<SEC-DOCUMENT>0001140361-22-025792.txt : 20220712
<SEC-HEADER>0001140361-22-025792.hdr.sgml : 20220712
<ACCEPTANCE-DATETIME>20220712092717
ACCESSION NUMBER:		0001140361-22-025792
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20220712
DATE AS OF CHANGE:		20220712

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:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266099
		FILM NUMBER:		221078352

	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>F-1
<SEQUENCE>1
<FILENAME>ny20004194x8_f1.htm
<DESCRIPTION>F-1
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="ny20004194x8_f1_100-regcov_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: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 27pt; text-align: center;">As filed with the Securities and Exchange Commission on July&#160;12, 2022.<br></div><div class="regno" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: right;">Registration No. 333-&#8195;&#8195;</div></div></div><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="block-main" style="width: 540pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">UNITED STATES<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 12pt;">SECURITIES AND EXCHANGE COMMISSION</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 12pt;">Washington, D.C. 20549</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 13.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8.5pt; text-align: center;">FORM F-1<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">REGISTRATION STATEMENT<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic;">UNDER</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-style: italic;">THE SECURITIES ACT OF 1933</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 6.5pt; text-align: center;">UNITED MARITIME CORPORATION<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 10pt; font-weight: normal;">(Exact name of Registrant as specified in its charter)</font></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: 31.85%; 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: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Republic of The Marshall Islands</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: 31.85%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">4412</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: 31.85%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">N/A</div></td></tr><tr><td style="width: 31.85%; 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: 9.8pt; margin-top: 0pt; text-align: center;">(State or other jurisdiction of<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">incorporation or organization)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">(Primary Standard Industrial<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">Classification Code Number)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">(I.R.S. Employer<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">Identification No.)</div></td></tr><tr><td style="width: 31.85%; 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: 9.8pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt;">&#160;</div></td></tr><tr><td style="width: 31.85%; 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: 9.8pt; font-weight: bold; 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: 9.8pt; font-weight: bold; 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: 9.8pt; font-weight: bold; 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: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Greece<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Telephone: +30 2130181507</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Watson Farley &amp; Williams LLP<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Attention: Will Vogel, Esq.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10019<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 922-2280</div></td></tr><tr><td style="width: 31.85%; 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: 9.8pt; margin-top: 0pt; text-align: center;">(Address and telephone number<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">of Registrant&#8217;s principal executive<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">offices)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.85%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">(Name, address and telephone<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 0pt; text-align: center;">number of agent for service)</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-style: italic; font-weight: bold; margin-top: 5.5pt; text-align: center;">Copies to:</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: 48.89%; text-align: center; vertical-align: middle; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Will Vogel, Esq.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Watson Farley &amp; Williams LLP<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10019<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 922-2280 (telephone number)</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: 48.89%; text-align: center; vertical-align: middle; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Barry I. Grossman, Esq.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Sarah Williams, Esq.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Matthew Bernstein, Esq.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ellenoff Grossman &amp; Schole LLP<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1345 Avenue of the Americas<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10105<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 370-1300 (telephone number)<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 370-7889 (facsimile number)</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. &#x2612;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6.5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Emerging growth company &#x2612;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; 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 7(a)(2)(B) of the Securities Act. &#x2612;</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: 9.8pt;">&#8224;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; text-align: justify;">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></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.8pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</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: 528pt;"><a name="ny20004194x8_f1_101-cov_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: 528pt; margin-left: 0pt;"><div class="h1" style="color: #FC0014; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><div style="font-family: Arial, Helvetica, sans-serif; text-align: left; margin-bottom: 12pt;">The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</div>SUBJECT TO COMPLETION<br></div><div class="h1" style="color: #FC0014; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">PRELIMINARY PROSPECTUS DATED JULY&#160;12, 2022</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 7.5pt; text-align: center;">United Maritime Corporation</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 6pt; text-align: center;">1,333,334 Units <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">consisting of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares or Pre-Funded Warrants to Purchase Common Shares and<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class&#160;A Warrants to Purchase Common Shares <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(minimum offering amount) </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 6pt; text-align: center;">5,333,333 Units <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">consisting of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares or Pre-Funded Warrants to Purchase Common Shares and<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class A Warrants to Purchase Common Shares<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(maximum offering amount)</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are offering on a best efforts basis a minimum of 1,333,334 Units and a maximum of 5,333,333 Units, each consisting of one common share and one Class&#160;A Warrant to purchase one common share, in each case at an assumed public offering price of $7.50 per Unit, equal to the closing price of our common shares on the Nasdaq Capital Market on July 8, 2022. Each Class&#160;A Warrant will be immediately exercisable for one common share at an exercise price of $&#8195;&#8195;&#8195; per share (not less than 100% and not more than 120% of the public offering price of each unit sold in this offering) and expire five years after the issuance date. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are also offering to each purchaser of Units that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% of our outstanding common shares immediately following the consummation of this offering the opportunity to purchase Units consisting of one pre-funded warrant (in lieu of one common share) and one Class&#160;A Warrant. A holder of pre-funded warrants will not have the right to exercise any portion of its pre-funded warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such limit may be increased to up to 9.99%) of the number of common shares outstanding immediately after giving effect to such exercise. Each pre-funded warrant will be exercisable for one common share. The purchase price of each Unit including a pre-funded warrant will be equal to the price per Unit including one common share, minus $0.0001, and the remaining exercise price of each pre-funded warrant will equal $0.0001 per share. The pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until all of the pre-funded warrants are exercised in full. For each Unit including a pre-funded warrant we sell (without regard to any limitation on exercise set forth therein), the number of Units including a common share we are offering will be decreased on a one-for-one basis. The common shares and pre-funded warrants, if any, can each be purchased in this offering only with the accompanying Class&#160;A Warrant as part of a Unit, but the components of the Units will immediately separate upon issuance. See &#8220;Description of Securities We Are Offering&#8221; in this prospectus for more information.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The common shares sold in this offering include preferred stock purchase rights that trade with the common shares. We are also registering the common shares issuable from time to time upon exercise of the Class&#160;A Warrants and pre-funded warrants included in the units offered hereby.</div><div class="para" style="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 listed on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) and began trading on Nasdaq on July 6, 2022 under the symbol &#8220;USEA&#8221;.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There is no established trading market for the pre-funded warrants or the Class&#160;A Warrants, and we do not expect an active trading market to develop. We do not intend to list the pre-funded warrants or the Class&#160;A Warrants on any securities exchange or other trading market. Without an active trading market, the liquidity of these securities will be limited.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are an &#8220;emerging growth company,&#8221; as defined under the U.S. federal securities laws and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investing in our securities is speculative and involves a high degree of risk. You should carefully consider the risk factors beginning on page <a href="#tRF">8</a> of this prospectus before investing in our securities.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 528pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 52.27%; 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: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.52%; 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;">Minimum <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;">Number 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;">Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.52%; 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;">Maximum <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;">Number 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;">Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.38%; 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;">Per Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.38%; 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</div></td></tr><tr><td style="width: 52.27%; 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: 9pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Public Offering Price<font style="padding-left: 0.47pt;"></font></div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.52%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">&#8195;&#8195;&#8195;&#8195;&#8195;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.52%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">&#8195;&#8195;&#8195;&#8195;&#8195;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.38%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$&#8195;&#8195;&#8195;&#8195;&#8195;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.38%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$&#8195;&#8195;&#8195;&#8195;&#8195;</div></td></tr><tr><td style="width: 52.27%; 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: 9pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Placement Agent fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(3)</sup><font style="padding-left: 2.98pt;"></font></div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.52%; 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: 9pt;">&#160;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.52%; 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: 9pt;">&#160;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.38%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 36pt;">&#8195;</font></div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.38%; 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: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 36pt;">&#8195;</font></div></td></tr><tr><td style="width: 52.27%; text-align: left; vertical-align: bottom; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds, before expenses, to us<font style="padding-left: 4.33pt;"></font></div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.52%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt;">&#160;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.52%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt;">&#160;</div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.38%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 36pt;">&#8195;</font></div></td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.38%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 36pt;">&#8195;</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: 9.75pt;"> </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: left;">Units consist of one common share and one Class&#160;A Warrant.</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: left;">The placement agent fees shall equal 6.75% of the gross proceeds of the securities sold by us in this offering.</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;">(3)<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;">The Placement Agent will receive compensation in addition to the placement agent fees described above. See &#8220;Plan of Distribution&#8221; for a description of compensation payable to the Placement Agent.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have engaged Maxim Group LLC as our exclusive placement agent (&#8220;Maxim&#8221; or the &#8220;Placement Agent&#8221;) to use its reasonable best efforts to solicit offers to purchase our securities in this offering. The Placement Agent has no obligation to purchase any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not intend to close this offering unless we sell at least a minimum number of Units, at the price per Unit set forth above, to result in gross proceeds equal to or greater than $10,000,000. Because this is a best-efforts offering, the Placement Agent does not have an obligation to purchase any securities, and, as a result, there is a possibility that we may not be able to sell the minimum offering amount. We expect that the offering will end two trading days after we first enter into a securities purchase agreement relating to the offering and the offering will settle delivery versus payment (&#8220;DVP&#8221;)/receipt versus payment (&#8220;RVP&#8221;). Accordingly, we and the Placement Agent have not made any arrangements to place investor funds in an escrow account or trust account since the placement agent will not receive investor funds in connection with the sale of the securities offered hereunder. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have agreed to pay the Placement Agent the placement agent fees set forth in the table above and to provide certain other compensation to the Placement Agent. See &#8220;Plan of Distribution&#8221; beginning on page <a href="#tPOD">103</a> of this prospectus for more information regarding these arrangements. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We expect to deliver the common shares and Class&#160;A Warrants, or pre-funded warrants and Class&#160;A Warrants, constituting the Units against payment in New York, New York on or about &#8195;&#8195;&#8195;, 2022.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither the Securities and Exchange Commission (the &#8220;Commission&#8221;) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 15pt; font-weight: bold; margin-top: 6pt; text-align: center;">Maxim Group LLC</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 6pt; text-align: center;">The date of this prospectus is &#8195;&#8195;&#8195;, 2022</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_102-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: 89.74%; 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 style="width: 8.97%; 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: 89.74%; 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="#tABOUT">ABOUT THIS PROSPECTUS<font style="padding-left: 2.33pt;"></font></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tABOUT"><font style="padding-left: 9.44pt;">ii</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tCNR">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 3.2pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tCNR"><font style="padding-left: 6.66pt;">iii</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tSUM">PROSPECTUS SUMMARY<font style="padding-left: 0.84pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tSUM"><font style="padding-left: 10pt;">1</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tTOFF">THE OFFERING<font style="padding-left: 0.85pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tTOFF"><font style="padding-left: 10pt;">5</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tRF">RISK FACTORS<font style="padding-left: 2.32pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tRF"><font style="padding-left: 10pt;">8</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tUSE">USE OF PROCEEDS<font style="padding-left: 3.07pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tUSE"><font style="padding-left: 5pt;">43</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tDP">DIVIDEND POLICY<font style="padding-left: 4.2pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tDP"><font style="padding-left: 5pt;">43</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tCAP">CAPITALIZATION<font style="padding-left: 1.66pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tCAP"><font style="padding-left: 5pt;">44</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tDIL">DILUTION<font style="padding-left: 4.74pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tDIL"><font style="padding-left: 5pt;">46</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tMDA">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION<font style="padding-left: 0.11pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tMDA"><font style="padding-left: 5pt;">48</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tBUS">BUSINESS<font style="padding-left: 0.28pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tBUS"><font style="padding-left: 5pt;">59</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tDIR">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES<font style="padding-left: 3.2pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tDIR"><font style="padding-left: 5pt;">76</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tMSRPT">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS<font style="padding-left: 0.75pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tMSRPT"><font style="padding-left: 5pt;">79</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tDOCS">DESCRIPTION OF CAPITAL STOCK <font style="padding-left: 2.78pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tDOCS"><font style="padding-left: 5pt;">81</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tDOSW">DESCRIPTION OF SECURITIES WE ARE OFFERING<font style="padding-left: 2.73pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tDOSW"><font style="padding-left: 5pt;">92</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tTAX">TAX CONSIDERATIONS<font style="padding-left: 3.89pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tTAX"><font style="padding-left: 5pt;">94</font></a></div></td></tr><tr><td style="width: 89.74%; 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="#tPOD">PLAN OF DISTRIBUTION<font style="padding-left: 1.98pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tPOD">103</a></div></td></tr><tr><td style="width: 89.74%; 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="#tEOCLAI">ENFORCEABILITY OF CIVIL LIABILITIES AND INDEMNIFICATION FOR SECURITIES ACT LIABILITIES<font style="padding-left: 0.3pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tEOCLAI">105</a></div></td></tr><tr><td style="width: 89.74%; 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="#tEXPENSE">EXPENSES<font style="padding-left: 3.06pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tEXPENSE">106</a></div></td></tr><tr><td style="width: 89.74%; 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="#tLEGAL">LEGAL MATTERS<font style="padding-left: 1.22pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tLEGAL">106</a></div></td></tr><tr><td style="width: 89.74%; 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="#tEXPERT">EXPERTS<font style="padding-left: 4.77pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tEXPERT">106</a></div></td></tr><tr><td style="width: 89.74%; 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="#tWYCFAI">WHERE YOU CAN FIND ADDITIONAL INFORMATION<font style="padding-left: 4.45pt;"></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: 8.97%; 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: 13.5pt; text-align: left;"><a href="#tWYCFAI">106</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="ny20004194x8_f1_102-toc_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;"><a name="tABOUT"><!--Anchor--></a>ABOUT THIS PROSPECTUS</div><div class="para" style="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 prospectus is part of a registration statement on Form F-1 for the offering by us of Units consisting of common shares and Class&#160;A Warrants or pre-funded warrants and Class&#160;A Warrants to purchase 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;">You should not assume that the information contained in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus, even though this prospectus is delivered or our securities registered under the registration statement of which this prospectus forms a part are sold or otherwise disposed of on a later date. It is important for you to read and consider all information contained in this prospectus in making your investment decision. You should also read and consider the information in the documents to which we have referred you under the captions &#8220;Where You Can Find Additional Information&#8221; in this prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither we nor the Placement Agents have authorized anyone to provide any information or to make any representation other than those contained in this prospectus. You must not rely upon any information or representation not contained in this prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our securities other than the securities covered hereby, nor does this prospectus constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such 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;">We obtained certain statistical data, market data and other industry data and forecasts used or incorporated by reference into this prospectus from publicly available information. While we believe that the statistical data, industry data, forecasts and market research are reliable, we have not independently verified the data, and we do not make any representation as to the accuracy of the 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;">This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. Please read &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; and &#8220;Risk Factors&#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;">ii<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_102-toc_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;"><a name="tCNR"><!--Anchor--></a>CAUTIONARY NOTE 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 prospectus 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 prospectus 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;Risk 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&#160;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: left;">changes in worldwide oil production and consumption and storage;</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: justify;">fluctuations in the supply and demand for crude oil and petroleum products and changes in the patterns of trade;</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 or tanker shipping 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: 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: justify;">changes in our ability to complete future, pending or recent acquisitions or dispositions, including the tanker 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 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, including the tanker vessels we may acquire, 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: left;">our dependence on 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></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;">iii<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_102-toc_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;"><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: 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><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;">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 seaborne transportation of dry bulk products, petroleum and other types of 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: justify;">changes in global and regional economic and political conditions, including conditions in the oil 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;">general domestic and international political conditions or events, including &#8220;trade wars&#8221;, the war between Russia and Ukraine and related sanctions;</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;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 class="para" style="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 prospectus may contain assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as forward-looking statements. We may also from time to time make forward-looking statements in other documents and reports that are filed with or submitted to the SEC, in other information sent to our security holders, and in other written materials. We also caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. We undertake no obligation to publicly update or revise any forward-looking statement contained in this prospectus, whether as a result of new information, future events or otherwise, except as required by law.</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;">iv<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><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="tSUM"><!