield Way, London NW11 6YA, England (attention: Mr Edward Album, tel: +44 208 455 7653, fax: +44 208 457 5558 and email: <u>ejca@mitgr.com</u>)
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1<br>
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        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Fax: +302109638404</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Tel: +302130181507</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
        <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part B<br>
    <br>
    The Original Lenders<br>
    <br>
  </p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; padding-right: 5.4pt; text-align: justify"><b>Name of Original Lender</b></td>
        <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Commitment</b></td>
        <td style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Address for Communication</b></td>
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      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
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        <td style="padding-right: 5.4pt; text-align: justify">Blue Ocean Onshore Fund LP</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$10,511,012.27</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Blue Ocean Onshore Fund LP<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
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      </tr>
      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$4,692,965.08</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Blue Ocean 1839 Fund LP<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify">Blue Ocean Income Fund LP</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$2,604,465.39</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Blue Ocean Income Fund LP<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 10pt; text-align: justify">EnTrust Global ICAV, for and on behalf of Blue Ocean Fund</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$1,803,181.67</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">EnTrust Global ICAV<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux&#160;</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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          <td style="width: 33%; text-align: right">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; padding-right: 10pt; text-align: justify">Blue Ocean Offshore Master Fund I LLC</td>
        <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$542,010.37</td>
        <td style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Blue Ocean Offshore Master Fund I LLC<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 10pt; text-align: justify">Blue Ocean IDF Series of the SALI Multi-Series Fund, L.P.</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$2,346,365.22</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Blue Ocean IDF Series of the SALI Multi-Series Fund, L.P.<br>
            c/o EnTrust Global Partners Offshore LP</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">375 Park Avenue</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10152</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Facsimile: +1 212 888 0751</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Email: sengh@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">/odonnerstein@entrustglobal.com/</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">mlux@entrustglobal.com</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Svein Engh / Omer Donnerstein</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/ Matthew Lux</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></td>
          <td style="width: 33%; text-align: right">&#160;</td>
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    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part C<br>
    <br>
    The Servicing Parties</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 54%; padding-right: 5.4pt; text-align: justify"><b>Name of Facility Agent</b></td>
        <td style="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Address for Communication</b></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
      </tr>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, No 1 Building 1-5 London Wall Buildings, London Wall,
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">Fax: + 44 2030024691</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">Attention: Lucid Agency and Trustee Services Limited (deals@lucid-ats.com)&#160;</p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify"><b>Name of Security Agent</b></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Address for Communication</b></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; text-align: justify">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, No 1 Building 1-5 London Wall Buildings, London Wall,
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">Fax: + 44 2030024691</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.3pt; text-align: justify">Attention: Lucid Agency and Trustee Services Limited (deals@lucid-ats.com)&#160;</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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          <td style="width: 33%">&#160;</td>
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          <td style="width: 33%; text-align: right">&#160;</td>
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    </table>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 2<br>
    <br>
    Conditions Precedent</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part A<br>
    <br>
    Conditions precedent to Utilisation Request</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">1</td>
        <td style="text-align: justify">Obligors</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">1.1</td>
        <td style="text-align: justify">A copy of the constitutional documents of each Transaction Obligor.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">1.2</td>
        <td style="text-align: justify">A copy of a resolution of the board of directors of each Transaction Obligor:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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        <td style="text-align: justify">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">(c)</td>
        <td style="text-align: justify">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under, or in
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">1.3</td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">1.4</td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      </tr>

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      </tr>

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        <td style="text-align: justify">A certificate of each Transaction Obligor that is incorporated outside the UK (signed by an officer) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">A certificate of an officer of the relevant Transaction Obligor certifying that each copy document relating to it specified in this <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Part

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">If a Transaction Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Facility Agent and the Security Agent in the relevant jurisdiction, substantially
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 34.9pt">5.2</td>
        <td style="text-align: justify">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">5.3</td>
        <td style="text-align: justify">Evidence that the Earnings Account has been opened with the Account Bank.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 1.1pt"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">5.5</td>
        <td style="text-align: justify">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>10 (<i>Fees</i>) and Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>15 (<i>Costs and Expenses</i>) have been paid or will be paid by the Utilisation Date.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">5.6</td>
        <td style="text-align: justify">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions contemplated by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part B<br>
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    Conditions precedent to Utilisation</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">1</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">A certificate of an authorised signatory of each Borrower certifying that each copy document which it is required to provide under this <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Part B of <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 2 (<i>Conditions Precedent</i>) is correct, complete and in full force
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">2</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">An original of the Deed of Release and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent
    (acting on the instructions of the Majority Lenders) of its due execution by the parties to it.</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">3</td>
        <td style="text-align: justify">Finance Documents</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">3.1</td>
        <td style="text-align: justify">A duly executed original of any Finance Document not otherwise referred to in this <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule 2 (<i>Conditions Precedent</i>).</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">3.2</td>
        <td style="text-align: justify">A duly executed original of any other document required to be delivered by each Finance Document if not otherwise referred to this <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>Schedule


          2 (<i>Conditions Precedent</i>).</td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 34.9pt">4</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">4.1</td>
        <td style="text-align: justify">A duly executed original of the Account Security, each Shares Security, each Mortgage, each General Assignment and any Charter Assignment and of each document to be delivered under or pursuant to each of them
          together with documentary evidence that the each Mortgage has been duly registered or recorded (as applicable) as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of the Approved
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt">4.2</td>
        <td style="text-align: justify">Documentary evidence that each Ship:</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 34.9pt">(a)</td>
        <td style="text-align: justify">is definitively and permanently registered in the name of the relevant Borrower under the relevant Approved Flag;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 34.9pt">(b)</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      </tr>

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        <td style="text-align: justify">a Manager's Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">copies of the Approved Technical Manager's Document of Compliance and of that Ship's Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">An opinion from an independent insurance consultant acceptable to the Facility Agent (acting on the instructions of the Majority Lenders) on such matters relating to the Insurances as the Facility Agent may require
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">A duly executed original of the Collateral Account Security, the Collateral Guarantee, the Collateral Mortgage, the Collateral Shares Security and the Collateral General Assignment and of each document to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Documentary evidence that the Collateral Ship:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">maintains the relevant Approved Classification with the relevant Approved Classification Society free of all overdue recommendations and conditions of the relevant Approved Classification Society; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">Documents establishing that the Collateral Ship is managed commercially by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms acceptable to the Facility Agent acting
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      </tr>