--Anchor--></a>PROSPECTUS SUMMARY</div><div class="para" style="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 section summarizes certain of the information that is contained in this prospectus or the documents herein, and this summary is qualified in its entirety by that more detailed information. This summary may not contain all of the information that may be important to you. We urge you to carefully read this entire prospectus, including our financial statements and the related notes. As an investor or prospective investor, you should review carefully the more detailed information that appears later in this prospectus.</div><div class="para" style="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 the context otherwise requires, as used in this prospectus, the terms &#8220;United Maritime,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to United Maritime Corporation and its consolidated subsidiaries.</div><div class="para" style="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 use the term deadweight tons, or dwt, expressed in metric tons, each of which is equivalent to 1,000&#160;kilograms, in describing the size 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;">All references in this prospectus to &#8220;$,&#8221; &#8220;US$,&#8221; &#8220;U.S.$,&#8221; &#8220;U.S. dollars,&#8221; &#8220;dollars&#8221; and &#8220;USD&#8221; are to the lawful currency of the United States of America.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16pt; text-align: center;">Our 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 are a global provider of shipping transportation services. We specialize in the ownership of vessels. The vessel initially comprising our fleet and each of the vessels we may acquire in the future is or will be owned through a separate wholly owned subsidiary.</div><div class="para" style="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 by Seanergy Maritime Holdings Corp. (&#8220;Seanergy&#8221;), under the laws of the Republic of the Marshall Islands on January&#160;20, 2022, to serve as the holding company of one of its vessel-owning subsidiaries that was contributed to us by Seanergy (the &#8220;United Maritime Predecessor&#8221;), together with $5.0&#160;million in working capital, in connection with the distribution of all of our issued and outstanding common shares to Seanergy&#8217;s shareholders (the &#8220;Spin-Off&#8221;). Additionally, in connection with the Spin-Off, our Chairman and Chief Executive Officer Stamatios Tsantanis received 40,000 of our Series B Preferred Shares (&#8220;Series B Preferred Shares&#8221;) and 5,000 of our 6.5% Series C Cumulative Convertible Perpetual Preferred Shares (&#8220;Series C Preferred Shares&#8221;) were issued to Seanergy. Following the Spin-Off, we and Seanergy are independent publicly-traded companies. All references in this registration statement to us for periods prior to the Spin-Off refer to the United Maritime Predecessor. The financial statements presented in this registration statement are carve-out financial statements of Seanergy&#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;">Our common shares are listed on Nasdaq and began trading on the Nasdaq Capital Market on July 6, 2022 under the symbol &#8220;USEA&#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;">We own one Capesize dry bulk carrier having a carrying capacity of 171,314 dwt and an age of 18.5 years. In addition, we have entered into definitive agreements to acquire four tanker vessels, which have an average age of 15.2 years and an aggregate carrying capacity of approximately 445,570 dwt, for an aggregate purchase price of $79.5 million. See &#8220;&#8212;Vessel Acquisition Transaction.&#8221; </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16pt; text-align: center;">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 prospectus:</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: 28.21%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; 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: 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<br></div><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;">Built</div></td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.36%; 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;">Flag</div></td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 17.53%; 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<br></div><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;">Employment</div></td></tr><tr><td style="width: 28.21%; 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;">Gloriuship<font style="padding-left: 1.73pt;"></font></div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">2004</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">171,314</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; text-align: center; 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; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.36%; text-align: center; 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; text-align: center;">Hyundai</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.53%; text-align: center; 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; 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: 12.75pt;"> </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 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 December&#160;22, 2021 another extension period was agreed up to minimum December 2022 to maximum April 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 gross fixed charter rate of $28,060 per day for the period from April&#160;1, 2022 until November&#160;30, 2022. The Company had previously exercised this </div></td></tr></table></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><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;">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, respectively, and a gross daily rate of $19,780 during January of 2022. According to the provisions of the time charter, as is customary in most time-charter contracts for dry bulk vessels, 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="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; text-align: center;">Vessel Acquisition Transaction</div><div class="para" style="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 entered into memoranda of agreement with unaffiliated third parties (the &#8220;Sellers&#8221;), to acquire four second-hand tanker vessels (the &#8220;Acquisition Vessels&#8221;) for an aggregate purchase price of $79.5&#160;million. Delivery of the Acquisition Vessels is expected to occur within the third quarter of 2022, subject to customary closing conditions. The Acquisition Vessels are expected to be employed either in the spot market or in short-term time charter agreements and/or enter commercial tanker pools upon their delivery. </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 lists the Acquisition Vessels:</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: 41.02%; 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: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.5%; 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: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.5%; 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: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.59%; 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</div></td><td class="gutter" style="width: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.36%; 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;">Flag</div></td><td class="gutter" style="width: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.5%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.83%; 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></tr><tr><td style="width: 41.02%; 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;">Godam <font style="padding-left: 1.73pt;"></font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2006 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 0.37pt;">113,553 </font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.59%; 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: -0.01pt; text-align: left;">Aframax </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.83%; 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;">Samsung </div></td></tr><tr><td style="width: 41.02%; 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;">Mandala <font style="padding-left: 1.18pt;"></font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2006 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 0.37pt;">113,553 </font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.59%; 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;">Aframax </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.83%; 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;">Samsung </div></td></tr><tr><td style="width: 41.02%; 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;">Thunderbolt <font style="padding-left: 1.73pt;"></font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2008 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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;">108,817 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.59%; 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;">LR2 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.83%; 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;">SWS </div></td></tr><tr><td style="width: 41.02%; 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;">Timberwolf <font style="padding-left: 3.76pt;"></font></div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2008 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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;">109,647 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.59%; 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;">LR2 </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands </div></td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.5%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.83%; 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;">Dalian</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 connection with the purchase of the Acquisition Vessels, we have obtained two commitment letters from affiliates of Blue Ocean Fund LP (&#8220;Blue Ocean&#8221;), an affiliate of Entrust Global and the lender under our current loan facility relating to the <font style="font-style: italic;">Gloriuship</font>, for (i) the financing of a portion of the purchase price of the Acquisition Vessels in the amount of $63.6&#160;million and (ii)&#160;for the refinancing of the current facility secured by the <font style="font-style: italic;">Gloriuship</font>, in the amount of up to $14.0 million. See &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial Review and Prospects&#8212;Loan Arrangements.&#8221; In addition, Seanergy has agreed to contribute an additional $5.0 million in exchange for 5,000 newly-issued Series C Preferred Shares to partially fund the deposits payable in connection with our entry into the memoranda of agreement for the Acquisition Vessels.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Risk Factors Summary</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">An investment in our securities is subject to a number of risks, including risks related to our industry, business and corporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussed in &#8220;Risk Factors&#8221; in this prospectus beginning on page <a href="#tRF">8</a> for a more thorough description of these and other risks.</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 cyclical nature of the shipping industry may lead to volatility in charter rates and vessel values, which could adversely affect our future earnings.</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;">Charter rates in the crude oil tankers sector in which we may operate and in the product and chemical tanker sectors of the seaborne transportation industry have significantly declined from historically high levels in 2008 and may remain depressed or decline further in the future, which may adversely affect our earnings.</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;">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></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;">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></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 current fleet is mostly dependent on spot or index-linked charters, which are highly volatile, and any decrease in spot charter rates or indexes in the future may adversely affect our earnings. </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 over-supply of tanker or dry bulk vessel capacity may depress the current charter rates and vessel values and, in turn, adversely affect our profitability.</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;">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></td></tr></table></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><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;">Terrorist attacks and international hostilities could affect our business, results of operations, cash flows and financial condition. </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 operating ocean-going vessels could affect our business and reputation, which could adversely affect our revenues and 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;">If we decide to operate in the crude oil tanker sector, the decrease in shipments of crude oil from the Arabian Gulf or the Atlantic basin may adversely affect our financial performance.</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 decrease in the level of China&#8217;s imports of crude oil or petroleum products or a decrease in oil trade globally could have a material adverse impact on our charterers&#8217; business and, in turn, could cause a material adverse impact on our results of operations, financial condition and cash flows.</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 employment of any tanker vessels we may acquire could be adversely affected by an inability to clear the Oil Majors&#8217; vetting process, and we could be in breach of our charter agreements with all of our tanker 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;">Rising fuel prices may adversely affect our profits.</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 revenues are subject to seasonal fluctuations, which could affect our operating results and ability to service our debt or pay dividends.</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;">Climate change and greenhouse gas restrictions may be imposed. </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;">Increased scrutiny of environmental, social and governance matters may impact our business and reputation.</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 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 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: justify;">Sulfur regulations to reduce air pollution from ships have required retrofitting of vessels and may cause us to incur significant 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: 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></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;">Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</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;">Increased inspection procedures, tighter import and export controls and new security regulations could increase costs and disrupt 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;">Increasing growth of electric vehicles and renewable fuels could lead to a decrease in trading and the movement of crude oil and petroleum products worldwide.</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 operation of dry bulk and tanker vessels has particular operational risks.</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 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></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 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></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;">If we fail to manage our planned growth properly, we may not be able to successfully expand our 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;">We may be unable to obtain financing for the acquisition of the Acquisition Vessels or any 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;">The delivery of the Acquisition Vessels is conditioned upon satisfaction of a number of conditions that are beyond our control; and as such the acquisition may not be consummated and we will incur transaction costs regardless of whether the acquisition is consummated.</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;">An active and liquid market for our common shares may not be sustained.</div></td></tr></table></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><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;">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></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;">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.</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;">Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</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;">We may not be able to maintain compliance with the Nasdaq Capital Market&#8217;s continued listing requirements.</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;">There is no public market for the Class&#160;A Warrants or pre-funded warrants being offered in this offering and we do not expect one to develop.</div></td></tr></table><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">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 new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; 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;">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 the date we first sell our common equity securities pursuant to an effective registration statement under the Securities Act 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 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><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Corporate 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;">United Maritime Corporation is a holding company existing under the laws of the Republic of the Marshall Islands. We maintain our principal executive offices at 154 Vouliagmenis Avenue, 16674 Glyfada, Greece and our telephone number is +30 2130181507. Our website is www.unitedmaritime.gr. The information on our website is not a part of this prospectus. 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="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">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;">Because we are incorporated under the laws of the Republic of the Marshall Islands, you may encounter difficulty protecting your interests as shareholders, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled &#8220;Risk Factors&#8221; and &#8220;Enforcement of Civil Liabilities and Indemnification for Securities Act Liabilities&#8221; for more information.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><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="tTOFF"><!--Anchor--></a>THE OFFERING</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Issuer<font style="font-weight: normal; padding-left: 1.4pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">United Maritime Corporation, a Marshall Islands corporation.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Securities offered by us<font style="font-weight: normal; padding-left: 3.51pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">A minimum of 1,333,334 Units to a maximum of 5,333,333 Units on a best efforts basis, at an assumed public offering price of $7.50 per Unit. Each Unit consists of one common share and one Class&#160;A Warrant. We do not intend to close this offering unless we sell at least a minimum number of Units, at the price per Unit set forth above, to result in proceeds equal to or greater than $10,000,000.</div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">We are also offering to each purchaser, with respect to the purchase of Units that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% of our outstanding common shares immediately following the consummation of this offering, the opportunity to purchase one pre-funded warrant in lieu of one common share. A holder of pre-funded warrants will not have the right to exercise any portion of its pre-funded warrant if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such limit may be increased to up to 9.99%) of the number of common shares outstanding immediately after giving effect to such exercise. Each pre-funded warrant will be exercisable for one common share. The purchase price per pre-funded warrant will be equal to the price per common share, minus $0.0001, and the exercise price of each pre-funded warrant will equal $0.0001 per share. The pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time in perpetuity until all of the pre-funded warrants are exercised in full.</div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">The Units will not be certificated or issued in stand-alone form. The common shares and/or pre-funded warrants and the Class&#160;A Warrants comprising the Units are immediately separable upon issuance and will be issued separately in this offering.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Description of the Class&#160;A Warrants<font style="font-weight: normal; padding-left: 1.95pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Each Class&#160;A Warrant will have an exercise price of $&#8195;&#8195;&#8195; per share (not less than 100% and not more than 120% of the public offering price of each unit sold in this offering), will be exercisable upon issuance and will expire five years from issuance. Each Class&#160;A Warrant is exercisable for one common share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting our common shares as described herein. The terms of the Class&#160;A Warrants will be governed by a Warrant Agency Agreement, dated as of the closing date of this offering, that we expect to be entered into between us and American Stock Transfer &amp; Trust Company, LLC or its affiliate (the &#8220;Warrant Agent&#8221;). This prospectus also relates to the offering of the common shares issuable upon exercise of the Class&#160;A </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 240pt; text-align: justify;">Warrants. For more information regarding the Class&#160;A Warrants, you should carefully read the section titled &#8220;Description of Securities We Are Offering&#8221; in this prospectus.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Public Offering Price<font style="font-weight: normal; padding-left: 0.76pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -10pt; margin-left: 240pt; text-align: left;">$&#8195;&#8195;&#8195; per Unit.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares outstanding prior to this offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="font-weight: normal; padding-left: 4.88pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -10pt; margin-left: 240pt; text-align: left;">1,512,004 shares.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares to be outstanding after this offering<font style="font-weight: normal; padding-left: 1.63pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">2,845,338 shares if the Units are offered and sold at the minimum offering amount in this offering, or 6,845,337 shares if the Units are offered and sold at the maximum offering amount in the offering, at an assumed public offering price of $7.50 per Unit, equal to the closing price of our common shares on the Nasdaq Capital Market on July 8, 2022. </div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Use of proceeds<font style="font-weight: normal; padding-left: 1.38pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">We estimate that our net proceeds from the minimum offering amount of the sale of Units, consisting of our common shares or pre-funded warrants and Class A Warrants, in this offering will be approximately $8.9 million, after deducting placement agent fees and estimated offering expenses payable by us, and net proceeds from the maximum offering amount of the sale of the Units in this offering will be approximately $36.9 million, after deducting placement agent fees and estimated offering expenses payable by us, in each case based on an assumed offering price of $7.50 per Unit, equal to the closing price of our common shares on the Nasdaq Capital Market on July 8, 2022. </div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">We intend to use the net proceeds of this offering for general corporate purposes which may include, among other things, prepaying debt or funding the acquisition of vessels in accordance with our growth strategy. We do not currently have definitive plans for any debt prepayments nor have we identified any potential acquisitions other than the Acquisition Vessels, and we can provide no assurance that we will be able to complete any debt prepayment or the acquisition of any vessel that we have identified or are able to identify.</div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">Although we can provide no assurance that we will be successful in obtaining financing at all or on satisfactory terms, we expect to fully finance the purchase price for the Acquisition Vessels with a combination of cash on hand, the $5.0 million proceeds from the issuance of additional Series C Preferred Shares to Seanergy, a new $63.6 million credit facility secured by the Acquisition Vessels and the $14.0 million refinancing of the current facility secured by the Gloriuship, for which we have obtained commitment letters. See &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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: 492pt;"><a name="ny20004194x8_f1_103-summary_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="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 240pt; text-align: justify;">Review and Prospects&#8212;Loan Arrangements&#8221; And &#8220;Management&#8217;s Discussion and Analysis of Operating and Financing Review and Prospects&#8212;Liquidity and Capital Resources.&#8221; </div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">Ultimately, our management will have discretion and flexibility in applying the net proceeds of this offering. We may use the proceeds of this offering for purposes with which you do not agree. See &#8220;Risk Factors&#8212;Risks Relating to the Offering&#8212;Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.&#8221; </div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Listing<font style="font-weight: normal; padding-left: 3.5pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Our common shares are listed on Nasdaq and are began trading on the Nasdaq Capital Market on July 6, 2022 under the symbol &#8220;USEA&#8221;. We do not intend to list the Class A Warrants or pre-funded warrants offered hereunder on any stock exchange. There are no established public trading markets for the Class A Warrants or the pre-funded warrants, and we do not expect such markets to develop. Without an active trading market, the liquidity of the Class A Warrants and the pre-funded warrants will be limited. </div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Risk factors<font style="font-weight: normal; padding-left: 5.3pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">See &#8220;Risk Factors&#8221; and the other information included in this prospectus for a discussion of the factors you should consider carefully before deciding to invest in our securities. </div><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: left;">Based on 1,512,004 common shares outstanding as of the date of this prospectus and excludes:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; 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: 8pt;">&#8226;<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;">150,000 common shares issuable under our 2022 Equity Incentive Plan; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; 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: 8pt;">&#8226;<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;">common shares issuable upon conversion of our Series C Preferred Shares, which are convertible upon the first anniversary of the consummation of the Spin-Off. </div></td></tr></table><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 20pt; text-align: justify;">Except as otherwise noted, all information in this prospectus reflects and assumes (i)&#160;no sale of pre-funded warrants in this offering, which, if sold, would reduce the number of common shares that we are offering on a one-for-one basis and (ii)&#160;no exercise of the Class&#160;A Warrants issued in this offering.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><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="ny20004194x8_f1_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="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="tRF"><!--Anchor--></a>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;">An investment in our securities is highly speculative and involves a high degree of risk. Before deciding to invest in our securities, you should carefully consider the risks described below and all of the other information contained or incorporated by reference into this prospectus. These risks and uncertainties are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occurs, our business, financial condition, results of operations and future growth prospects could be materially adversely affected. In that case, you may lose all or part of your investment in the securities.</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;">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;">The cyclical nature of the tanker industry may lead to volatility in charter rates and vessel values, which could adversely affect our future 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;">Oil has been one of the world&#8217;s primary energy sources for a number of decades. The global economic growth of previous years had a significant impact on the demand for oil and subsequently on the oil trade and the demand for shipping crude oil and petroleum products. Global economic conditions, while somewhat more stable than in the immediate aftermath of the financial crisis, remain uncertain with respect to long-term economic growth. In particular, the uncertainty surrounding the future of the Eurozone, the economic prospects of the United States, the future economic growth of China, Brazil, Russia, India and other emerging markets and changing oil production and consumption patterns due to efficiencies, environmental concerns, new technologies and government policy changes are all expected to affect demand for product and crude tankers going-forward. Charter rates for both crude and product tankers rose at the end of 2019, due to the designation of COSCO Shipping Tanker (Dalian) Co. Ltd. (COSCO Dalian), Kunlun Shipping Company Ltd., and certain other entities and individuals as Specially Designated Nationals by the U.S. Office of Foreign Assets Control (OFAC) in September of 2019, which prevented the tanker vessels of these companies from being chartered in the international market thereby substantially reducing the supply of available tonnage. Furthermore, tanker market sentiment was positively aided by the global economic expansion, declines in inventories of crude and products and the implementation of the International Maritime Organization&#8217;s low sulfur bunkering requirement starting on January 1, 2020 (IMO 2020). The Baltic Dirty Tanker Index (&#8220;BDTI&#8221;) for crude tanker earnings hit a ten year high in October 2019 and remained elevated through the first half of 2020. The Baltic Clean Tanker Index (&#8220;BCTI&#8221;) for product tanker earnings hit an all-time high in April 2020 as COVID-19 lockdowns caused oil prices to plummet and demand for storage for unneeded crude and products to soar in April&#160;2020. However, both the BDTI and BCTI declined since then because of reduced demand due to the pandemic and before ton-mile demand increased due to the Russian invasion of Ukraine. The war has reshaped a significant part of the global oil trade, as Europe was importing about 30% of its crude oil from Russia before the breakout of the war. Following the sanctions on Russia, Europe has diverted all these imports from sources of greater distance (mainly Africa and the US), increasing the overall ton-mile demand. Meanwhile, if oil demand grows in the future, it is expected to come primarily from emerging markets which have been historically volatile, such as China and India, and a slowdown in these countries&#8217; economies may severely affect global oil demand growth, and may result in protracted, reduced consumption of petroleum products and a decreased demand for tanker vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to make cash distributions. Should the Organization of the Petroleum Exporting Countries, or OPEC, significantly reduce oil production or should there be significant declines in non-OPEC oil production, that may result in a protracted period of reduced oil shipments and a decreased demand for tanker vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to make cash distributions.</div><div class="para" style="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 crude oil and product markets have been volatile as a result of the many conditions and events that can affect the price, demand, production and transport of oil, including competition from alternative energy sources. Decreased demand for oil transportation may have a material adverse effect on our revenues, cash flows and profitability. The factors affecting the supply and demand for tankers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable. The past global financial crisis, the continuing U.S. shale production expansion and the ongoing COVID-19 pandemic response has intensified this unpredictability.</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 factors that influence demand for tanker 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: justify;">demand for and supply of liquid cargoes, including petroleum and petroleum products and any differences in supply and demand between regions;</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="ny20004194x8_f1_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: left;">developments in international trade;</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;">waiting days in ports;</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 oil production and refining capacity and regional availability of petroleum refining capacity;</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;">environmental and other legal and regulatory developments, including the adoption of any limits on CO2 emissions or the consumption of carbon-based fuels due to climate change agreements or protocols;</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;">global and regional economic conditions, including the global impact of the COVID-19 pandemic and efforts throughout the world to contain its spread;</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 distance chemicals, petroleum and petroleum products are to be moved by sea;</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 seaborne and other transportation patterns, including changes in distances over which cargo is transported due to geographic changes in where oil is produced, refined and used;</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;">competition from alternative sources of energy;</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;">armed conflicts and terrorist 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: left;">natural or man-made disasters that affect the ability of our vessel to use certain waterways;</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;">political developments, including changes to trade policies and or trade wars, including the provision or removal of economic stimulus measures meant to counteract the effects of sudden market disruptions due to financial, economic or health crises;</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;">embargoes and strikes;</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;">global or local health related issues including disease outbreaks or pandemics, such as the COVID-19 pandemic; 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 foreign tax policies.</div></td></tr></table><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;">The factors that influence the supply of tanker 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;">the 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;">the 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;">port or canal congestion, closure or blockage;</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 number of vessels that are used for storage or as floating storage offloading service 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: justify;">the conversion of tankers to other uses, including conversion of vessels from transporting oil and petroleum products to carrying drybulk cargo and the reverse conversion;</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;">availability of financing for new or secondhand tankers;</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 phasing out of single-hull tankers due to legislation and environmental concerns;</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 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;">the 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: justify;">national or international regulations that may effectively cause reductions in the carrying capacity of vessels or early obsolescence of tonnage; 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;">environmental concerns and regulations, including ballast water management, low sulfur fuel consumption regulations and reductions in CO2 emissions.</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;">Furthermore, the expansion of refinery capacity in China, India and particularly the Middle East through 2020 is expected to exceed the immediate consumption in these areas, and an increase in exports of refined petroleum products is expected as a result. Changes in product trading patterns due to the implementation of the IMO 2020 sulfur reduction rules and closure of refineries due to the pandemic should increase trade in refined petroleum products.</div><div class="para" style="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 tanker markets have been volatile as a result of the many conditions and factors that can affect the price, supply and demand for tanker capacity. The consequences of any future global economic crisis may further reduce demand for transportation of oil over long distances and supply of tankers that carry oil, which may materially </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;">9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_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;"><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;">affect our future revenues, profitability and cash flows. In addition, public health threats, such as the coronavirus, 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, and the operations of our 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;">We believe that the current order book for tanker vessels represents a significant percentage of the existing fleet; however the percentage of the total tanker fleet on order as a percent of the total fleet declined from 20% at the start of 2016 to 8% at the beginning of April 2021. An over-supply of tanker capacity may result in a reduction of charter hire rates. If a reduction in charter rates occurs, we may only be able to charter our tanker vessels at unprofitable rates or we may not be able to charter these vessels at all, which could lead to a material adverse effect on our 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;">Charter rates in the crude oil tankers sector and in the product tanker sectors of the seaborne transportation industry have significantly declined from historically high levels in 2008 and may remain depressed or decline further in the future, which 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;">Charter rates in the crude oil and product tanker sectors have significantly declined from historically high levels in 2008 and remained depressed until 2019. Since then the market has experienced volatility with charter rates posting another significant drop during 2020 with further decline possible. For example, the Baltic Exchange Dirty Tanker Index (BDTI) declined from a high of 2,347 in July 2008 to 453 in mid-April 2009, which represents a decline of approximately 81%. Since January 2019, it has traded between an all-time low of 403 and a high of 1,958; as of June&#160;17, 2022, it stood at 1,205. The Baltic Exchange Clean Tanker Index (BCTI) fell from 1,509 in the early summer of 2008 to 345 in April 2009, or an approximate 77% decline. It has traded between an all-time low of 309 and an all-time high of 2,190 since January 2019 and stood at 1,716 as of June&#160;17, 2022. Of note is that Chinese imports of crude oil have steadily increased from three million barrels per day in 2008 to a record 13 million barrels per day in June 2020 and stood at 10.8 million barrels per day in May 2022. Additionally, since the U.S. removed its ban at the end of 2015, U.S. crude oil exports increased by about 840% from 0.4 million barrels per day to a record 3.7&#160;million barrels per day in March 2020; however, crude exports fell to 3.3&#160;million barrels per day in March 2022 due to decreased demand. The U.S. has steadily increased its total petroleum product exports by about 244% to a record 3.1 million barrels per day in March 2022 from 0.9&#160;million barrels per day in January 2006. If the tanker sector of the seaborne transportation industry, which has been highly cyclical, is depressed in the future at a time when we may want to sell a tanker vessel, our earnings and available cash flow may be adversely affected. We cannot assure you that we will be able to successfully charter our vessel in the future at rates sufficient to allow us to operate our business profitably or to meet our obligations, including payment of debt service to our lenders. Our ability to renew the charters on vessels that we may acquire in the future, the charter rates payable under any replacement charters and vessel values will depend upon, among other things, economic conditions in the sector in which these vessels operate at that time, changes in the supply and demand for vessel capacity and changes in the supply and demand for the seaborne transportation of energy resources and commodities.</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;">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 currently 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 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 10, 2021 and a high of 5,650 on October 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 </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;">10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">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&#160;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: 12pt; 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 class="para" style="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 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 </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="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">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&#160;economy. </div><div class="para" style="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. 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. </div><div class="para" style="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 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></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="ny20004194x8_f1_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="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 current fleet is mostly dependent on spot or index-linked charters, which are highly volatile, 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 dry bulk vessel on a time charter whose daily rate is linked to the Baltic Capesize Index, or BCI. Furthermore, we may operate our current vessel or any other vessels we may acquire in the spot market or 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;">Accounting for future acquisitions, 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 relevant index rates. As a result, our financial performance will be significantly affected by conditions in the spot market or the relevant index rates and only vessels that would operate under fixed-rate time charters would, during the period in which such vessels operate under such time charters, would 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 charter indexes have been volatile as a result of the many conditions and factors that can affect the price, supply of and demand for capacity. Furthermore, charter hire rates for product tankers may fluctuate significantly based upon demand for seaborne transportation of crude oil and petroleum products. World oil demand is influenced by many factors, including international economic activity (including reactions to any economic or health crises); geographic changes in oil production, processing, and consumption; oil price levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as the United States and China. </div><div class="para" style="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 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 relevant indexes 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 index-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="para" style="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, if the spot market rates or short-term time charter rates become significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter. If our charterers fail to pay their obligations, we would have to attempt to re-charter our vessel at lower charter rates, which would affect our ability to comply with our loan covenants and operate our vessel profitably. If we are not able to comply with our loan covenants and our lenders choose to accelerate our indebtedness and foreclose their liens, we could be required to sell vessels in our fleet and our ability to continue to conduct our business would be impaired.</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;">An over-supply of tanker or dry bulk vessel capacity may depress the current charter rates and vessel values 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 current order book for tanker vessels represents a significant percentage of the existing fleet; however the percentage of the total tanker fleet on order as a percent of the total fleet declined from 20% at the start of 2016 to 6% as of the beginning of June 2022. If the capacity of new ships delivered exceeds the capacity of tankers being scrapped and lost, tanker capacity will increase. If the supply of tanker capacity increases and if the demand for tanker capacity does not increase correspondingly, charter rates and vessel values could materially decline. If we enter the tanker sector and such a reduction occurs, we would only be able to recharter such vessels at reduced or unprofitable rates as their current charters expire, or we would not be able to charter such vessels at all, which would then lead to a material adverse effect on 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;">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 31, 2022, according to Clarksons 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. </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="ny20004194x8_f1_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-indent: 20pt; text-align: left;">Factors that influence the supply of dry bulk or tanker 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 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: 20.5pt; 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. 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. On the tanker market, the sanctions imposed from EU to Russia affected imports of crude oil and petroleum products. This had a positive effect on the tankers&#8217; charter market, as Europe had to import these amounts of crude oil and petroleum products from other sources of greater distance, increasing the overall ton-mile demand. If these conditions though are sustained, the longer-term net impact on both the dry bulk and tanker 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></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="ny20004194x8_f1_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-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 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 31, 2021, 2.3% for the year ended December 31, 2020 and 6.0% for the year ended December 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 vessel that is either chartered to Chinese customers or that call to Chinese ports, our vessel that undergoes 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) the cost of goods exported from regions globally, particularly from the Asia-Pacific region, (ii) the length of time required to transport goods and (iii) 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 shares. 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 </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="ny20004194x8_f1_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;">countries against Russia, trade tariffs or embargoes with uncertain impacts on the markets in which we operate. While 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: 12pt; margin-left: 0pt; text-align: justify;">Any decrease in shipments of crude oil from the Arabian Gulf or the Atlantic basin may adversely affect our financial performance, if we enter the crude oil tanker 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;">The demand for oil tankers derives primarily from demand for Arabian Gulf and Atlantic basin (West Africa, United States, Brazil, North Sea, Guyana and other) crude oils, which, in turn, primarily depend on the economies of the world&#8217;s industrial countries and competition from alternative energy sources. A wide range of economic, social and other factors can significantly affect the strength of the world&#8217;s industrial economies and their demand for Arabian Gulf and Atlantic basin crude oil.</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: justify;">Among the factors that could lead to a decrease in demand for exported Arabian Gulf and Atlantic basin crude oil 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;">increased use of existing and future crude oil pipelines in the Arabian Gulf or Atlantic basin 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;">increased demand for crude oil in the Arabian Gulf or Atlantic basin 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: justify;">a decision by OPEC or other petroleum exporters to increase their crude oil prices or to further decrease or limit their crude oil production;</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;">16<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_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;"><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: left;">any increase in refining of crude into petroleum products for domestic consumption or export;</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;">armed conflict or acts of piracy in the Arabian Gulf or Atlantic basin including West Africa and political or other factors;</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;">economic and pandemic related crises that decrease oil demand 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 to oil production in other regions, such as the United States, Russia and Latin America; 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 development and the relative costs of nuclear power, natural gas, coal and other alternative sources of energy.</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 significant decrease in shipments of crude oil from the Arabian Gulf or Atlantic basin may materially adversely affect 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: 20.5pt; margin-left: 0pt; text-align: justify;">A decrease in the level of China&#8217;s imports of crude oil or petroleum products or a decrease in oil trade globally could have a material adverse impact on our potential charterers&#8217; business and, in turn, could cause a material adverse impact on our 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;">China imports significant quantities of crude oil and trades significant quantities of petroleum products. For example, in 2016, China imported about 354 million tons of crude oil by sea compared with crude oil imports to the United States of about 238 million tons. In 2018, China imported 412 million tons crude oil by sea (the United States imported 203 million tons by sea; 2018 is the latest available full year data for imports by sea). Total crude imports for China were 462&#160;million tons in 2018 and 542&#160;million tons in 2020. For comparison purposes, total crude imports for the United States were 308&#160;million tons in 2018 and 260&#160;million tons in 2020. The Acquisition Vessels may be deployed by our charterers on routes involving crude oil and petroleum product trades in and out of emerging markets, and our charterers&#8217; oil shipping and business revenue may be derived from the shipment of goods within and to the Asia Pacific region from various overseas export markets. Any reduction in or hindrance to China-based importers could have a material adverse effect on the growth rate of China&#8217;s imports and on our charterers&#8217; business. For instance, the government of China has implemented economic policies aimed at reducing pollution and increasing the strategic stock piling of crude oil. Should these policies change, this may have the effect of reducing crude oil imports or petroleum product exports and may, in turn, result in a decrease in demand for oil shipping. Additionally, though in China there is an increasing level of autonomy and a gradual shift in emphasis to a &#8220;market economy&#8221; and enterprise reform, many of the reforms, particularly some limited price reforms that result in the prices for certain commodities being principally determined by market forces, are unprecedented or experimental and may be subject to revision, change or abolition. The level of imports to and exports from China could be adversely affected by changes to these economic reforms by the Chinese government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese government. Although China exerts a large effect on the seaborne market for crude oil and petroleum products, any decreases in trade in those commodities by any of the countries in other major trading regions in North America, Europe and Asia could depress time charter rates which could have a material adverse effect on our business, results of operations, financial condition and our ability to pay cash distributions to 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;">Entering the tanker sector, our operations would expose us to the risk that increased trade protectionism from China, the United States or other nations will adversely affect our business. If the global recovery is undermined by downside risks and the recent economic downturn returns, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing the demand for shipping. Specifically, increasing trade protectionism in the markets that our charterers serve may cause (i) a decrease in cargoes available to our charterers in favor of Chinese charterers and Chinese owned ships and (ii) an increase in the risks associated with importing goods to China. Any increased trade barriers or restrictions on trade, especially trade with China, would have an adverse impact on our charterers&#8217; 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. The results of the 2020 presidential election in the United States have created 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. However, it is not yet clear how the new United States administration may deviate from the former administration&#8217;s foreign trade policies. 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. This could have a material adverse effect on our business, results of operations, financial condition and our ability to pay cash distributions to our shareholders.</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="ny20004194x8_f1_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="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 employment of any tanker vessels we may acquire could be adversely affected by an inability to clear the Oil Majors&#8217; vetting process, and we could be in breach of charter 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 shipping industry is heavily regulated by international conventions, local laws and regulations, and industry-driven standards. This is particularly so with respect to the shipment of crude oil, refined petroleum products (clean and dirty), and bulk liquid chemicals. Compliance with industry-driven standards imposed upon tanker vessel owners and operators by the so-called &#8220;Oil Majors,&#8221; such as Exxon Mobil, BP p.l.c., Royal Dutch Shell p.l.c., Chevron, ConocoPhillips and Total S.A., together with a number of commodities traders are critical to the tanker industry. The Oil Majors represent a significant percentage of the production, trading, and shipping logistics (terminals) of crude oil and refined products worldwide and they have developed and implemented a strict, ongoing due diligence process for selecting commercial partners, referred to as &#8220;vetting.