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        <td style="text-align: justify">a Collateral Manager's Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">copies of the Approved Technical Manager's Document of Compliance and of the Ship's Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent
          requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Collateral Ship including without limitation an ISSC.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Legal opinions of the legal advisers to the Facility Agent and the Security Agent in the jurisdiction of the Approved Flag of each Ship and the Collateral
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 3<br>
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    Requests</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Utilisation Request</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From:&#160;<b>&#160;&#160;&#160;&#160;&#160;Sea Glorius Shipping Co.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;<b>Sea Genius Shipping Co.</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To:<b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lucid Agency Services Limited</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Dated: [&#9679;] 2020</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Sirs</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Sea Glorius Shipping Co. and Sea Genius Shipping Co. &#8211; $22,500,000 Facility Agreement dated [&#9679;] 2020 (the </b>"<b>Agreement</b>"<b>)</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 5%">1</td>
        <td style="text-align: justify; width: 95%">We refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 5%">2</td>
        <td style="text-align: justify; width: 95%">We wish to borrow the Loan on the following terms:</td>
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        <td style="width: 30%; text-align: justify">Proposed Utilisation Date:</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">Amount:</td>
        <td style="text-align: justify">[$22,500,000] or, if less, the Available Facility as follows:</td>
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        <td>&#160;</td>
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        <td style="text-align: justify">Tranche A</td>
        <td style="text-align: justify">[$6,500,000]</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 5%">3</td>
        <td style="text-align: justify; width: 95%">[You are authorised and requested to deduct from the Loan prior to funds being remitted the following amounts set out against the following items:</td>
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        <td style="width: 85%; text-align: justify">Fees payable on the Utilisation date pursuant to Clause <font style="font-family: Times New Roman, Times, Serif;">&#8206;</font>10 (<i>Fees</i>)</td>
        <td style="width: 10%; text-align: justify">$[&#9679;]</td>
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        <td style="width: 5%">4</td>
        <td style="text-align: justify; width: 95%">[We request that funds are prepositioned with [include details of relevant bank] in accordance with Clause <font style="font-family: Times New Roman, Times, Serif;">&#8206;</font>5.8 (<i>Prepositioning of
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        <td style="width: 5%">5</td>
        <td style="text-align: justify; width: 95%">We hereby agree and acknowledge that the Facility Agent shall make payments strictly on the basis of the information set forth in this Utilisation Request hereto even if such information is incorrect. In
          the event that any of such information is incorrect, we agree that the Facility Agent shall not have any liability with respect thereto.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 5%">6</td>
        <td style="text-align: justify; width: 95%">We confirm that each condition specified in Clause <font style="font-family: Times New Roman, Times, Serif;">&#8206;</font>4.1 (<i>Initial conditions precedent</i>) of the Agreement as they relate to the Loan
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 5%">7</td>
        <td style="text-align: justify; width: 95%">The net proceeds of the Loan should be credited to [<i>account details of Existing Facility Agent]</i>.</td>
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        <td style="width: 5%">8</td>
        <td style="text-align: justify; width: 95%">This Utilisation Request is irrevocable.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 4<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To: <b>&#160;&#160;&#160;&#160;&#160;&#160;Lucid Agency Services Limited</b> as Facility Agent</p>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>(c) of Clause <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8206;</font>27.4 (<i>Limitation of responsibility of Existing Lenders</i>) of the Agreement.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</td>
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    </table>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>THE SCHEDULE</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [&#9679;].</p>
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  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
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        <tr style="vertical-align: top; text-align: left">
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 5<br>
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    Form of Assignment Agreement</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">To:</td>
        <td style="text-align: justify"><b>Lucid Agency Services Limited</b> as Facility Agent and <b>Sea Glorius Shipping Co. and Sea Genius Shipping Co.</b> as joint and several Borrowers, for and on behalf of each Transaction Obligor</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Sirs</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>276,500</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; width: 23%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,023,500</td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15,723,500</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>200,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>276,500</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,547,000</td>
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        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">3 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6,100,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15,447,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>200,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>276,500</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,070,500</td>
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        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">4 </td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15,170,500</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>200,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>276,500</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,594,000</td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,894,000</td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,617,500</td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,341,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13,826,000</td>
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        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">9 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,600,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13,311,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,046,000</td>
      </tr>
      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">10 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,250,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12,796,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16,181,000</td>
      </tr>
      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">11 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3,900,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12,281,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,316,000</td>
      </tr>
      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">12 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3,550,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11,766,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,451,000</td>
      </tr>
      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">13 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3,200,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11,251,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,586,000</td>
      </tr>
      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">14 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,850,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10,736,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,721,000</td>
      </tr>
      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">15 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,500,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10,221,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,856,000</td>
      </tr>
      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">16 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,150,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9,706,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,991,000</td>
      </tr>
      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">17 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,800,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9,191,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,126,000</td>
      </tr>
      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">18 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,450,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8,676,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,261,000</td>
      </tr>
      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">19 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,100,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8,161,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,396,000</td>
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      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 35.45pt; text-align: center; text-indent: -35.45pt">20 </td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">750,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7,646,000</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>350,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>515,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,531,000</td>
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      <tr style="background-color: rgb(204,238,255)">
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Totals</b></td>
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        <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 10.4pt; padding-left: 5.4pt; text-align: right"><b>6,100,000</b></td>
        <td style="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 15.4pt; padding-left: 5.4pt; text-align: right"><b>8,869,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
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      <tr style="background-color: White">
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Balloon</b></td>
        <td colspan="2" style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
        <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 10.4pt; padding-left: 5.4pt; text-align: right"><b>400,000</b></td>
        <td style="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 15.4pt; padding-left: 5.4pt; text-align: right"><b>7,131,000</b></td>
        <td style="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>
  <!-- Field: Page; Sequence: 162; Value: 2 -->
  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence --></td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 7<br>
    <br>
    Details of the Ships</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 5pt; width: 12%; border: Black 1pt solid; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Ship name</b></p>
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          <p style="margin-top: 0; margin-bottom: 0"><b>Name <br>
              of the</b></p>
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          <p style="margin-top: 0; margin-bottom: 0"><b>owner</b></p>
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        <td style="vertical-align: bottom; padding-left: 5pt; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><b>IMO No.</b></td>
        <td style="vertical-align: bottom; padding-left: 5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><b>Type</b></td>
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        <td style="vertical-align: bottom; padding-left: 5pt; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><b>Approved Flag </b></td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Approved</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Classification</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Society</b></p>
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        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left">"GLORIUSHIP" </td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: justify">Sea Glorius Shipping Co.</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: justify">9266944</td>
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        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: justify">171,300</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: justify">Marshall Islands</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: left">American Bureau of Shipping</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; text-align: left">A1, Bulk Carrier, BC-A holds, 2, 4, 6&amp;8 may be empty, ESP, AMS, ACCU</td>
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      <tr style="vertical-align: top">
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td>
        <td style="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&#160;</td>
      </tr>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 35%; text-align: justify"><b>SIGNED</b> by Stamatios Tsantanis</td>
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  <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid">
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        <tr style="vertical-align: top; text-align: left">
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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        <td style="text-align: justify">for and on behalf of</td>
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        <td style="text-align: justify"><b>BLUE OCEAN ONSHORE FUND LP</b></td>
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        <td style="text-align: justify">as its General Partner</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">in the presence of:</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">Witness' signature:</td>
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        <td style="text-align: justify">Witness' name: Maria Eleni Kossyfa</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' address:</td>
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        <td style="text-align: justify">&#160;</td>
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        <td colspan="2" style="padding-left: 0.25in; text-align: center">WATSON FARLEY WILLIAMS</td>
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        <td colspan="2" style="padding-left: 0.25in; text-align: center">345 SYNGROU AVENUE</td>
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        <td colspan="2" style="padding-left: 0.25in; text-align: center">KALLITHEA 176 74</td>
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      <tr style="vertical-align: top">
        <td style="width: 35%; text-align: left"><b>SIGNED</b> by Konstantinos Mexias</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">duly authorised </td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">for and on behalf of</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify"><b>BLUE OCEAN 1839 FUND LP</b></td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">as its General Partner</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">in the presence of:</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: center">&#160;</td>
        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">Witness' signature:</td>
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        <td style="text-align: justify">/s/ Maria Eleni Kossyfa</td>
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        <td style="text-align: justify">Witness' name: Maria Eleni Kossyfa</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">345 SYNGROU AVENUE</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">KALLITHEA 176 74</td>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; text-align: justify"><b>SIGNED</b> by Konstantinos Mexias</td>
        <td style="width: 15%; text-align: center">)</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">duly authorised </td>
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        <td style="text-align: justify">for and on behalf of</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify"><b>BLUE OCEAN INCOME FUND LP</b></td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">in the presence of:</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: center">&#160;</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' signature:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">/s/ Maria Eleni Kossyfa</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' name: Maria Eleni Kossyfa</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' address:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">WATSON FARLEY WILLIAMS</td>
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      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">345 SYNGROU AVENUE</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">KALLITHEA 176 74</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">ATHENS-GREECE</td>
        <td style="text-align: justify">&#160;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
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  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; text-align: justify"><b>SIGNED</b> by Konstantinos Mexias</td>
        <td style="width: 15%; text-align: center">)</td>
        <td style="width: 50%; text-align: justify">/s/ Konstantinos Mexias</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">duly authorised </td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">for and on behalf of</td>
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        <td style="text-align: justify">&#160;</td>
      </tr>
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        <td style="text-align: justify"><b>BLUE OCEAN FUND</b></td>
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        <td style="text-align: justify">&#160;</td>
      </tr>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">in the presence of:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: center">&#160;</td>
        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify">/s/ Maria Eleni Kossyfa</td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">KALLITHEA 176 74</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">ATHENS-GREECE</td>
        <td style="text-align: justify">&#160;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; text-align: justify"><b>SIGNED</b> by Konstantinos Mexias</td>
        <td style="width: 15%; text-align: center">)</td>
        <td style="width: 50%; text-align: justify">/s/ Konstantinos Mexias</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">duly authorised </td>
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        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">for and on behalf of</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify"><b>BLUE OCEAN OFFSHORE MASTER</b></td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: justify"><b>FUND I LLC</b></td>
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        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
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        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: justify">as its Investment Advisor</td>
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        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: justify">in the presence of:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: center">&#160;</td>
        <td style="text-align: justify">&#160;</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' signature:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">/s/ Maria Eleni Kossyfa</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' name: Maria Eleni Kossyfa</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: justify">Witness' address:</td>
        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">WATSON FARLEY WILLIAMS</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">345 SYNGROU AVENUE</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">KALLITHEA 176 74</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="padding-left: 0.25in; text-align: center">ATHENS-GREECE</td>
        <td style="text-align: justify">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
  <table style="width: 100%; border-collapse: collapse; font-size: 10pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 35%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"><b>SIGNED</b> by Konstantinos Mexias</font></td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">duly authorised</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif">)</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">for and on behalf of</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">/s/ Maria Eleni Kossyfa</font></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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        <td style="text-align: justify">&#160;</td>
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        <td style="text-align: center">)</td>
        <td style="text-align: justify">/s/ Marsha Brookes</td>
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        <td style="text-align: justify">Witness' name: Marsha Brookes</td>
        <td style="text-align: center">)</td>
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        <td style="text-align: center">)</td>
        <td style="text-align: justify">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>16
<FILENAME>ny20004194x3_ex4-9.htm
<DESCRIPTION>EXHIBIT 4.9
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
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         Copyright 1995 - 2022 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; color: #000000; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 4.9</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Dated [&#9679;] June 2022</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">(originally) US$22,500,000 facility with</div>
    <div style="text-align: center; font-weight: bold;"><font style="color: #000000;">US$</font>4,950,000<font style="color: #000000;"> outstanding</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SEA GLORIUS SHIPPING CO.</div>
    <div style="text-align: center; color: #000000;">as Borrower</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
    <div style="text-align: center; color: #000000;">as Existing Guarantor</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">UNITED MARITIME CORPORATION</div>
    <div style="text-align: center; color: #000000;">as Replacement Guarantor</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">KROLL AGENCY SERVICES LIMITED</div>
    <div style="text-align: center; color: #000000;">as Facility Agent</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">KROLL TRUSTEE SERVICES LIMITED</div>
    <div style="text-align: center; color: #000000;">as Security Agent</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">DEED OF RELEASE, ACCESSION AND AMENDMENT</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">relating to a facility agreement dated 15 July 2020</div>
    <div style="text-align: center; color: #000000;">in respect of the refinancing of certain existing indebtedness</div>
    <div style="text-align: center;"><font style="color: #000000;">secured on m.v. &#8220;</font>GLORIUSHIP<font style="color: #000000;">&#8221;</font></div>
    <div style="text-align: center;"><font style="color: #000000;"> <br>
      </font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="ny20004194x3_ex4-9img01.jpg"> </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Index</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z53838a236a7644a796300fd3ee5b0698" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Clause</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Page</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">1</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Definitions and Interpretation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">2</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Conditions Precedent</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">3</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Representations</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">4</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Release of Existing Guarantor</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">5</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Agreement and Waiver</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">6</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Accession of Replacement Guarantor</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">7</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Amendments to Facility Agreement and Other Finance Documents</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">8</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Further Assurance</div>
          </td>
          <td style="width: 10%; vertical-align: top;"> 8<br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;"> 9<br>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Costs and Expenses</div>
          </td>
          <td style="width: 10%; vertical-align: top;"> 8<br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">10</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Notices</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">11</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Counterparts</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">12</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Governing Law</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 80.26%; vertical-align: top; font-weight: normal;">&#160;</td>
          <td style="width: 10%; vertical-align: top; font-weight: normal;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">13</div>
          </td>
          <td style="width: 80.26%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Enforcement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">8</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z1e29461db89540cc968e053e5ab40339" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedules</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Schedule 1 Conditions Precedent</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Execution</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">Execution Pages</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: normal;">12</div>
          </td>
        </tr>