&#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 vetting process is a sophisticated and comprehensive risk assessment of both vessels and vessel operators, including physical ship inspections, questionnaires completed and evaluated by accredited inspectors, and the production of risk assessment reports determining the suitability of vessels and vessel operators, as well as crewmembers, for hire by the Oil Majors.</div><div class="para" style="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 numerous factors are considered and evaluated prior to a vetting decision, the Oil Majors, through their association, Oil Companies International Marine Forum (&#8220;OCIMF&#8221;), have developed two basic tools for vetting: the Ship Inspection Report Programme (&#8220;SIRE&#8221;), and the Tanker Management and Self-Assessment (TMSA) programme. The former is a physical ship inspection based upon a thorough vessel inspection questionnaire and performed by accredited OCIMF inspectors, resulting in a report being logged on SIRE, while the latter is a more recent addition to the risk assessment tools used by the Oil Majors.</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;">Based upon commercial risk, there are three levels of assessment used by Oil Majors:</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;">terminal use, which clears a vessel to call at one of the Oil Major&#8217;s terminals;</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, which clears the vessel for a single voyage; 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;">period charter (or time charter), which clears the vessel for use for an extended period of time.</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 depth and complexity of each of these levels of assessment varies. A potential charter agreement for any tanker vessels we may acquire would likely require that the applicable vessel have a valid SIRE report (less than six months old) in the OCIMF website as recommended by OCIMF. In addition, under the terms of many such charter agreements, the charterers require that such vessels and their technical managers be vetted and approved to transport crude oil or refined petroleum products (as applicable). The technical manager is responsible for obtaining and maintaining the vetting approvals required to successfully charter such 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 case of term charter relationships, additional factors are considered when awarding such contracts,&#160;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;">Office assessments and audits of the vessel operator;</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 vessel operator&#8217;s environmental, health, and safety record;</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;">Compliance with the standards of the IMO;</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;">Compliance with Oil Majors&#8217; codes of conduct, policies, and guidelines, including policies relating to transparency, anti-bribery and ethical conduct requirements, and relationships with third parties;</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;">Compliance with heightened industry standards set by the Oil Majors;</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;">Results of Port State Control inspections (see below);</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;">Shipping industry relationships, reputation for customer services, and technical and operating expertise; 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;">Shipping experience and quality of ship operations, including cost-effectiveness and technical capability and experience of crewmembers.</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;">Under the potential terms of any tanker charter agreements, both the vessels and the technical managers would likely be vetted and approved to transport petroleum products by multiple Oil Majors. Any failure to maintain such vessels to the standards required by the Oil Majors could put us in breach of a charter agreement and lead to termination of such agreement and, potentially, could give rise to impairment in the value of the vessels. Should we </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="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">not be able to successfully clear the vetting process in such circumstances on an ongoing basis, the future employment of such vessels, as well as our ability to obtain charters, whether medium- or long-term, could be adversely affected. Such a situation may lead to the Oil Majors&#8217; terminating any then-existing charters and refusing to use any vessels we may acquire in the future, which, which &#8211; in turn &#8211; would adversely affect our 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: 19pt; 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 OPEC 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 any 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 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. 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: 19pt; 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 and product tanker markets are typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials, with respect to dry bulk, and oil and petroleum products, with respect to tankers, 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&#160;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: 19pt; 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 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) 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></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="ny20004194x8_f1_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-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 dry bulk 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 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;">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: 19pt; 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 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;">During the year ended December 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. 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. 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></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="ny20004194x8_f1_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-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 shares may adversely affect the price at which our common shares trade. 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: 20pt; 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 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; includes use in main engine, auxiliary engines and boilers. Compliance with this regulation is achieved by (i) using 0.5% sulfur fuels on board, which are available at a higher cost; (ii) installing &#8220;scrubbers&#8221; for cleaning of the exhaust gas; or (iii) 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 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 &#8220;Business&#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: 20pt; 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. 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></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="ny20004194x8_f1_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-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: 12pt; 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 8, 2017 must comply with the updated D-2 standard on or after September 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 8, 2017 are to comply with the D-2 standards on or after September 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 28, 2020 shall be approved in accordance with BWMS Code, while BWMSs installed before October 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. Amendments to the BWM Convention entered into force in June 2022 concerning commissioning testing of BWMS and the form of the International Ballast Water Management Certificate. Our Capesize vessel 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 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. 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 VIDA. Several U.S. states have added specific requirements to the Vessel General Permit and, in some cases, may require vessels to install ballast water treatment technology to meet biological performance standards.</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 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 </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="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">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: 20pt; margin-left: 0pt; text-align: justify;">Increasing growth of electric vehicles and renewable fuels could lead to a decrease in trading and the movement of crude oil and petroleum products 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;">The IEA noted in its Global EV Outlook 2022 that total electric cars registered worldwide grew from about 17,000 in 2010 to 16.5 million in 2021. Electric car sales in 2021 were 6.6&#160;million, almost doubled from the previous year. This was due to the significant increase of public spending on subsidies and incentives for EVs in 2021. Meanwhile, China is accounted for half of the growth noted in 2021. According to the IEA, electric cars will represent more than 30% of vehicles sold globally in 2030 across all modes. The Paris-based oil organization also states that electric cars deployment suggests a displacement of 1.6&#160;million barrels per day of oil by 2025, and 4.6&#160;million barrels per day by 2030.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">According to the EIA, diesel production from U.S. refineries grew from an average of 4.0 million barrels per day in 2009 to a maximum of 5.6 million barrels per day in December 2018 before declining during the pandemic. Production has been recovered to 5.0&#160;million barrels per day as of March 2022. During the same period gasoline production from U.S. refineries grew from an average of 9.0 million barrels per day in 2009 to a maximum of 9.3&#160;million barrels per day in 2019 before declining to 8.0&#160;million barrels per day in 2020 during the pandemic. Production has since recovered to 8.9&#160;million barrels per day as of March 2022. A growth in EVs or a slowdown in imports or exports of crude or petroleum products worldwide, may result in decreased demand for the Acquisition Vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to make cash distributions.</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;">The operation of dry bulk and tanker 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 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. Meanwhile, the operation of tankers has also unique operational risks associated with the transportation of oil and petroleum products. An oil spill may cause significant environmental damage, and the associated costs could exceed the insurance coverage available to us. Compared to other types of vessels, tankers, due to the essence of the commodities transported and their high flammability, are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause. 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></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="ny20004194x8_f1_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: justify;">If our vessel and other vessels we may acquire fail to maintain their 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 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 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;">Due to the volatile nature of ton-mile demand and the increase in the tanker fleet since 2010 the market values of the Acquisition Vessels and any contracted newbuildings and of tankers generally have also exhibited considerable volatility. From 2010 until today, smaller product tanker yard resale prices have fluctuated from $32&#160;million in October 2012 to $41&#160;million in June 2022. As regards capesize dry bulk carriers, from 2010 until today, Capesize yard resale prices have fluctuated from $35&#160;million in February 2016 to $74&#160;million in April 2010.</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="ny20004194x8_f1_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;"><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 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: left;">prevailing levels of 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: 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;">competition from other shipping 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;">types, sizes and age 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;">sophistication and condition of the 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;">advances in efficiency, such as introduction of autonomous 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;">where the vessel was built and as-built specifications;</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;">lifetime maintenance record;</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;">supply and demand 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;">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;">whether the vessel is equipped with scrubbers or not;</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;">global economic or pandemic related crises;</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, including environmental 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;">ability of buyers to access financing and capital;</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></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="ny20004194x8_f1_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="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 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 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;">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, including the Acquisition Vessels. 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: 12pt; margin-left: 0pt; text-align: justify;">We may be unable to obtain financing for the acquisition of the Acquisition Vessels or any other vessels we may 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;">We have entered into binding agreements with the Sellers to acquire four tankers for an aggregate purchase price of $79.5 million. Other than deposits payable in connection with the entry into the definitive agreements for the acquisitions, the purchase price for each vessel will be payable upon its delivery to us and all vessels are expected to be delivered in the third quarter of 2022. We intend to finance this acquisition with a combination of cash on hand, the $5.0 million proceeds from the issuance of additional Series C Preferred Shares to Seanergy, a new credit facility secured by the Acquisition Vessels and the excess proceeds from the refinancing of the current facility secured by the Gloriuship, for which we have obtained commitment letters. Our entry into these financing arrangements pursuant to the commitment letters remains subject to negotiation of binding documentation. However, we can offer no assurance that we will be able to obtain such financing or to obtain the necessary financing for the acquisition of any other vessels we may acquire on attractive terms or at all. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our purchase price payment obligations and complete the acquisition of such vessels and expand the size of our fleet. If we fail to fulfill our commitments thereunder, due to an inability to obtain financing or otherwise, we may also be liable for damages for breach of contract. Our failure to obtain the funds for these capital expenditures could have a material adverse effect on our 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: 12pt; margin-left: 0pt; text-align: justify;">The delivery of the Acquisition Vessels is conditioned upon satisfaction of a number of conditions that are beyond our control; and as such the acquisition may not be consummated and we will incur transaction costs regardless of whether the acquisition is consummated.</div><div class="para" style="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 delivery of the Acquisition Vessels is conditioned upon satisfaction of certain conditions, the satisfaction of many of which are beyond our control. If the acquisition is not consummated, transaction costs, including costs of </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="ny20004194x8_f1_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-align: justify;">advisors and the use of key management personnel&#8217;s time and attention, will have been incurred without the expected benefits and at the expense of 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;">In addition, there will be no realization of any of the expected benefits of having completed the acquisition and failure to complete the transaction could result in a decline of our market share 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;">If any of the above risks materialize, it could negatively affect our business, results of operation and financial&#160;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: 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&#8217;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: 12pt; margin-left: 0pt; text-align: justify;">We may acquire additional vessels in the future, including the Acquisition Vessels, 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 including but not limited to the Acquisition Vessels. 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: 12pt; margin-left: 0pt; text-align: justify;">Substantial debt levels could limit our flexibility to obtain additional financing and pursue other business&#160;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 have $5.0&#160;million of outstanding debt. Furthermore, in connection with the purchase of the Acquisition Vessels, we have obtained the Blue Ocean Commitment Letters (defined below) to provide us with financing for a portion of the purchase price of the Acquisition Vessels and for the refinancing of the current facility for the <font style="font-style: italic;">Gloriuship</font>. We may also incur further 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><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 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></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="ny20004194x8_f1_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 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: 12pt; margin-left: 0pt; text-align: left;">We depend on officers and directors who are associated with Seanergy, which may create conflicts of interest.</div><div class="para" style="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 have fiduciary duties to manage our business in a manner beneficial to us and our shareholders. However, Stamatios Tsantanis, who serves as our Chairman and Chief Executive Officer, is also the Chairman and Chief Executive Officer of Seanergy. In addition, Stavros Gyftakis, who serves as our Chief Financial Officer and as a director, is the Chief Financial Officer of Seanergy, and Christina Anagnostara and Ioannis Kartsonas, who serve as independent directors, also serve as directors of Seanergy. These officers and directors have fiduciary duties and responsibilities to manage the business of Seanergy 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 Seanergy 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, as are the Acquisition Vessels. 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 second-hand 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 </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="ny20004194x8_f1_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;">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 current 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 1, 2018, Rightship's age trigger for a dry cargo inspection for vessels over 8,000 dwt changed from 18 years to 14 years, after which an annual acceptable Rightship inspection will be required. Rightship may downgrade any vessel over 18 years of age that has not completed a satisfactory inspection by Rightship, in the same manner as any other vessel over 14 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 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 class="para" style="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 27, 2017, the UK Financial Conduct Authority (&#8220;FCA&#8221;) announced that it would phase-out LIBOR by the end of 2021. On November 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 31, 2021 for only the one-week and two-month U.S. Dollar LIBOR tenors, and on June 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 </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="ny20004194x8_f1_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;">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: 12pt; 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: 14.5pt; 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: 12pt; 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 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 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></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="ny20004194x8_f1_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: 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: 20pt; 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: 20pt; 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 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: 20pt; 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 vessel transits 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></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="ny20004194x8_f1_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;">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 Seanergy 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 have entered into a master management agreement with Seanergy for the provision of technical, administrative, commercial, brokerage and certain other services. Certain of these services may be subcontracted to or contracted directly with Seanergy&#8217;s wholly owned subsidiaries Seanergy Shipmanagement and Seanergy Management Corp. (&#8220;Seanergy Management&#8221;) (Seanergy Shipmanagement and Seanergy Management, together with Seanergy, 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: 14.5pt; 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 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: 12pt; 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 Seanergy a fixed administration fee of $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 1% of the contract price of vessels bought or sold on our behalf (not including any vessels bought or sold from or to Seanergy). 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 vessel is 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: 12pt; 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 shares or warrants. </div><div class="para" style="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 </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="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">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.&#160;shareholders or warrantholders 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 or warrants 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 and warrantholders would face adverse U.S. federal income tax consequences and certain information reporting requirements. Under the PFIC rules, unless those shareholders or warrantholders 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 or warrantholders), such shareholders or warrantholders 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 common shares or warrants, as if the excess distribution or gain had been recognized ratably over the holder&#8217;s holding period of our common shares or warrants. See &#8220;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 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;">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;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></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="ny20004194x8_f1_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="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;">We are a &#8220;foreign private issuer,&#8221; which could make our common shares 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 shares 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 shares less attractive to some investors or otherwise harm our stock price.</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 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 our registration statement on Form 20-F, filed with the Commission on June&#160;6, 2022.</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&#160;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 Commission. 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: 15pt; 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></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="ny20004194x8_f1_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="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;">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 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 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: 17.5pt; 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: 7pt; margin-left: 0pt; text-align: left;">An active and liquid market for our common shares may not be sustained.</div><div class="para" style="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 consummation of the Spin-Off, there was no established trading market for our common shares. Our common shares are listed on Nasdaq and began trading on the Nasdaq Capital Market on July&#160;6, 2022 under the symbol &#8220;USEA&#8221;. However, we cannot assure you that an active, liquid trading market for our common shares will be sustained.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Active, liquid trading markets generally result in lower bid ask spreads and more efficient execution of buy and sell orders for market participants. If an active trading market for our common shares is not sustained, the price of our common shares may be more volatile and it may be more difficult and time consuming to complete a transaction of common shares, which could have an adverse effect on the realized price of our common shares. We cannot predict the price at which our common shares will trade.</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;">The market price of our common shares may in the future be subject to significant fluctuations. </div><div class="para" style="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></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="ny20004194x8_f1_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;"><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: 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 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 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;">A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our common shares 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 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 is subject to the rights of holders of our Series 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 shares unless full cumulative dividends have been or contemporaneously are being paid or provided for on all outstanding Series C Preferred Shares for all prior and the then-ending dividend periods. Cumulative dividends on our Series C Preferred Shares accrue at a rate of 6.5% per annum per $1,000 stated liquidation preference per Series C Preferred Share and are payable in cash or, at our election, in kind, quarterly on January 15, April 15, July 15 and October 15 of each year, commencing October&#160;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 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 C Preferred Shares or otherwise elect to pay dividends on the Series C Preferred Shares in kind, then such additional Series C Preferred Shares issuance will result </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="ny20004194x8_f1_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">in additional dividend payment obligations of the Company going forward. In addition, a failure to pay dividends on our Series 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: 20.5pt; 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 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: 20pt; 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 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="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;">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></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="ny20004194x8_f1_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="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;">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 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;">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 issued 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: 12pt; 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 Shares 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 Shares less attractive because we may rely on these exemptions. If some investors find our common shares less attractive as a result, there may be a less active trading market for our common shares and our share price may be more volatile upon the commencement of trading of our common shares on the Nasdaq Capital 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;">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: 12pt; 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 </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;">38<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_104-risk_pg32"><!