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    <div><br>
    </div>
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    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">THIS DEED </font>is made on [&#9679;] June 2022</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">PARTIES</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5937f1bb5a604496992430c02fae6e0c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">SEA GLORIUS SHIPPING CO.</font>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro,
              Marshall Islands as borrower<font style="color: #000000;"> (the &#8220;</font><font style="font-weight: bold; color: #000000;">Borrower</font><font style="color: #000000;">&#8221;)</font></div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c2ca051629e4bc1b8ff73c7ca35a314" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</font>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
              Majuro, Marshall Islands<font style="color: #000000;">&#160;</font>as existing guarantor <font style="color: #000000;">(the &#8220;</font><font style="font-weight: bold; color: #000000;">Existing Guarantor</font><font style="color: #000000;">&#8221;)</font></div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a1bb227a0744268a3b8543d594f69bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold; color: #000000;">UNITED MARITIME CORPORATION</font><font style="color: #000000;">, </font>a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company
              Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands<font style="color: #000000;">&#160;</font>as new guarantor <font style="color: #000000;">(the &#8220;</font><font style="font-weight: bold; color: #000000;">Replacement
                Guarantor</font><font style="color: #000000;">&#8221;)</font></div>
          </td>
        </tr>

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    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><font style="font-weight: bold;">KROLL AGENCY SERVICES LIMITED (previously Lucid Agency Services Limited) </font>as agent of the other Finance Parties<font style="font-weight: bold;">&#160;</font>(the &#8220;<font style="font-weight: bold;">Facility Agent</font>&#8221;)</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4018f6916f174a918edac412bb902cfa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;"><font style="font-weight: bold;">KROLL TRUSTEE SERVICES LIMITED (previously Lucid Trustee Services Limited) </font>as security agent for the Secured Parties<font style="font-weight: bold;">&#160;</font>(the &#8220;<font style="font-weight: bold;">Security Agent</font>&#8221;)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">BACKGROUND</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dde25472ebf499eba55f4c4e60b6816" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">By the Facility Agreement, the Lenders agreed to make available to the Borrower a secured term loan facility of (originally) up to US$22,500,000 of which a principal amount of US$</font>4,950,000<font style="color: #000000;"> is outstanding as at the date of this Deed.</font></div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd2bcb4cf9754450ae31e1301b5eba3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Borrower and the Existing Guarantor have requested that the Finance Parties consent to the Shares Transfer (as this term is defined below) and the replacement of the Existing Guarantor by the Replacement
              Guarantor subject to the terms and conditions of this Deed and have agreed to amend and supplement the Facility Agreement as set out in this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">OPERATIVE PROVISIONS</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z128af05e16dd4eceb3715bed8c5d64ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">DEFINITIONS AND INTERPRETATION</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33ba5d7f449d49899b0f9a5224706f17" cellpadding="0" cellspacing="0">

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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Definitions</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In this Deed:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Amended Facility Agreement</font>&#8221; means the Facility Agreement as amended and supplemented by this Deed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Effective Date</font>&#8221; means the date on which the conditions precedent as provided in Clause 2 (<font style="font-style: italic;">Conditions
        Precedent</font>) have been satisfied.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Existing Obligor</font>&#8221; means the Borrower and the Existing Guarantor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Facility Agreement</font>&#8221; means the facility agreement dated 15 July 2020 (as amended and supplemented from time to time) and made between, amongst
      others, (i) the Borrower, (ii) the Existing Guarantor, (iii) the Lenders, (iv) the Facility Agent and (v) the Security Agent.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">New Shares Security</font>&#8221; means the shares security to be entered into between (i) the Replacement Guarantor as shareholder and (ii) the Security
      Agent in relation to the shares in the Borrower, in agreed form.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Obligor</font>&#8221; means the Borrower and the Replacement Guarantor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Party</font>&#8221; means a party to this Deed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">&#8220;<font style="font-weight: bold;">Released Shares Security</font>&#8221; means the shares security dated 17 July 2020 between (i) the Existing Guarantor as shareholder and (ii) the
      Security Agent in relation to the shares in the Borrower.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">&#8220;<font style="font-weight: bold;">Shares Transfer</font>&#8221; means the transfer of ownership of all the shares in the Borrower from the Existing Guarantor to the Replacement
      Guarantor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">&#8220;<font style="font-weight: bold;">Spin-Off</font>&#8221; means a series of transactions following which the Borrower and the Replacement Guarantor will separate from the Existing
      Guarantor and, simultaneously, the Replacement Guarantor:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a782619fd2f4a94b814cf173cbabe55" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">will hold directly all of the shares in the Borrower; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64f5a8a9b9ee4e519f8ff27b2dda33c7" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">will hold indirectly, through the Borrower, Ship A.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">&#8220;<font style="font-weight: bold;">Spin-Off Completion Date</font>&#8221; means, the date on which the shares of the Replacement Guarantor are distributed to the shareholders of the Existing
      Guarantor.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb67a7cd6c95843a5b996db0a5e250603" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Defined expressions</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Defined expressions in the Facility Agreement shall have the same meanings when used in this Deed unless the context otherwise requires or unless otherwise defined in this Deed.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37882f7de9724167bf5dff87a4857355" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Application of construction and interpretation provisions of Facility Agreement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clause 1.2 (<font style="font-style: italic;">construction</font>) of the Facility Agreement applies to this Deed as if it were expressly incorporated in it with any necessary
      modifications.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z012b93c6f2264025890185689547ec76" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Agreed forms of new, and supplements to, Finance Documents</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">References in Clause 1.1 (<font style="font-style: italic;">Definitions</font>) to any new or supplement to a Finance Document being in &#8220;agreed form&#8221; are to that Finance Document:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18eb969107444db9a60143bca75cd5c6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">in a form attached to a certificate dated the same date as this Deed (and signed by the Borrower and the Facility Agent) (acting on the instructions of the Majority Lenders); or</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z986d5e2c8a3b4b7c953c6a65cde3faa7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">in any other form agreed in writing between the Borrower and the Facility Agent (acting with the authorisation of the Majority Lenders or, where clause 42.2 (<font style="font-style: italic;">all lender matters</font>)
              of the Facility Agreement applies, all the Lenders).</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52342dffc08c47ee98d6895eafa4fabc" cellpadding="0" cellspacing="0">