--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;">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 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;">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) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) 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) 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) if the E.U. will once again add the Marshall Islands to the list of non-cooperative jurisdictions, (ii) how quickly the E.U. would react to any changes in legislation of the Marshall Islands, or (iii) 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></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="ny20004194x8_f1_104-risk_pg33"><!--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;">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: 16pt; 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 expected 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, 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. </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 as a result 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;">Following the Spin-Off, we need to provide internally or obtain from unaffiliated third parties some of the services we previously received from Parent. We may be unable to replace these services in a timely manner or on terms and conditions as favorable as those we previously received 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 a limited 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 are 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 </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="ny20004194x8_f1_104-risk_pg34"><!--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;">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;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: 14pt; 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 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;">Risks Relating to this Offering</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;">Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</div><div class="para" style="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 use the net proceeds of this offering for general corporate purposes. We expect to finance the purchase price of the Acquisition Vessels with a combination of borrowings under facilities we expect to enter into on the terms set out in the Blue Ocean Commitment Letters (defined below), cash on hand and the $5.0 million proceeds from the issuance of additional Series C Preferred Shares to Seanergy. See &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial Review and Prospects&#8212;Loan Arrangements&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources.&#8221; However, we can provide no assurance that we will be successful in obtaining such financing at all or on satisfactory terms, in which case all or a portion of the net proceeds of this offering could be used to fund the purchase of the Acquisition Vessels. Ultimately, our management will have significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, prospects, financial condition, operating results and cash flow.</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: 14pt; margin-left: 0pt; text-align: left;">Our share price may be 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;">The market price of our common shares upon the commencement of trading of our common shares on the Nasdaq Capital Market may not be indicative of future market prices, and we may be unable to sustain or increase the value of an investment in 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: 14pt; margin-left: 0pt; text-align: left;">We may not be able to maintain compliance with the Nasdaq Capital Market&#8217;s continued listing requirements.</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;">We may not be able to maintain compliance with the Nasdaq Capital Market's continued listing 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 common stock is listed on the Nasdaq Capital Market. There are a number of continued listing requirements that we must satisfy in order to maintain our listing on the Nasdaq Capital Market. If we fail to maintain compliance with all applicable continued listing requirements for the Nasdaq Capital Market and Nasdaq determines to delist our common stock, the delisting could adversely affect the market liquidity of our common stock, our ability to obtain financing to repay any debt and fund 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: 14pt; margin-left: 0pt; text-align: left;">The Class&#160;A Warrants and pre-funded warrants are speculative in nature.</div><div class="para" style="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 Class&#160;A Warrants and pre-funded warrants offered hereby do not confer any rights of common share ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire common shares at a fixed price. Specifically, commencing on the date of issuance, holders of the pre-funded warrants may acquire the common shares issuable upon exercise of such warrants at an exercise price of $0.0001 per common share and holders of the Class&#160;A Warrants may acquire the common shares issuable 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;">41<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_104-risk_pg35"><!--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;">exercise of such warrants at an exercise price of $&#8195;&#8195;&#8195; per common share. Moreover, following this offering, the market value of the Class&#160;A Warrants and pre-funded warrants is uncertain and there can be no assurance that the market value of the Class&#160;A Warrants and pre-funded warrants will equal or exceed their public offering price.</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;">There is no public market for the Class&#160;A Warrants or pre-funded warrants being offered in this offering and we do not expect one to develop.</div><div class="para" style="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 is presently no established public trading market for the Class&#160;A Warrants or pre-funded warrants being offered in this offering and we do not expect a market to develop. In addition, we do not intend to apply to list the Class&#160;A Warrants or pre-funded warrants on any securities exchange or nationally recognized trading system, including Nasdaq. Without an active market, the liquidity of the Class&#160;A Warrants and pre-funded warrants will be limited.</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;">Purchasers of our Class&#160;A Warrants or pre-funded warrants will not have any rights of common shareholders until such Class&#160;A Warrants or pre-funded warrants are exercised.</div><div class="para" style="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 Class&#160;A Warrants and pre-funded warrants being offered do not confer any rights of common share ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire common shares at a fixed price. </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;">The best efforts structure of this offering may have an adverse effect on our business plan.</div><div class="para" style="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 Placement Agent is offering the Units in this offering on a best efforts basis. The Placement Agent is not required to purchase any securities, but will use their best efforts to sell the securities offered. It is a condition to the closing of this offering that we sell at least a minimum offering amount of Units and a maximum offering amount of Units. As a &#8220;best efforts&#8221; offering, there can be no assurance that we will successfully raise at least the minimum offering amount or that the offering contemplated hereby will ultimately be consummated or will result in any proceeds being made available to us. The success of this offering will impact our ability to use the proceeds to execute our business plan, including the acquisition of the Acquisition 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;">42<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_105-use_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="tUSE"><!--Anchor--></a>USE OF PROCEEDS</div><div class="para" style="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 estimate that our net proceeds from the minimum offering amount of the sale of Units, consisting of our common shares or pre-funded warrants and Class&#160;A Warrants, in this offering will be approximately $8.9 million, after deducting placement agent fees and estimated offering expenses payable by us, and net proceeds from the maximum offering amount of the sale of the Units in this offering will be approximately $36.9 million, after deducting placement agent fees and estimated offering expenses payable by us, in each case based on an assumed offering price of $7.50 per Unit, equal to the closing price of our common shares on the Nasdaq Capital Market on July 8, 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;">We intend to use the net proceeds of this offering for general corporate purposes which may include, among other things, prepaying debt or funding the acquisition of vessels in accordance with our growth strategy. We do not currently have definitive plans for any debt prepayments nor have we identified any potential acquisitions other than the Acquisition Vessels, and we can provide no assurance that we will be able to complete any debt prepayment or the acquisition of any vessel that we have identified or are able to identify. </div><div class="para" style="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 can provide no assurance that we will be successful in obtaining financing at all or on satisfactory terms, we expect to fully finance the purchase price for the Acquisition Vessels with a combination of cash on hand, the $5.0 million proceeds from the issuance of additional Series C Preferred Shares to Seanergy, a new $63.6&#160;million credit facility secured by the Acquisition Vessels and the $14.0 million refinancing of the current facility secured by the Gloriuship, for which we have obtained commitment letters. See &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial Review and Prospects&#8212;Loan Arrangements&#8221; And &#8220;Management&#8217;s Discussion and Analysis of Operating and Financing Review and Prospects&#8212;Liquidity and Capital Resources.&#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;">Ultimately, our management will have discretion and flexibility in applying the net proceeds of this offering. We may use the proceeds of this offering for purposes with which you do not agree. See &#8220;Risk Factors&#8212;Risks Relating to the Offering&#8212;Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.&#8221;</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tDP"><!--Anchor--></a>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&#160;15, April&#160;15, July 15 and October&#160;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&#160;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. Marshall Islands law provides that we may pay dividends on and redeem the Series C Preferred Shares only to the extent that assets are legally available for such purposes. Legally available assets generally are limited to our surplus, which essentially represents our retained earnings and the excess of consideration received by us for the sale of shares above the par value of the shares. In addition, under Marshall Islands law we may not pay dividends on or redeem Series C Preferred Shares if we are insolvent or would be rendered insolvent by the payment of such a dividend or the making of such redemption.</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="ny20004194x8_f1_105-use_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;"><a name="tCAP"><!--Anchor--></a>CAPITALIZATION</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;">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; </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 (i) the repayment of two instalments totaling $550,000 under our New EnTrust Facility and (ii) the consummation of the Spin-Off transaction on July 6, 2022 in connection with which Seanergy contributed to the Company i) one vessel-owning subsidiary and ii) $5 million in working capital, whereas as of the same date, i) the Company distributed all of its then issued and outstanding common shares (i.e. 1,512,004 shares) to Seanergy's shareholders, ii) our Chairman and Chief Executive Officer Stamatios Tsantanis received 40,000 of our Series B Preferred Shares, par value $0.0001 per share and iii) 5,000 of our Series C Preferred Shares were issued to Seanergy, par value $0.0001 per share, in exchange for the $5 million in working capital contribution by Seanergy, (the accounting treatment of which has not been finalized as of the date hereof); 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 further adjusted basis, to give effect to (i) the issuance and sale of 1,333,334 Units consisting of one common share and one Class A Warrant to purchase one common share at an assumed public offering price of $7.50 per Unit at the minimum offering amount, (ii) the issuance and sale of 5,333,333&#160;Units consisting of one common share and one Class A Warrant to purchase one common share at an assumed public offering price of $7.50 per Unit at the maximum offering amount, and (iii) total expenses of each offering amount, which include registration, filing and listing fees, printing fees and legal and accounting expenses amounting to $400,000 and the Placement Agent fee of 6.75% of the aggregate gross cash proceeds at each offering. </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;">There have been no significant changes since December&#160;31, 2021 through July&#160;11, 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 Item 5. &#8220;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: 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(All figures in U.S. dollars,<br></div><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;">except for share amounts)</div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.53%; 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;">As of 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<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: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.26%; 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;">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><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; 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;">As Further<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;">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)<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;">(minimum<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;">offering<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;">amount)**</div></td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; 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;">As Further<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;">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)<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;">(maximum<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;">offering<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;">amount)**</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; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Debt<br></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 41.03%; 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: 10pt; text-indent: -10pt; text-align: left;">Secured long-term debt, (net of deferred finance costs of $119,256)<font style="padding-left: 1.3pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">5,380,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">4,830,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">4,830,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 40pt;">4,830,744</font></div></td></tr><tr><td style="width: 41.03%; 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 debt<font style="font-weight: normal; padding-left: 0.43pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">5,380,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">4,830,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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; margin-top: 0pt; margin-left: 2.51pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">4,830,744</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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; margin-top: 0pt; margin-left: 2.51pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 40pt;">4,830,744</font></div></td></tr><tr><td style="width: 41.03%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.53%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 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; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Equity<br></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 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;">Parent investment<font style="padding-left: 1.74pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;">7,868,678</div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</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;">Accumulated deficit<font style="padding-left: 2.31pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;"><font style="padding-left: 4.17pt;">(828,300)</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</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: 10pt; text-indent: -10pt; text-align: left;">Series B Preferred stock, $0.0001 par value; none issued and outstanding as at December 31, 2021, 40,000 shares issued and outstanding as adjusted, 40,000 shares issued and outstanding as further adjusted<font style="padding-left: 2.9pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="padding-left: 35pt;">4</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 35pt;">4</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 35pt;">4</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: 10pt; text-indent: -10pt; text-align: left;">Series C Preferred stock, $0.01 par value; none issued and outstanding as at December 31, 2021, 5,000 shares issued and outstanding as adjusted, 5,000 shares issued and outstanding as further adjusted </div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 14.01pt; text-align: left;"><font style="padding-left: 30pt;">&#8212; </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 3.99pt; text-align: left;"><font style="padding-left: 35pt;">1 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 35pt;">1 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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: 2.51pt; text-align: left;"><font style="padding-left: 35pt;">1</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;">44<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_105-use_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 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(All figures in U.S. dollars,<br></div><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;">except for share amounts)</div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.53%; 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;">As of 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<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: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.26%; 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;">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><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; 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;">As Further<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;">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)<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;">(minimum<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;">offering<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;">amount)**</div></td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.87%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; 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;">As Further<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;">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)<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;">(maximum<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;">offering<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;">amount)**</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: 10pt; text-indent: -10pt; text-align: left;">Common shares, $0.0001 par value; none issued and outstanding as at December 31, 2021, 2,000,000,000 authorized shares and 1,512,004 shares issued and outstanding as adjusted, 2,000,000,000 authorized shares and 2,845,338 or 6,845,337 minimum offering or maximum offering shares issued and outstanding as further adjusted, respectively<font style="padding-left: 1.19pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 11.51pt; text-align: left;"><font style="padding-left: 35pt;">&#8212; </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 1.49pt; text-align: left;"><font style="padding-left: 30pt;">151 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 30pt;">284 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; 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; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 30pt;">684</font></div></td></tr><tr><td style="width: 41.03%; 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;">Additional paid-in capital <font style="padding-left: 1.76pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 14.53%; 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: 11.51pt; 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: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 10.26%; 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: 1.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">12,040,378 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; 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: justify;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">20,965,244 </font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; 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: justify;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">48,939,844</font></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; margin-top: 0pt; margin-left: 0pt; text-align: left;">Equity, net<font style="padding-left: 0.43pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.53%; 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: 11.51pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">7,040,378</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; 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: 1.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">12,040,534</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; 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: justify;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">20,965,534</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; 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: justify;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">48,940,533</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 capitalization<font style="font-weight: normal; padding-left: 1.55pt;"></font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.53%; 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: 11.51pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">12,421,122</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; 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: 1.49pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">16,871,278</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; 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: justify;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">25,796,278</font></div></td><td class="gutter" style="width: 1.87%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.87%; 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; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">53,771,277</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: 20.5pt;"> </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;">The December 31, 2021 column depicts the United Maritime Predecessor financial information, as the Spin-off was consummated on July&#160;6, 2022.</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;">**<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;">The Additional paid-in capital as adjusted and as further adjusted has been determined using the $5&#160;million working capital contributed as of the distribution date in exchange for the Company's common and preferred stock (the accounting treatment of spin-off transaction has not been finalized as of the date hereof).</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;">45<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_105-use_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;"><a name="tDIL"><!--Anchor--></a>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;">Dilution is the amount by which the offering price paid by the purchasers of our Units in this offering exceeds the net tangible book value per common share after the offering.</div><div class="para" style="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 adjusted to give effect to the Spin-Off, the pro forma net tangible book value as of December&#160;31, 2021 was $12.0 million in total and $7.96 per common share. Pro forma net tangible book value was determined by dividing the net tangible book value of the contributed assets and liabilities by the common shares issued by us in exchange for such contribution in the Spin-Off and the initial formation of our company (without taking into account the Series&#160;C Preferred Shares).