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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Designation as a Finance Document</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrower and the Facility Agent designate this Deed as a Finance Document.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
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    </div>
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    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Authorisation of Facility Agent</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent confirms that it is authorised to execute this Deed for an on behalf of each of the Lenders pursuant to clause 29.2 (<font style="font-style: italic;">instructions</font>)
      of the Facility Agreement.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc287a3d80df4272b58037f2dcff0794" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Third party rights</div>
          </td>
        </tr>

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    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Deed.</div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52309c40079f4881b8ef92d1251ec314" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Subject to clause 42.3 (<font style="font-style: italic;">other exceptions</font>) of the Facility Agreement but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a
              Party is not required to rescind or vary this Deed at any time.</div>
          </td>
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    <div><br>
    </div>
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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">CONDITIONS PRECEDENT</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb95bc38eb1043b19cde21442d82edd8" cellpadding="0" cellspacing="0">

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          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Facility Agent shall send to the Lenders all of the documents and other evidence listed in Schedule 1 (<font style="font-style: italic;">Conditions Precedent</font>) which it has received.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72dce84b13074856a633a84aee20afa1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Once each Lender has confirmed to the Facility Agent in writing that it is satisfied as to the satisfaction of the conditions precedent referred to in listed in Schedule 1 (<font style="font-style: italic;">Conditions




                Precedent</font>), the Facility Agent shall notify the Borrower promptly upon receipt of such confirmations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z285a0335cc544347b65b0cb2d5b84c67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary at any time before the Facility Agent gives the notification described in paragraph (b) above, the Lenders
              authorise (but do not require) the Facility Agent to give that notification.&#160; The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ce906adff594e7d85e57980e7765513" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">REPRESENTATIONS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z77e804ea28504113bcb281e86061a5f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Facility Agreement representations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z113d42295e8944e6b56bba0a91e10613" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each Existing Obligor makes the representations and warranties set out in clause 18 (<font style="font-style: italic;">representations</font>) of the Facility Agreement by reference to the circumstances then
              existing on the date of this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6632776371bc4ddda7d40cd2d92c02b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each Obligor makes the representations and warranties set out in clause 18 (<font style="font-style: italic;">representations</font>) of the Amended Facility Agreement by reference to the circumstances then existing
              on the Effective Date.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc279f0dc597b4faa95bfa88a36652ed0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Finance Document representations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8eaff171541044ecbe9f7ebe9c1bb5b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each Existing Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, by reference to the circumstances then existing on the date
              of this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7869ce64158a491886e867e5187f0926" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and supplemented by this Deed and updated with
              appropriate modifications to refer to this Deed, by reference to the circumstances then existing on the Effective Date.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57c4cbf36ed64a989d22c0b04adb2c35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">RELEASE OF EXISTING GUARANTOR</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66a66d956a904c728fff5e3cb6e73d5a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Release of Security</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On and from the Effective Date, the Security Agent (acting on the instructions of the Lenders) irrevocably and unconditionally releases any Security created in its favour under the
      Released Shares Security.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b92a81a4e514603a8e0f30e297b29de" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Release of obligations and liabilities</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On and from the Effective Date, the Facility Agent (on behalf of the Finance Parties) and the Security Agent (each acting on the instructions of the Lenders) releases the Existing
      Guarantor from its obligations and liabilities of any nature (except any surviving indemnities)&#160; under any Finance Document to which it is a party.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fd50b4d81434319a79ea6e538d98491" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Reassignment of assigned property</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">One and from the Effective Date, the Security Agent (acting on the instructions of the Lenders), without any warranty, representation, covenant or other recourse whatsoever, agrees
      to reassign and hereby reassigns to the Existing Guarantor, all rights and interests of every kind in any asset assigned to the Security Agent by the Existing Guarantor under the Released Shares Security.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb202c5794f34371b1afe3a12e504d5e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Delivery of Documents</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to the occurrence of the Effective Date, the Security Agent shall promptly deliver to the Existing Guarantor each document delivered to it pursuant to the Released Shares
      Security.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6218dc872af47e4b346ee3410a2aa51" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">AGREEMENT AND WAIVER</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On and from the Effective Date, the Facility Agent (acting on the instructions of the Lenders and on behalf of the Finance Parties):</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4a9624410a2466294bedb834744af81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">consents to the Shares Transfer;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6090790464d640d4a83115733cafd74c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">waives the application of Clause 19 (<font style="font-style: italic;">Financial Covenants</font>); and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32b3f11a96b842ffb34916c01be5f9cc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">waives any Event of Default that has occurred in relation to the Borrower as a result of the occurrence of the Spin-Off Completion Date pursuant to:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6479b8591dc040e89e5d0ee09c0464a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">clause 26.4 (<font style="font-style: italic;">other obligations</font>) of the Facility Agreement in relation to paragraph (c) of clause 21.18 (<font style="font-style: italic;">share capital</font>);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z233833825426407f8532b28a64446e36" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">clause 26.5 (<font style="font-style: italic;">misrepresentation</font>) of the Facility Agreement in relation to a breach of paragraph (a) or (c) of clause 18.3 (<font style="font-style: italic;">share capital and
                ownership</font>); and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4bbc17b4a6ab42388323a64a29a0f7b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">clause 26.10 (<font style="font-style: italic;">ownership</font>&#160;<font style="font-style: italic;">of the obligors</font>) of the Facility Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4891a7f13ad423b81ee9e1df69b1c35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">ACCESSION OF REPLACEMENT GUARANTOR</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">With effect on and from the Effective Date:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7640b158a61641b3aca184d02fc173ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Replacement Guarantor agrees that:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e2f96f2c6c84d98ae65547394d989d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">it will accede to the Amended Facility Agreement as the Guarantor and it will assume the obligations of the Guarantor and an Obligor; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z787e43c0102f450c8e574aca2173338a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">it will be bound by the terms of the Amended Facility Agreement; and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zffb2c46733354c56b460e2e7419345b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Borrower and the Facility Agent (acting on the instructions of the Lenders and on behalf of the Finance Parties) agree to the accession by the Replacement Guarantor to the Amended Facility Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec106d0270f443bc9c33abe3dddbd607" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbdd608699297423493c5045bf9f8ed64" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Specific amendments to the Facility Agreement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by this Deed to be, amended as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf437f06f63ef4434aa587de8d49a691c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">any reference in the Facility Agreement to &#8220;Seanergy Maritime Holdings Corp.&#8221; shall be deleted entirely and replaced with &#8220;United Maritime Corporation&#8221;;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40b6f42350b94c4ba1c4d1421955bd7e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">any reference in the Facility Agreement to the Guarantor shall be construed as if it refers to the Replacement Guarantor;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c5dae7dfb2d4a2cb91e8bbebc2e2b16" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">any reference to the Shares Security in relation to Borrower A in the Facility Agreement shall be construed as if it refers to the &#8220;New Shares Security&#8221;;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03950ca6099044eb955ea2e226aff6af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">in clause 1.1 (<font style="font-style: italic;">definitions</font>) of the Facility Agreement:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6eaaf05cbfe54c2c9bcee4e743c5bb14" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the following definition shall be added:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 70.9pt;"><font style="color: #000000;">&#8220;&#8220;</font><font style="font-weight: bold; color: #000000;">Deed of Release, Accession and Amendment</font><font style="color: #000000;">&#8221; means the deed of release,
        accession and amendment dated </font>[&#9679;]<font style="color: #000000;"> June 2022 between (i) Borrower A, (ii) Seanergy Maritime Holdings Corp. as existing guarantor, (iii) the Guarantor as replacement guarantor, (iv) the Facility Agent and (v) the
        Security Agent.&#8221;;</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48e3c952472941848f32f71abe7d96f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">an additional paragraph to the definition of <font style="color: #000000;"><font style="color: #000000;">&#8220;</font></font>Finance Documents&#8221; shall be added to include a reference to <font style="color: #000000;"><font style="color: #000000;">&#8220;</font></font>the Deed of Release, Accession and Amendment&#8221;;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c1514feb3284e3da09ee57502d10dd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the definition of &#8220;Original Financial Statements&#8221; shall be deleted entirely;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z446b4ff7dd624c8fba43accc8fdced68" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">paragraph (b) of clause 18.3 (<font style="font-style: italic;">share capital and ownership</font>) of the Facility Agreement shall be deleted entirely and replaced with the following:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt;"><font style="color: #000000;"><font style="color: #000000;">&#8220;</font>The Guarantor </font>is authorised to issue 2,000,000,000 shares of common stock, par value $0.0001, of which 1.5 million
      shares are issued and outstanding, and 100,000,000 shares of preferred stock, par value $0.0001, of which 40,000 shares are designated Series B Preferred Stock and 5,000 shares are designated Series C Preferred Stock.<font style="color: #000000;">&#8221;;</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze28aaad742844fa888f03faaa817450e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">paragraphs (a) and (b) of clause 18.15 (<font style="font-style: italic;">financial statements</font>) shall be deleted entirely and the existing paragraphs (c) to (f) in that clause shall be redesignated as
              paragraphs (a) to (d);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5f63db2afd2471c95cbd41baa6983af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">paragraph (e) of clause 18.15 (<font style="font-style: italic;">financial statements</font>) shall be deleted in its entirety;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6aef29f8b294698a60a91b841cb0707" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">paragraph (b) of clause 20.3 (<font style="font-style: italic;">requirements as to financial statements</font>) shall be deleted in its entirety and replaced with the following:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z571ba712a1e846a09c3b0e7c3e73e9e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">&#8220;(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Each Obligor shall procure that each set of financial statements delivered pursuant to Clause 20.2 (<font style="font-style: italic;">Financial statements</font>) is prepared using GAAP.&#8221;;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41ae7d5874d2469e80af47ec7989296a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">paragraph (b) of clause 26.10 (<font style="font-style: italic;">ownership of the obligors</font>) shall be deleted entirely and replaced with the following:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze211f19424ab42eda54d72d9323ed44a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 36.55pt; vertical-align: top; align: right; color: #000000;">&#8220;(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">Any person or group of persons acting in </font>concert (other than Seanergy Maritime Holdings Corp. and its ultimate beneficial owner) gains control of the Guarantor.<font style="color: #000000;">&#8221;;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb31b09c829a4a7581c87dff58183376" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">the registration number of the Guarantor in part A of schedule 1 (</font><font style="font-style: italic; color: #000000;">the parties</font><font style="color: #000000;">) of the Facility Agreement shall be
                deleted and replaced with </font>112801<font style="color: #000000;">;</font></div>
          </td>
        </tr>

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

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the address, fax number and other contact details of the Facility Agent and the Security Agent in part C of schedule 1 (the parties) of the Facility Agreement shall be deleted and replaced with the following:</div>
              <div>
                <div><br>
                </div>
                <div>&#8220;The News Building, Level 6, 3 London Bridge Street, London, England SE1 9SG<br>
                </div>
                <div> <br>
                </div>
                <div>Fax: + 44 207 354 6132<br>
                </div>
                <div> <br>
                </div>
                <div>Attention: Kroll Agency and Trustee Services Limited (deals@ats.kroll.com)&#8221;<br>
                </div>
                <font style="color: #000000;"></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21b3bc3bc5d6436c81770243170da4dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">any reference in the Facility Agreement to &#8220;Lucid Agency Services Limited&#8221; and &#8220;Lucid Trustee Services Limited&#8221; shall be construed as if the same referred to &#8220;Kroll Agency Services Limited&#8221; and &#8220;Kroll Trustee
              Services Limited&#8221; respectively;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze13c0f371bab4b118d5dc1e04c68c0b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the definition of, and references throughout to, each Finance Document, shall be construed as if the same referred to that Finance Document as amended and supplemented by this Deed; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ba1a09b39a14011a320b62a5ace5ce5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">by construing references throughout to &#8220;this Agreement&#8221; and other like expressions as if the same referred to the Facility Agreement as amended and supplemented by this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23b886b836974b78bc26727b505ff3f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Amendments to Finance Documents</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">With effect on and from the Effective Date, each of the Finance Documents (other than the Released Shares Security) shall be, and shall be deemed by this Deed to be, amended as
      follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f77c58ade5342c8ab40cb52d673e06e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the definition of, and references throughout each of the Finance Documents to the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to, respectively:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z901f0f47f6404b94bf345e27e4e64c1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Amended Facility Agreement; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59a2572eec994e4da277bf0d232db030" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the other Finance Documents as amended and supplemented by this Clause 7.2 (<font style="font-style: italic;">Amendments to Finance Documents</font>);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49f36a143ecd48b49e0277352cf39475" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">by construing references throughout each of the Finance Documents to the Guarantor as if the same referred to the Replacement Guarantor; and</div>
          </td>
        </tr>