</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: 20pt; text-align: left;">Dilution to New Investors if the Minimum Offering Amount is sold</div><div class="para" style="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 adjusted to give effect to the sale by us of the &#8195;&#8195;&#8195; Units, each consisting of one of our common shares or one pre-funded warrant and one Class&#160;A Warrant, offered by this prospectus at the public offering price of $&#8195;&#8195;&#8195; per Unit, and after deducting the estimated offering commissions and estimated offering expenses payable by us, our adjusted pro forma net tangible book value as of December&#160;31, 2021 would have been $&#8195;&#160;million, or $&#8195;&#8195;&#8195; per common share. This represents immediate dilution of approximately $&#8195;&#8195;&#8195; per share to new investors purchasing our common shares in this offering. </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;">The following table illustrates this calculation on a per share basis:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 6pt; 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;">Public offering price per Unit<font style="padding-left: 1.07pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; 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: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; 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: 6.5pt; text-align: left;">$&#8195;&#8195;&#8195;</div></td></tr><tr><td style="width: 76.92%; 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-align: left;">Pro Forma net tangible book value per share as of December&#160;31, 2021<font style="padding-left: 2.35pt;"></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: 10.26%; 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: 6.5pt; text-align: left;">$&#8195;&#8195;&#8195;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Increase per share attributable to new investors in this offering<font style="padding-left: 0.03pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.5pt; text-align: left;">$</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: 10.26%; 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: 76.92%; 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;">As-adjusted pro forma net tangible book value per share as of December&#160;31, 2021, after giving effect to this offering<font style="padding-left: 0.15pt;"></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: 10.26%; 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: 0.64%; 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: 10.26%; 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: 6.5pt; text-align: left;">$</div></td></tr><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dilution per share to new investors in this offering<font style="padding-left: 3.88pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.5pt; text-align: left;">$</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 number of common shares shown above to be outstanding after this offering is based on the common shares outstanding as of &#8195;&#8195;&#8195;, 2022 and excludes:</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;">150,000 common shares issuable under our 2022 Equity Incentive Plan;</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;">common shares issuable upon conversion of our Series C Preferred Shares, which are convertible upon the first anniversary of the consummation of 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;">It also assumes (i)&#160;no sale of pre-funded warrants in this offering, which, if sold, would reduce the number of common shares that we are offering on a one-for-one basis and (ii)&#160;no exercise of the Class&#160;A Warrants issued in this offering.</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: 20pt; text-align: left;">Dilution to New Investors if the Maximum Offering Amount is sold </div><div class="para" style="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 adjusted to give effect to the sale by us of the &#8195;&#8195;&#8195; Units, each consisting of one of our common shares or one pre-funded warrant and one Class A Warrant, offered by this prospectus, and after deducting the estimated offering commissions and estimated offering expenses payable by us, our adjusted pro forma net tangible book value as of December 31, 2021 would have been $&#8195; million, or $&#8195;&#8195;&#8195; per common share. This represents immediate dilution of approximately $&#8195;&#8195;&#8195; per share to new investors purchasing our common shares in this offering. </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="ny20004194x8_f1_105-use_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-indent: 20pt; text-align: left;">The following table illustrates this calculation on a per share basis: </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: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 6pt; 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;">Public offering price per Unit<font style="padding-left: 1.07pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; 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: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; 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: 6.5pt; text-align: left;">$&#8195;&#8195;&#8195; </div></td></tr><tr><td style="width: 76.92%; 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;">Pro Forma net tangible book value per share as of December 31, 2021 <font style="padding-left: 4.02pt;"></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: 10.26%; 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: 6.5pt; text-align: left;">$</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.5pt; text-align: left;"><font style="padding-left: 5pt;">&#8195;&#8195;&#8195;</font></div></td></tr><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Increase per share attributable to new investors in this offering <font style="padding-left: 1.7pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.5pt; text-align: left;">$</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: 10.26%; 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: 76.92%; 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;">As-adjusted pro forma net tangible book value per share as of December 31, 2021, after giving effect to this offering <font style="padding-left: 1.82pt;"></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: 10.26%; 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: 6.5pt; text-align: left;"><font style="padding-left: 5pt;">&#8195;&#8195;&#8195; </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: 10.26%; 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: 6.5pt; text-align: left;">$&#8195;&#8195;&#8195;</div></td></tr><tr><td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dilution per share to new investors in this offering <font style="padding-left: 0.55pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.26%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.5pt; text-align: left;">$</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 number of common shares shown above to be outstanding after this offering is based on the common shares outstanding as of &#8195;&#8195;&#8195;, 2022 and excludes: </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;">150,000 common shares issuable under our 2022 Equity Incentive Plan; </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;">common shares issuable upon conversion of our Series C Preferred Shares, which are convertible upon the first anniversary of the consummation of 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;">It also assumes (i) no sale of pre-funded warrants in this offering, which, if sold, would reduce the number of common shares that we are offering on a one-for-one basis and (ii) no exercise of the Class A Warrants issued in this offering.</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="ny20004194x8_f1_106-management_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="tMDA"><!--Anchor--></a>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF <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;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div><div class="para" style="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;Risk Factors&#8221; beginning on page <a href="#tRF">8</a> of this prospectus.</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;">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 charter rates. Spot charters also expose vessel owners to the risk of declining charter 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: 17.5pt; 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 &#8220;Critical Accounting Estimates&#8221; 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&#160;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: 17.5pt; 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;">48<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_106-management_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&#160;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)&#160;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)&#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, 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&#160;31, 2021 as compared to year ended December&#160;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&#160;million or 79% from $4.1&#160;million during 2020 to </font><font style="font-style: normal;">$7.4&#160;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></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 for both 2021 and 2020. Our vessel was chartered </font><font style="font-style: normal;">under time charter arrangement throughout 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;">Vessel Operating Expenses<font style="font-style: normal;"> &#8211; Vessel operating expenses amounted to $2.3&#160;million in 2021 and to $2.0&#160;million </font><font style="font-style: normal;">in 2020. The daily vessel operating expense increased by 17% during 2021 and the increase is mainly attributable </font><font style="font-style: normal;">to increased crew expenses due to COVID-19 and the resulting port restrictions which impaired our ability to </font><font style="font-style: normal;">optimize crew changes. In addition, we incurred additional insurance expenses due to supplementary (retrospective) </font><font style="font-style: normal;">calls and premiums by our protection and indemnity associations, which are outside our control. </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 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&#160;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&#160;million and </font><font style="font-style: normal;">$0.3&#160;million for 2021 and 2020, respectively, and represent the allocation of the expenses incurred by Seanergy based </font><font style="font-style: normal;">on the number of ownership days of the fleet vessel. The increase in general and administrative expenses from 2020 </font><font style="font-style: normal;">to 2021 was mainly attributable to an increase in staff costs, including stock based compensation, as the total number </font><font style="font-style: normal;">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&#160;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&#160;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&#160;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 (defined below), 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&#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></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="ny20004194x8_f1_106-management_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 31, 2020 as compared to year ended December 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 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 million in 2020 compared to $2.6 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 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 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 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 million for both </font><font style="font-style: normal;">2020 and 2019 and represent the allocation of the expenses incurred by Seanergy 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 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 million compared to $0.2 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 million in 2020 compared to $0.9 </font><font style="font-style: normal;">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 Nordbank AG), or </font><font style="font-style: normal;">the HCOB facility, to the New EnTrust Facility (as defined below), going from an outstanding balance of $8.5 million </font><font style="font-style: normal;">under the HCOB facility at repayment date to a new loan of $6.5 million with certain nominees of EnTrust Global, </font><font style="font-style: normal;">or EnTrust, as lenders (the &#8220;New EnTrust Facility&#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></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 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 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;">50<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_106-management_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><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;">Liquidity and Capital Resources </div><div class="para" style="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 31, 2020, we did not have any contractual obligations other than the loan agreement described below. As of the date of this prospectus, we have entered into memoranda of agreement to acquire the Acquisition Vessels for an aggregate purchase price of $79.5 million. Other than the deposits payable in connection with the entry into the memoranda of agreement in an amount of $7.95 million, the purchase price for each Acquisition Vessel will be payable upon its delivery to us, and all Acquisition Vessels are expected to be delivered to us within the third quarter of 2022. We expect to finance the purchase price for these vessels with a combination of cash on hand, the $5.0 million proceeds from the issuance of additional Series C Preferred Shares to Seanergy, a new $63.6 million credit facility secured by the Acquisition Vessels and the excess proceeds of approximately $9.0&#160;million from the $14.0 million refinancing of the current facility secured by the Gloriuship, for which we have obtained commitment letters.</div><div class="para" style="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 require capital to fund ongoing operations and vessel improvements to meet requirements under new regulations. We anticipate that we will incur capital expenditures when our vessels undergo surveys, for vessel improvements to meet new regulations and for any future vessel acquisitions. </div><div class="para" style="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 were a fully consolidated subsidiary of Seanergy, a holding company with significant cash reserves and proven access to the equity capital markets and debt financing. Therefore, Seanergy was supporting our liquidity needs, to the extent that these were not covered by our operations. At the time of the Spin-Off, Seanergy contributed a cash amount of $5.0 million, which, in combination with cash generated from our operations, allows us to meet our short-term liquidity needs. Following the Spin-Off, our principal sources of funds for our liquidity needs are cash flows from operations and bank borrowings. Potential additional sources of funds include equity offerings and contributions from Seanergy.</div><div class="para" style="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 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 31, 2021 and 2020 was $0.8&#160;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&#160;million to $3.7&#160;million net cash provided by operating activities in 2021 compared to $0.4&#160;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 million to $0.4 million net cash used in operating activities in 2020 compared to $0.6 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&#160;million, $0.01 million and $0.01&#160;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&#160;million for 2021 and relates to a decrease in net distribution to Parent of $2.4&#160;million and repayment of $0.8&#160;million of the New EnTrust Facility. Net cash used in financing activities was $0.7 million for 2020 and relates to additional investment by Parent of $2.0 million, repayment of an </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="ny20004194x8_f1_106-management_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;">old loan facility of $8.8 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 Seanergy&#8217;s 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 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;">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 1, 2015, Seanergy&#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 million, or the HCOB Facility, with Seanergy 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 million was secured by the <font style="font-style: italic;">Geniuship</font> and $16.8 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 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 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, Seanergy&#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 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 as lenders, or the New EnTrust Facility, with Seanergy 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&#160;31, 2021 and December&#160;31, 2020, the total amount outstanding under this facility was $5.5&#160;million and $22.0&#160;million respectively, of which the amount outstanding under the <font style="font-style: italic;">Gloriuship</font> tranche was $5.5&#160;million and $6.3&#160;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&#160;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&#160;million and a balloon payment of $0.4&#160;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 secured by the <font style="font-style: italic;">Gloriuship</font> and contains financial covenants and undertakings requiring maintenance of a security cover ratio, minimum guarantor&#8217;s liquidity, applying on Seanergy 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, and (ii) minimum liquidity of $0.3 million for the first three&#160;months following drawdown of the facility and $0.4&#160;million at all times thereafter, reduced to $0.3&#160;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></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="ny20004194x8_f1_106-management_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;">In July 2022, this loan facility was amended to replace Seanergy with us as guarantor upon consummation of the Spin-Off and to waive all applicable financial covenants with no material changes in the other terms of the loan 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;">In connection with the purchase of the Acquisition Vessels, we have obtained two commitment letters from affiliates of Blue Ocean (the &#8220;Blue Ocean Commitment Letters&#8221;) to provide us with financing for a portion of the purchase price of the Acquisition Vessels and for the refinancing of the current facility for the Gloriuship. The entry into such facilities remains subject to negotiation of binding documentation. </div><div class="para" style="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 Blue Ocean Commitment Letters, our vessel-owning subsidiary and we as guarantor will enter into a facility secured by the Gloriuship in an amount of $14.0 million with a term of 18 months. The facility will bear interest at a rate of 7.90% per annum and would be repayable in three installments of $1.0 million each on the ninth, twelfth and fifteenth month after the utilization date as well as a balloon payment of $11.0 million at maturity. The facility will contain financial covenants and undertakings. The facility will be secured by a first priority mortgage over the Gloriuship, general assignments covering earnings, insurances and requisition compensation of the vessel, account pledge agreements concerning the earnings account of the vessel, share pledge agreements concerning the vessel-owning subsidiaries&#8217; shares and relevant technical and commercial managers' undertakings. </div><div class="para" style="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 Blue Ocean Commitment Letters, our vessel-owning subsidiaries and we as guarantor will enter into a facility secured by the Acquisition Vessels in an amount of $63.6 million with a term of 18 months. The facility will bear interest at a rate of 7.90% per annum and would be repayable in one installment of $4.0 million in the ninth month after the initialization date, one installment of $2.0 million in the twelfth month after the utilization date, one installment of $6.0 million in the fifteenth month after the utilization date and a balloon payment of $51.6 million at maturity. The facility will contain financial covenants and undertakings. The facility will be secured by a first priority mortgage over the Acquisition Vessels, general assignments covering earnings, insurances and requisition compensation of the vessel, account pledge agreements concerning the earnings account of the vessel, share pledge agreements concerning the vessel-owning subsidiaries&#8217; shares and relevant technical and commercial managers' undertakings. </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;">Research and development, patents and licenses</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: 12pt; margin-left: 0pt; text-align: left;">Trend 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;">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 class="para" style="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 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 the event that the anticipated acquisition of the Acquisition Vessels is consummated, our results of operations will also depend on the charter rates earned by our tanker vessels. For crude oil tankers, over the course of 2021, the BDTI registered a low of 492 on January&#160;18, 2021 and a high of 835 points on November&#160;11, 2021. As regards oil product tankers the BCTI registered a low of 432 on January&#160;5, 2021 and a high of 856 points on December&#160;15, 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 has been the case in other shipping markets, the tanker charter market has been subject to considerable volatility over the past decade, mainly due to the fast fleet growth, which generally outpaced the growth in </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="ny20004194x8_f1_106-management_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;">transportation demand. From 2010 to 2020, average year-over-year product tanker fleet growth was equal to 4.1% compared to seaborne trade growth of approximately 2.3%. For crude oil tankers during the same period, average year-over-year fleet growth was equal to 3.6% compared to 0.6% growth in seaborne trade. As a result, charter rates in the previous decade remained below the peak reached in 2008. During 2020, charter rates for both crude and product tankers soared after the implementation of the COVID related lockdowns, as oil prices plummeted and demand for storage for unneeded crude and products caused a shortage in available vessels. During 2021, the high inventories of crude oil and petroleum products and the ongoing lockdowns against COVID led to a large decrease in cargo demand leading to a significant drop in charter 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;">Generally, demand for both crude and product tanker vessels is driven by global oil demand and changes in trading patterns. According to the International Energy Agency, oil demand in 2023 is expected to exceed pre-pandemic levels, with supply expected to rise after seven consecutive quarters of oil inventory drawdowns. Over the past years, crude oil exports originating in the US Gulf and the Atlantic basin in general have risen, with the main destinations being in China, India and the Far East. This represents an increase in sailing distance compared to exports from the Arabian Gulf, which has generally had a positive effect on vessel demand. For product tankers, the rise in refining capacity in India and China and the associated increase in oil product exports has increased the demand for long-haul oil product shipments to developed 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;">Based on current projections by Clarksons Research product tanker fleet growth in 2022 expected to be equal to 0.9% while in 2023 the product tanker fleet is expected to shrink by 0.4% against cargo growth of 4.0% and 3.9% respectively. The crude oil tanker fleet is expected to grow by 3.2% and 1.6% in 2022 and 2023, while cargo growth is expected at 3.2% and 2.5% 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;">Given the very limited newbuilding orderbook and the significant environmental restrictions that emanate IMO&#8217;s plan to reduce greenhouse gases and carbon emissions, there is considerable uncertainty involved in ordering newbuilding vessels. As a result, we expect to see slow fleet growth and a positive supply demand balance for both crude and product tankers that should prove constructive for charter 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;">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 vessel, 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 </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="ny20004194x8_f1_106-management_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;">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 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;">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; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ownership days. Ownership days are the total number of calendar days in a period during which we owned or chartered in on bareboat basis for our vessel initially comprising our fleet and other vessels we may acquire. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses recorded during that period.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Available days. Available days are the number of ownership days less the aggregate number of days that our vessel and other vessels we may acquire are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. The shipping industry uses available days to measure the aggregate number of days in a period during which vessels are available to generate 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;">Operating days. Operating days are the number of available days in a period less the aggregate number of days that our vessel and other vessels we may acquire are off-hire due to unforeseen circumstances. Operating days include the days that our vessel and other vessels we may acquire are in ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate 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;">Fleet utilization. Fleet utilization is the percentage of time that our vessel was generating revenues and is determined by dividing operating days by ownership days for the relevant period.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Off-hire. The period a vessel is not being chartered or is unable to perform the services for which it is required under 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;">Dry-docking. We periodically dry-dock our vessel for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental 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;">Time charter. A time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel's dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter 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;">Bareboat charter. A bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of 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;">Voyage charter. A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating 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;">TCE. Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Daily Vessel Operating Expenses. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses </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="ny20004194x8_f1_106-management_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;">include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company's vessels upon delivery.</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;">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: 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 32.56%; 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: 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: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.95%; 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;">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;">Fleet Data:<br></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">Ownership days<font style="padding-left: 4.97pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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;">365</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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: 17.13pt;">366</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 17.5pt;">365</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;">Available days<font style="padding-left: 0.71pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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;">365</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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="padding-left: 17.13pt;">366</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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="padding-left: 17.5pt;">347</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;">Operating days<font style="padding-left: 3.86pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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;">363</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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: 17.13pt;">362</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 17.5pt;">347</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;">Fleet utilization<font style="padding-left: 1.63pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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: 15pt;">99.5%</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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="padding-left: 14.63pt;">98.9%</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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="padding-left: 15pt;">95.1%</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;">&#160;</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Average Daily Results:<br></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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;">TCE rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 4.55pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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;">$19,972</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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;">$11,025</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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;">$12,343</div></td></tr><tr><td style="width: 61.54%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily Vessel Operating Expenses<font style="padding-left: 0.18pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 5pt;">6,321</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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;">$<font style="padding-left: 4.63pt;">5,393</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="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: 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;">(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 vessel and in evaluating their its 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: 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 32.56%; 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: 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: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.95%; 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;">2019</div></td></tr><tr class="header"><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: 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 6.94%; 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: 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; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net revenues from vessels<font style="padding-left: 2.78pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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;">$<font style="padding-left: 5pt;">7,395 </font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 4.63pt;">4,124</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 5pt;">6,885</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;">Voyage expenses<font style="padding-left: 1.27pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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;">145</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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: 17.13pt;">133</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 10pt;">2,602</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;">Time charter equivalent revenues<font style="padding-left: 4.8pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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;">7,250</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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;">$<font style="padding-left: 4.63pt;">3,991</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">4,283</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;">&#160;</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating days<font style="font-style: normal; padding-left: 2.74pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.95%; 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-style: italic; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">363</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.87%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.13pt;">362</font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">347</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;">Daily time charter equivalent rate<font style="padding-left: 2.79pt;"></font></div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.95%; 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;">$19,972</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.87%; 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;">$11,025</div></td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.95%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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;">$12,343</div></td></tr></table><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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.47%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 31.52%; 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: 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: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.47%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.47%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.47%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 5.88%; 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: 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: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(In thousands of US Dollars,<br></div><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;">except ownership days and Daily Vessel Operating Expenses)</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.88%; 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: 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; 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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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;">$2,307</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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;">$1,974</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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;">$2,052</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;">&#160;</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ownership days<font style="padding-left: 4.97pt;"></font></div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">365</font></div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">366</font></div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 5.88%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">365</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;">Daily Vessel Operating Expenses<font style="padding-left: 0.18pt;"></font></div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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;">$6,321</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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;">$5,393</div></td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.47%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.88%; 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;">$5,622</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;">Critical Accounting Estimates</div><div class="para" style="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;">56<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_106-management_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="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 with decreased charter rates and decreased vessel market values are conditions we consider to be indicators of a potential impairment for our vessel. 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&#160;31, 2021 and December 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 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: 30.77%; 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: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.63%; 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: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.63%; 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: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.63%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 42.24%; 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;">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; 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; text-align: center;">(in millions of U.S. dollars)</div></td></tr><tr class="header"><td style="width: 30.77%; 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: 2.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.63%; 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: 2.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.63%; 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: 2.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.63%; 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;">2021</div></td><td class="gutter" style="width: 2.63%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.63%; 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;">2020 </div></td></tr><tr><td style="width: 30.77%; 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-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gloriuship<font style="padding-left: 3.17pt;"></font></div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">2004</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">171,314</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 34.52pt; text-align: left;">12.4</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 34.52pt; text-align: left;">13.4*</div></td></tr><tr><td style="width: 30.77%; 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;">TOTAL<font style="font-weight: normal; padding-left: 2.42pt;"></font></div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.27%; 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; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 18.49%; 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; font-weight: bold; margin-top: 0pt; margin-left: 34.52pt; text-align: left;">12.4</div></td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.63%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 18.49%; 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; 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 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; 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;">57<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_106-management_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: 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&#160;have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally&#160;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 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;">Accounting for Revenues and 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;">Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage expenses, primarily consisting of commissions, are expensed over the related voyage charter period to the extent revenue has been recognized since commissions are due as the Company&#8217;s revenues are earned. All vessel operating expenses are expensed as incurred.</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="ny20004194x8_f1_107-bus_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="tBUS"><!--Anchor--></a>BUSINESS</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;">History and development of the Company</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;">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 own one Capesize drybulk vessel, with a cargo-carrying capacity of approximately 171,314 dwt and an age of 18.5 years. We intend to expand our fleet into other seaborne transportation sectors depending on available 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;">We have entered into memoranda of agreement to acquire four tanker vessels, which have an average age of 15.2 years and an aggregate carrying capacity of approximately 445,570 dwt. See &#8220;&#8212;Vessel Acquisition Transaction.&#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;">We were incorporated under the laws of the Republic of the Marshall Islands, pursuant to the BCA, on January 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.unitedmaritime.gr. The Commission maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov.</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;">Our Current Fleet</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;">The following table lists the vessel in our fleet as of the date of this prospectus</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: 28.21%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; 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: 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<br></div><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;">Built</div></td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.36%; 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;">Flag</div></td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; 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: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.13%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 17.53%; 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<br></div><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;">Employment</div></td></tr><tr><td style="width: 28.21%; 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;">Gloriuship<font style="padding-left: 1.73pt;"></font></div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">2004</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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;">171,314</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; text-align: center; 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; text-align: center;">Marshall Islands</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.36%; text-align: center; 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; text-align: center;">Hyundai</div></td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.13%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.53%; text-align: center; 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; 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: 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;">This vessel is chartered by Pacbulk Shipping Pte. Ltd. Singapore, a dry bulk charter operator, and was delivered to the charterer on December 19, 2019 for an original period of about 4 to about 7 months, pursuant to the terms of the charterparty agreement dated December 6, 2019 entered into between the United Maritime Predecessor and the charterer. On April 16, 2020, the charter was extended for a period of about 10 to about 14 months. On December 22, 2020, a further extension period was agreed up to minimum January 2022 to maximum April 2022. On December 22, 2021 another extension period was agreed up to minimum December 2022 to maximum April 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 gross fixed charter rate of $28,060 per day for the period from April&#160;1, 2022 until November&#160;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, respectively, and a gross daily rate of $19,780 during January of 2022. According to the provisions of the time charter, as is customary in most time-charter contracts for dry bulk vessels, 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></td></tr></table><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">Vessel Acquisition Transaction</div><div class="para" style="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 entered into memoranda of agreement with unaffiliated third parties (&#8220;the Sellers&#8221;) to acquire four second-hand tanker vessels (the &#8220;Acquisition Vessels&#8221;) for an aggregate purchase price of $79.5&#160;million. Delivery of the Acquisition Vessels is expected to occur within the third quarter of 2022, subject to customary closing conditions. The Acquisition Vessels are expected to be employed either in the spot market or in short-term time charter agreements and/or enter commercial tanker pools upon their delivery. </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="ny20004194x8_f1_107-bus_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: left;">The following table lists the Acquisition Vessels:</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: 28.2%; 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: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.79%; 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: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.79%; 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: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.59%; 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</div></td><td class="gutter" style="width: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.36%; 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;">Flag</div></td><td class="gutter" style="width: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.79%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.83%; 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></tr><tr><td style="width: 28.2%; 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;">Godam<font style="padding-left: 0.06pt;"></font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2006</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 0.37pt;">113,553</font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.59%; 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: -0.01pt; text-align: left;">Aframax</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.83%; 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;">Samsung</div></td></tr><tr><td style="width: 28.2%; 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;">Mandala<font style="padding-left: 4.51pt;"></font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2006</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 0.37pt;">113,553</font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.59%; 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;">Aframax</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.83%; 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;">Samsung</div></td></tr><tr><td style="width: 28.2%; 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;">Thunderbolt<font style="padding-left: 0.06pt;"></font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2008</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.94%; 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;">108,817</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.59%; 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;">LR2</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.83%; 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;">SWS</div></td></tr><tr><td style="width: 28.2%; 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;">Timberwolf<font style="padding-left: 2.09pt;"></font></div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.22%; 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: 6.9pt; text-align: left;">2008</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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;">109,647</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.59%; 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;">LR2</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.36%; 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;">Marshall Islands</div></td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.79%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.83%; 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;">Dalian</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 connection with the purchase of the Acquisition Vessels, we have obtained two commitment letters from affiliates of Blue Ocean, an affiliate of Entrust Global and the lender under our current loan facility relating to the <font style="font-style: italic;">Gloriuship</font>, for (i)&#160;the financing of a portion of the purchase price of the Acquisition Vessels in the amount of $63.6&#160;million and (ii)&#160;for the refinancing of the current facility secured by the <font style="font-style: italic;">Gloriuship</font>, in the amount of up to $14.0&#160;million. See &#8220;Management&#8217;s Discussion and Analysis of Operating and Financial Review and Prospects&#8212;Loan Arrangements.&#8221; In addition, Seanergy has agreed to contribute an additional $5.0&#160;million in exchange for 5,000 newly-issued Series C Preferred Shares to partially fund the deposits payable in connection with our entry into the memoranda of agreement for the Acquisition Vessels.</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 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: 7pt; 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 Seanergy&#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 Seanergy. We believe that our ability to access financing will continue to </font><font style="font-style: normal;">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 building </font><font style="font-style: normal;">shipping fleets should provide us with access to attractive acquisition, chartering and vessel financing 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: 14pt; 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. The </font><font style="font-style: normal;">decision for entering a new sector will be based on robust fundamentals and thoughtful analysis of factors affecting </font><font style="font-style: normal;">both the demand side and the supply side, while the selection of the target vessel will be subject to strict qualitative </font><font style="font-style: normal;">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 shipping industry, 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 second-hand 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, Seanergy&#8217;s </font><font style="font-style: normal;">commercial manager, has established strong relationships with international miners, charterers and brokers. We </font><font style="font-style: normal;">believe that these relationships should provide us with access to attractive chartering opportunities. Furthermore, we </font><font style="font-style: normal;">aim to maintain our fleet at a level that meets or exceeds stringent industry standards as we believe that owning a </font><font style="font-style: normal;">modern and well-maintained fleet provides us with a competitive advantage in securing favorable employment. </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;">60<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_107-bus_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; font-style: italic; margin-top: 6.75pt; 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;ESDs&#8221;) 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 Capesize vessel that will comprise our initial </font><font style="font-style: normal;">fleet was drydocked in mid-April 2022, where a Ballast Water Treatment System and various ESDs were installed, </font><font style="font-style: normal;">that will ensure compliance with the new environmental regulations and that the vessel will remain competitive for </font><font style="font-style: normal;">the years to come. Moreover, we pay considerable attention to our human resources both on our vessel and ashore, </font><font style="font-style: normal;">proven by a variety of practices, including, gender discrimination elimination, performance KPIs, worldwide training </font><font style="font-style: normal;">and medical insurance.</font></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;">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 have entered into a master management agreement with Seanergy, a technical management agreement with Seanergy Shipmanagement and a commercial management agreement with Seanergy Management, pursuant to which Seanergy (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 Seanergy include but are not limited to investor relations, back-office, reporting, legal and secretarial services. In addition, Seanergy will provide (directly or through Seanergy Management) services for the chartering of our vessel 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.. Seanergy 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 Seanergy&#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 were entered into in conjunction with our separation from Seanergy and the Spin-Off provide for: a fixed management fee of $14,000 per vessel per month payable to Seanergy Shipmanagement and a fixed administration fee of $325 per vessel per day payable to Seanergy. We expect to 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, except for any vessels that are chartered-out to Seanergy. 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 Seanergy, 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 Seanergy will expire on December&#160;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: 14pt; 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 prospectus, 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 </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;">61<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_107-bus_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;">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 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 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. These </font><font style="font-style: normal;">vessels operate on a large number of geographically dispersed global trade routes, carrying primarily grains and </font><font style="font-style: normal;">minor bulks. The standard vessels are usually built with 25-30 ton cargo gear, enabling them to discharge cargo where </font><font style="font-style: normal;">grabs are required (particularly industrial minerals), and to conduct cargo operations in countries and ports with </font><font style="font-style: normal;">limited infrastructure. This type of vessel offers good trading flexibility and can, therefore, be used in a wide variety </font><font style="font-style: normal;">of bulk and neobulk trades, such as steel products. Supramax are a sub-category of this category typically having a </font><font style="font-style: normal;">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 </font><font style="font-style: normal;">exclusively carry minor bulk cargo. Increasingly, vessels of this type operate on regional trading routes, and may </font><font style="font-style: normal;">serve as trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length </font><font style="font-style: normal;">and draft restrictions. Their cargo gear enables them to service ports lacking the infrastructure for cargo loading </font><font style="font-style: normal;">and 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 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: 14pt; 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></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="ny20004194x8_f1_107-bus_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-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 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. Seanergy 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 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: 71.79%; 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: 2.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 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; margin-top: 0pt; margin-left: 0pt; text-align: left;">A<font style="padding-left: 1.28pt;"></font></div></td><td class="gutter" style="width: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 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;">B<font style="padding-left: 1.83pt;"></font></div></td><td class="gutter" style="width: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 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;">Total<font style="padding-left: 3.09pt;"></font></div></td><td class="gutter" style="width: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 2.