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

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">by construing references throughout each of the Finance Documents to the address of each of the Security Agent and the Facility Agent as if the same referred to &#8220;The News Building, Level 6, 3 London Bridge Street,
                London, England SE1 9SG&#8221;;<br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f3d0919787047c8a726fc4e3c488db2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">by construing references throughout each of the Finance Documents to &#8220;Lucid Agency Services Limited&#8221; and &#8220;Lucid Trustee Services Limited&#8221; as if the same referred to &#8220;Kroll Agency Services Limited&#8221; and &#8220;Kroll Trustee
              Services Limited&#8221; respectively;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9eba275648d246be8de0feed65dd2d7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">by construing references throughout each of the Finance Documents to &#8220;this Deed&#8221;, &#8220;hereunder&#8221; and other like expressions as if the same referred to those Finance Documents as amended and/or supplemented by this
              Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f058e9e81bc43b383f694c38a653077" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Obligor Confirmation</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On the Effective Date, each Obligor:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9d52d55a0604b1685b2cf6643468349" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">confirms its acceptance of the amendments effected by this Deed;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfaa3c81b7c014d349cdd8694d150e964" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">agrees that it is bound as an Obligor (as defined in the Amended Facility Agreement);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c013eda688d464ab3597ccf1ffad217" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">confirms that the definition of, and references throughout each of the Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to the Facility
              Agreement and those Finance Documents as amended and supplemented by this Deed;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22aa25f1544e440282b1487cf4fd331c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">(if it is the Replacement Guarantor) confirms that its guarantee and indemnity:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5623d8cd3eaf406babb1de623a6c78c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">will have full force and effect on the terms of the Amended Facility Agreement; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71a6ef504ed0474f92df1a70bafd0315" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">extends to the obligations of the Transaction Obligors under the Finance Documents as amended and supplemented by this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11db3cd82be8418cbe6aeb87bd7e246a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Security confirmation</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On the Effective Date, each Obligor confirms that:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41a2329d1cb1432a9b9098af298652d9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">any Security created by it under the Finance Documents extends to the obligations of the Obligors under the Finance Documents as amended and supplemented by this Deed;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79cafe72f8aa4d9ebc1668e8c133b80c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the obligations of the relevant Obligors under the Amended Facility Agreement are included in the Secured Liabilities (as defined in the Security Documents to which it is a party); and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb1f5bdfd4804aacaab2bd4b5974952a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Security created under the Finance Documents continues in full force and effect on the terms of the respective Finance Documents.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d2ec8e2a13c406d9662ed2f30a3a751" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Finance Documents to remain in full force and effect</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Finance Documents (other than the Released Shares Security) shall remain in full force and effect and, from the Effective Date:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ae44c3d5e144b3594e03114294d38d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">in the case of the Facility Agreement as amended and supplemented pursuant to Clause 7.1 (<font style="font-style: italic;">Specific amendments to the Facility Agreement</font>);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc233d0dbe960477c9e00f436eb869359" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">in the case of the Finance Documents (other than the Facility Agreement) as amended and supplemented pursuant to Clause 7.2 (<font style="font-style: italic;">Amendments to Finance Documents</font>);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72efbbce48504a64978397ab5c81062f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Facility Agreement and the applicable provisions of this Deed will be read and construed as one document;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44a661e0446d4e92a8f9f1e1d66f34f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Finance Documents (other than the Facility Agreement) and the applicable provisions of this Deed will be read and construed as one document; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bd2705e1af444a0a761f5d4389cf4af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">except to the extent expressly effected by this Deed, no waiver is given by this Deed and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other Default under the Finance
              Documents.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8bb112df01f464f9f91dbf8641277d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">FURTHER ASSURANCE</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clause 21.25 (<font style="font-style: italic;">further assurance</font>) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were
      expressly incorporated in it with any necessary modifications.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d2745e19ff2486d8ed12639ae0d4000" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">COSTS AND EXPENSES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clause 15.2 (<font style="font-style: italic;">amendment costs</font>) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were
      expressly incorporated in it with any necessary modifications.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3ffa23c5ca143a8993b9ba53c8ed4b1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">NOTICES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clause 26 (<font style="font-style: italic;">notices</font>) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were expressly
      incorporated in it with any necessary modifications save that for the purposes of clause 26.2 (<font style="font-style: italic;">addresses</font>) the notice details of the Replacement Guarantor are:</div>
    <div><br>
    </div>
    <div style="text-indent: 35.45pt; color: #000000;">154 Vouliagmenis Avenue, 166 74 Glyfada, Athens Greece</div>
    <div><br>
    </div>
    <div style="text-indent: 35.45pt; color: #000000;">Tel: +302130181507</div>
    <div style="text-indent: 35.45pt; color: #000000;">Email: legal@seanergy.gr</div>
    <div style="text-indent: 35.45pt; color: #000000;">Fax: +302109638404</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f60e77d38cb4d6399e2caf21061923d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">COUNTERPARTS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za238269191f6432bbe3d2c232f338576" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">GOVERNING LAW</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9a9364e13654e7e93ad03f860e991bf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">13</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">ENFORCEMENT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b4c9f76ff0244d5bbd8b6fb59553d45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">13.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Jurisdiction</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04513d92a18945079b4c4c629f1f051b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed or any
              non-contractual obligation arising out of or in connection with this Deed) (a <font style="color: #000000;">&#8220;</font><font style="font-weight: bold;">Dispute</font>&#8221;).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51e1f37a7f5944d99114eac23cbe5024" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Obligors and the Existing Guarantor accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly none of them will argue to the contrary.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2789e61afaf94f1ebed0a44f2c2cc229" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">To the extent allowed by law, this Clause 13.1 (<font style="font-style: italic;">Jurisdiction</font>) is for the benefit of the Secured Parties only.&#160; As a result, no Secured Party shall be prevented from taking
              proceedings relating to a Dispute in any other courts with jurisdiction.&#160; To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c9541cab186409e9cbad6e7c7df31f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">13.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Service of process</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2cb139b880cd4472a7199551a38378b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor and the Existing Guarantor:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f49983ccd4240fd9b94c60fa32b8d01" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">irrevocably appoints </font>Messrs Shoreside Agents Ltd, presently at 11 The Timber Yard, Drysdale Street, London, N1 6ND (T: +44 (0)20 3771 8869, M: + 44 (0) 7591 440086, Fax: +44 (0)20 3771 8870, attention:
              Andrew Johnson) <font style="color: #000000;">as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b290b1a2efb447582efe5142dde1c46" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">agrees that failure by a process agent to notify the relevant Obligor or Existing Guarantor of the process will not invalidate the proceedings concerned.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6030d075e6fe46378678c42ca342c3ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors and the Existing Guarantor) must immediately
              (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Facility Agent.&#160; Failing this, the Facility Agent may appoint another agent for this purpose.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">This Deed has been executed as a deed and delivered on the date stated at the beginning of this Deed.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; color: #000000; font-weight: bold;">SCHEDULE 1</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; color: #000000; font-weight: bold;">CONDITIONS PRECEDENT</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9706c84e1c0f40cab0880b59a35ae9ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">OBLIGORS AND EXISTING GUARANTOR</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In relation to each Obligor and the Existing Guarantor, documents of the kind specified in schedule 2, part A, paragraph 1 of the Facility Agreement.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d357b05e2c24086b0fd13bb59971a6f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Finance Documents</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf306044524f42c0a547fdf848b8b38c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">A duly executed original of this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd03799392b914207bb6341ac786aace8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">A duly executed original of the New Shares Security (and of each document to be delivered under it).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6c3ecbf70fb463f8422ec6898cbe606" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Legal opinions</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf6aada0b4f548bf97fc3cefcaf52007" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">A legal opinion of Watson Farley &amp; Williams Greece, legal advisers to the Lenders in England, substantially in the form distributed to the Lenders before signing this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze05bfbb68fc645918b5dad836bb774fb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">A legal opinion of Watson Farley &amp; Williams, New York, legal advisers to the Lenders in the Republic of the Marshall Islands, substantially in the form distributed to the Lenders before signing this Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b4b1eb1bd0743b4b6438bea3634dc95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Other documents and evidence</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6072cf1d0f84ff09b980838b51b1b78" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">On or immediately prior to the Spin-Off Completion Date, documentary evidence satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) that the Spin-Off has occurred.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79e89c74c1254351a7698ef2ff42e184" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Evidence satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) that (i) the Shares Transfer has been completed and (ii) the Spin-Off Completion Date has occurred.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z265b6f10fea6410189a88c02d28a8fce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Evidence that any process agent referred to in Clause 13.2 (<font style="font-style: italic;">Service of process</font>) has accepted its appointment.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86d4dc2df2544d6caba2f87974f6b184" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent (acting on the instructions of the Majority Lenders) considers to be necessary or desirable (if it has notified the
              Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by this Deed, the New Shares Security or for the validity and enforceability of any Finance Document as amended and supplemented by this
              Deed.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e948581b51b418d8e2ef98565f5e73e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 9 (<font style="font-style: italic;">Costs and Expenses</font>) have been paid or will be paid by the Effective Date.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ef66954941a46288974d5ea8eabc564" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">4.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their <font style="color: #000000;">&#8220;</font>know your customer&#8221;, FATCA or similar identification procedures in
              relation to the transactions contemplated by this Deed and the New Shares Security.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
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    <div><br>
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    <div style="text-align: center; text-indent: -35.45pt; margin-left: 35.45pt; color: #000000; font-weight: bold;">EXECUTION PAGES</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">BORROWER</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zc392699758cf46db897ba1f4782b60bd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTED AS A DEED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">by SEA GLORIUS SHIPPING CO.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; signature:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; name:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; address:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">EXISTING GUARANTOR</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8108a72e8bd74d2a9e17195a1f0eb9fd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTED AS A DEED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">by SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; signature:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; name:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; address:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">REPLACEMENT GUARANTOR</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zd1ac7473d5b74bfe95964000cbb3372c" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTED AS A DEED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">by UNITED MARITIME CORPORATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; signature:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; name:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; address:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">FACILITY AGENT</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z4aa8c0e0d5a049ee80ef1c7fd0662bb6" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTED AS A DEED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">by KROLL AGENCY SERVICES LIMITED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(previously Lucid Agency Services Limited)</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
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          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; signature:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; name:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; address:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">SECURITY AGENT</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z9f4fcbb6459a4744b5433477bb02611b" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTED AS A DEED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">by</font>&#160;<font style="font-weight: bold;">KROLL TRUSTEE SERVICES LIMITED</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(previously Lucid Trustee Services Limited)</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; signature:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; name:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness&#8217; address:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">12</font>
    <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>17
<FILENAME>ny20004194x3_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 8.1</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Subsidiaries of the Company</div>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze67dd646eedd4dfe929f5371bc98cb12" border="0" cellpadding="0" cellspacing="0">

        <tr>
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            <div style="color: #000000; font-weight: bold;">Subsidiary</div>
          </td>
          <td style="width: 50%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">Country of Incorporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">Sea Glorius Shipping Co.</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="color: #000000;">Marshall Islands</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>18
<FILENAME>ny20004194x3_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  <div style="text-align: right; font-weight: bold;">Exhibit 15.1</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
  <div><br>
  </div>
  <div>
    <div>We consent to the reference to our firm under the caption "Experts" and to the use of our report dated May 12, 2022, with respect to the carve-out financial statements of United Maritime Predecessor included in the Registration Statement (Form
      20-F) of United Maritime Corporation for the registration of shares of common stock, including the Preferred Stock Purchase Rights.</div>
    <div><br>
    </div>
    <div>/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
    <div><br>
    </div>
    <div>Athens, Greece</div>
    <div>June 6, 2022</div>
    <div> <br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>19
<FILENAME>ny20004194x3_ex15-2.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 15.2</div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Consent of Watson Farley &amp; Williams LLP</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We hereby consent to the reference to our firm under the heading "Item 1. Identity of Directors, Senior Management and
        Advisers &#8211; B. Advisers" in the Registration Statement on Form 20-F of United Maritime Corporation, without admitting that we come within the category of persons whose consent is required under, or that we are "experts" within the meaning of, the
        Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or the rules and regulations of the U.S. Securities and Exchange Commission thereunder with respect to any part of the Registration Statement.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za31550e646ec48f2b855421a5ad8dcf7" cellpadding="0" cellspacing="0">

        <tr>
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            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 52.53%; vertical-align: top;">
            <div style="color: #000000;">Very truly yours,</div>
            <div style="color: #000000;">&#160;</div>
            <div style="color: #000000;"><u>/s/ Watson Farley &amp; Williams LLP</u></div>
            <div style="color: #000000;">Watson Farley &amp; Williams LLP</div>
            <div style="color: #000000;">New York , New York</div>
            <div style="color: #000000;">June 6, 2022</div>
          </td>
        </tr>

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    <div>
      <div><br>
      </div>
    </div>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
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