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.99%; 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: 12pt; 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 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: 14pt; margin-left: 0pt; text-align: left;">The Tanker 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;">Tanker vessels are the key means of transport for crude oil and petroleum products, which are used for energy production and other industrial uses. Crude oil is transported in uncoated vessels, which range in size from 55,000&#160;dwt and above. Products are carried predominantly in coated ships and include commodities such as gas oil, gasoline, jet fuel, kerosene and naphtha (often referred to as &#8216;clean products&#8217;), and fuel oil and vacuum gas oil (often referred to as &#8216;dirty products&#8217;). The key size sectors of crude oil tankers are the VLCC (more than 200,000 dwt), Suezmax (125,000-200,000 dwt), Aframax (85,000-125,000 dwt) and Panamax (55,000-85,000 dwt). The respective categories for petroleum product tankers are LR2 (more than 85,000 dwt), LR1 (55,000 - 85,000 dwt), MR&#160;(25,000-55,000 dwt) and small product tankers (less than 25,000 dwt). Product tankers and crude oil tankers are ordinarily chartered either through a voyage charter or a time charter, or under a long-term contract of affreightment </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="ny20004194x8_f1_107-bus_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-align: left;">(&#8220;COA&#8221;) or in pools.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Demand for crude oil and petroleum products traded by sea is primarily affected by global and regional economic conditions, as well as other factors such as the location of productive capacity. The long-term impact of oil prices is also a key factor affecting demand. Demand cycles are broadly moved in parallel with the global economy with volatility being apparent all these years, moving from historical highs in 2008 and historical lows in 2016. Meanwhile the impact of the pandemic in 2019 added new pressure to the demand side of the market. The travel restrictions and the lockdowns led to a major decline in oil consumption. In 2022, some signs of market recovery have emerged with the Russia-Ukraine conflict having a positive impact in the market as discussed earlier.</div><div class="para" style="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 tanker vessels is dependent also 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. As regards to new vessels, periods of high charter rates usually result in an increased appetite for new vessels, often more than what the demand levels warrant. However, there is usually an ordering lag meaning that these vessels begin to be delivered eighteen months or more later, when demand growth for vessels may have slowed down thus creating oversupply and quick correction of charter rates.</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;">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 class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; 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: 14pt; 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 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 I relates to oil leakage or spilling; Annexes II and III relate to </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="ny20004194x8_f1_107-bus_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;">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 VI, lastly, relates to 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;">Since 2014, the IMO's Marine Environmental Protection Committee&#8217;s, or the MEPC&#8217;s, amendments to MARPOL Annex&#160;I Condition Assessment Scheme, or CAS have required 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. In January 2023, amendments to the ESP Code relating to thickness measurements at the first renewal survey of double hull oil tankers becomes effective. 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: 14pt; 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 VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex 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 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 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 VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex 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 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 VI to prohibit the carriage of bunkers above 0.5% sulfur on ships became effective on March 1, 2020. Additional amendments to Annex 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, became effective in April 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 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. Since 1 January 2015 ocean-going vessels in these areas have been subject to stringent emission controls. Recently at the MEPC78, the IMO approved a proposal for a new ECA in the Mediterranean to apply from 1 July 2025 such that the sulfur content of marine fuels does not exceed 0.1%. If other ECAs are approved by the IMO (e.g. in Japan and around the whole of the EU waters, 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 VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex 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 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 (also known as NECAs) 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 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: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of </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="ny20004194x8_f1_107-bus_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;">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 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 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All 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. Additionally, MEPC 75 adopted amendments to MARPOL Annex&#160;VI which brought forward the effective date of the EEDI's &#8220;phase 3&#8221; requirements from January&#160;1, 2025, to April&#160;1, 2022, for several ship types, including gas carriers, general cargo ships, and LNG carriers.</div><div class="para" style="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, MEPC 76 adopted amendments to Annex&#160;VI which impose new regulations to reduce greenhouse gas emissions from ships. The revised Annex&#160;VI will enter into force in November 2022 and includes requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index (&#8220;EEXI&#8221;), and (2) operational carbon intensity reduction requirements based on a new operational carbon intensity indicator (&#8220;CII&#8221;). The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. The EEXI and CII certification requirements will come into effect from January&#160;1, 2023. </div><div class="para" style="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, MEPC 76 adopted amendments requiring ships of 5,000 gross tonnage and above to revise their SEEMP to include methodology for calculating the ship&#8217;s attained annual operation CII and the required annual operational CII, on or before June&#160;1, 2023. MEPC 76 also approved amendments to MARPOL Annex&#160;I to prohibit the use and carriage for use as fuel of heavy fuel oil (&#8220;HFO&#8221;) by ships in Arctic waters on and after July&#160;1, 2024. For ships subject to Regulation 12A (oil fuel tank protection), the prohibition become effective on or after July&#160;1, 2029.</div><div class="para" style="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 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;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150&#160;meters in length must have adequate strength, integrity, and stability to minimize risk of loss or pollution. </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="ny20004194x8_f1_107-bus_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;">Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July&#160;1, 2016, set for application to new oil tankers and bulk carriers. The SOLAS Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January&#160;1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July&#160;1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers, or GBS 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;">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 January 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 which took effect on January&#160;1, 2020, also reflect the latest material from the UN Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups; and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas. Amendments to the IMDG Code relating to segregation requirements for certain substances, and classification and transport of carbon came 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: 14pt; 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 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 28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October 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 </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="ny20004194x8_f1_107-bus_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;">concerning commissioning testing of BWMS and the form of the International Ballast Water Management Certificate became effective in June 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 adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000, the CLC. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable signatory states to issue certificates. We will ensure that our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force as required by 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;">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 class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; 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: 14pt; 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; which 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 1, 2023. We have obtained Anti-fouling System Certificates for our vessel that is subject to the Anti-fouling Convention. MEPC 76 adopted amendments to the Anti-fouling Convention to include controls on the biocide cybutryne; ships shall not apply or re-apply anti-fouling systems containing that substance starting January&#160;1, 2023. The amendments require ships to remove, or apply a coating to anti-fouling systems with this substance, at the next scheduled renewal of the anti-fouling system after January&#160;1, 2023.</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;">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 prospectus, our vessel is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. 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 </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="ny20004194x8_f1_107-bus_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: left;">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: 14pt; 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: 7pt; 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 12, 2019, the USCG adjusted the limits of OPA liability for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,200 per gross ton or $997,100 (subject to periodic adjustment for inflation); the USCG adjusted the limits of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,300 per gross ton or $19,943,400 (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 limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) 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 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 </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="ny20004194x8_f1_107-bus_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;">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 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 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 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 class="para" style="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 Water Act, or CWA, prohibits the discharge of oil, hazardous substances and ballast water in U.S. 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 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 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 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 </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="ny20004194x8_f1_107-bus_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;">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: 14pt; 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 (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 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&#160;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 2024 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, following a vote by the EU Parliament on 22 June 2022 on proposed amendments to the Maritime ETS, the latter is to apply fully to 5,000 GT ships without a previously intended phased in period. This means that shipping companies will have to surrender 100% allowances and pay for emissions for the previous compliance year. Furthermore, the scope of emissions will now include not only CO2 but also methane and nitrous oxides with a view to widening the list of greenhouse gases after 2024. The size of ships falling within ETS will also be expanded from 2027 to include ships between 400 GT and 5,000 GT. 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). The EU Parliament also voted to approved a recent proposed amendment for 100% of non-EU emissions to 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 autumn of 2022 following trilogue negotiations.</div><div class="para" style="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 </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="ny20004194x8_f1_107-bus_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;">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 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: 14pt; 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: 14pt; 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 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 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: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">IMO&#8217;s MEPC 76 adopted amendments to Annex&#160;VI that will require ships to reduce their greenhouse gas </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="ny20004194x8_f1_107-bus_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;">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 (CII). MEPC 76 also adopted guidelines to support implementation of the amendments. The EEXI measures will apply to newbuild ships and all existing ships above 400 GT and CII requirements will apply to all ships of 5000 GT or above from 1 January 2023. The requirements for EEXI and CII certification are the expected to come into effect from 1 January 2023. This means that the first annual reporting will be completed in 2023, with the first rating awarded in 2024. The draft regulations state that a ship rated D or E for three consecutive years will be required to submit a corrective action plan (CAP) showing how C or above will be achieved.</div><div class="para" style="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 VI that will require ships to reduce their greenhouse gas emissions. Effective November 1, 2022, the Revised MARPOL Annex VI will enter into force. The revised Annex 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: 20.5pt; 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 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. To 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></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="ny20004194x8_f1_107-bus_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="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;">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. 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: 15pt; 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 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: 15pt; 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 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 </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="ny20004194x8_f1_107-bus_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="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">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: 20.5pt; 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: 20.5pt; 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 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 billion, passenger liability at $2 billion and seamen liabilities at $3 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 million up to, currently, approximately $8 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: 20.5pt; 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><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;">Organizational Structure</div><div class="para" style="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 the sole 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><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;">Property, plants and equipment</div><div class="para" style="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;">Business </font><font style="font-style: italic;">Overview - Our Current Fleet</font>.&#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;">75<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_108-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;"><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="tDIR"><!--Anchor--></a>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div><div class="para" style="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. 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 Vouliagmenis Avenue, 166&#160;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: 38.46%; 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: 1.97%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.97%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.97%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.97%; font-size: 2pt; padding-top: 6pt; 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: 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 <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: 38.46%; 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: 2.29pt;"></font></div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.67pt; text-align: left;">50</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 0pt; text-align: left;">Chairman, Chief Executive Officer &amp; Director</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 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: 10.75pt; text-align: left;"><font style="padding-left: 0.55pt;">C</font></div></td></tr><tr><td style="width: 38.46%; 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: 4.75pt;"></font></div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.67pt; text-align: left;">43</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 0pt; text-align: left;">Chief Financial Officer &amp; Director</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.14%; 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: 10.75pt; text-align: left;"><font style="padding-left: 0.55pt;">B</font></div></td></tr><tr><td style="width: 38.46%; 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: 2.53pt;"></font></div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.67pt; text-align: left;">51</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 0pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.14%; 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: 10.75pt; text-align: left;">A</div></td></tr><tr><td style="width: 38.46%; 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: 4.76pt;"></font></div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.67pt; text-align: left;">50</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 0pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.14%; 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: 10.75pt; text-align: left;">A</div></td></tr><tr><td style="width: 38.46%; 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: 0.3pt;"></font></div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 1.67pt; text-align: left;">47</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; 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: 0pt; text-align: left;">Director*</div></td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.97%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 6.14%; 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: 10.75pt; 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: 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: 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&#160;A directors expires in 2023, the term of our Class B directors expires in 2024, and the term of our Class C directors expires in 2025.</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;">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 since January 20, 2022 and as our Chief </font><font style="font-style: normal; font-weight: normal;">Executive Officer since June&#160;21, 2022. Mr.&#160;Tsantanis has been a member of </font><font style="font-style: normal; font-weight: normal;">the</font><font style="font-style: normal; font-weight: normal;"> board of directors and Chief Executive </font><font style="font-style: normal; font-weight: normal;">Officer of Seanergy since October 1, 2012 and has led Seanergy&#8217;s significant growth to a world renowned Capesize dry </font><font style="font-style: normal; font-weight: normal;">bulk company of more than 3.0&#160;million dwt. In addition, Mr. Tsantanis has been the Chairman of Seanergy&#8217;s board of </font><font style="font-style: normal; font-weight: normal;">directors since October 1, 2013 and also served as its Interim Chief Financial Officer from November&#160;1, 2013 until </font><font style="font-style: normal; font-weight: normal;">October&#160;2, 2018. Mr.&#160;Tsantanis brings more than 24 years of experience in shipping and finance and held senior </font><font style="font-style: normal; font-weight: normal;">management positions in prominent private and public shipping companies and financial institutions. Prior to that, he was </font><font style="font-style: normal; font-weight: normal;">an investment banker at Alpha Finance, a member of the Alpha Bank Group, with active roles in a number of major </font><font style="font-style: normal; font-weight: normal;">shipping corporate finance transactions in the U.S capital markets. Mr.&#160;Tsantanis holds a Master of Science (MSc) in </font><font style="font-style: normal; font-weight: normal;">Shipping Trade and Finance from Bayes Business School (formerly known as Cass Business School) of City University </font><font style="font-style: normal; font-weight: normal;">in London and a Bachelor of Science (BSc) in Shipping Economics from the University of Piraeus. He is also a member </font><font style="font-style: normal; font-weight: normal;">of the board of directors of Breakwave Advisors LLC, the advisor of ETFMG which is the manager of the NYSE listed </font><font style="font-style: normal; font-weight: normal;">BDRY and BSEA and a fellow 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 a member of our board of directors since January&#160;20, 2022 and as our Chief </font><font style="font-style: normal; font-weight: normal;">Financial Officer since June&#160;21, 2022. Mr.&#160;Gyftakis was appointed as Seanergy&#8217;s Chief Financial Officer on </font><font style="font-style: normal; font-weight: normal;">October&#160;3, 2018, and previously served as its Finance Director since November 2017. Mr.&#160;Gyftakis has been </font><font style="font-style: normal; font-weight: normal;">instrumental in Seanergy&#8217;s capital raising, debt financing and refinancing activities since 2017. He has more than </font><font style="font-style: normal; font-weight: normal;">16&#160;years of experience in the shipping finance industry, having held key positions across a broad shipping finance </font><font style="font-style: normal; font-weight: normal;">spectrum, including, asset backed lending, 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 Vice President in the Greek shipping finance desk at DVB Bank SE. </font><font style="font-style: normal; font-weight: normal;">Mr.&#160;Gyftakis holds a BSc in Mathematics from the Aristotle University of Thessaloniki, a MSc in Business </font><font style="font-style: normal; font-weight: normal;">Mathematics awarded with Honors, from the Athens University of Economics and Business and a MSc in Shipping, </font><font style="font-style: normal; font-weight: normal;">Trade and Finance, awarded with Distinction, from City&#8217;s Business School (formerly known as Cass Business </font><font style="font-style: normal; font-weight: normal;">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;"> is a member of our board of directors since June&#160;21, 2022 and has served as Seanergy&#8217;s </font><font style="font-style: normal; font-weight: normal;">Chief Financial Officer from November&#160;17, 2008 until October&#160;31, 2013 and as a member of Seanergy&#8217;s board of </font><font style="font-style: normal; font-weight: normal;">directors since December 2008. She has more than 24 years of maritime and international business experience in the </font><font style="font-style: normal; font-weight: normal;">areas of finance, banking, capital markets, consulting, accounting and audit. She has served in executive and board </font><font style="font-style: normal; font-weight: normal;">positions of publicly listed companies in the maritime industry and she was responsible for the financial, capital </font><font style="font-style: normal; font-weight: normal;">raising and accounting functions. Since June 2017 she is a Managing Director of the Investment Banking Division </font><font style="font-style: normal; font-weight: normal;">of AXIA Ventures Group and from 2014 to 2017 she provided advisory services to corporate clients involved in all </font><font style="font-style: normal; font-weight: normal;">aspects of the maritime industry. Between 2006 and 2008 she served as Chief Financial Officer and member of our </font><font style="font-style: normal; font-weight: normal;">board of directors of Global Oceanic Carriers Ltd, a dry bulk shipping company listed on the Alternative Investment </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;">76<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_108-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;">Market of the London Stock Exchange. Between 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;"> is a member of our board of directors since June&#160;21,2022 and has been a member of </font><font style="font-style: normal; font-weight: normal;">Seanergy&#8217;s board of directors since May 2017. Mr. Kartsonas has more than 22 years of experience in finance and </font><font style="font-style: normal; font-weight: normal;">commodities trading. He is currently the Principal and Managing Partner of Breakwave Advisors LLC., a </font><font style="font-style: normal; font-weight: normal;">commodity-focused advisory firm based in New York. From 2011 to 2017, he was a Senior Portfolio Manager at </font><font style="font-style: normal; font-weight: normal;">Carlyle Commodity Management, a commodity-focused investment firm based in New York and part of the Carlyle </font><font style="font-style: normal; font-weight: normal;">Group, being responsible for the firm's Shipping and Freight investments. During his tenure, he managed one of the </font><font style="font-style: normal; font-weight: normal;">largest freight futures funds globally. Prior to his role, Mr. Kartsonas was a Co-Founder and Portfolio Manager at Sea </font><font style="font-style: normal; font-weight: normal;">Advisors Fund, an investment fund focused in Shipping. From 2004 to 2009, he was the leading Transportation </font><font style="font-style: normal; font-weight: normal;">Analyst at Citi Investment Research covering the broader transportation space including Shipping. Prior to that, he </font><font style="font-style: normal; font-weight: normal;">was an Equity Analyst focusing on Shipping and Energy for Standard &amp; Poor's Investment Research. Mr.&#160;Kartsonas </font><font style="font-style: normal; font-weight: normal;">holds an MBA in Finance from the Simon School of Business, University 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;"> is a member of our board of directors since June&#160;21, 2022. Mr. Kostopoulos has more </font><font style="font-style: normal; font-weight: normal;">than 20 years of experience in the financial services industry. Since January 2022, he is the Chief Executive Officer </font><font style="font-style: normal; font-weight: normal;">of Alpha Finance S.A., the brokerage arm of Alpha Bank Group, a leading financial institution in South-Eastern </font><font style="font-style: normal; font-weight: normal;">Europe. Prior to Alpha Finance, he served as Head of Investor Relations for the Alpha Bank Group for more than </font><font style="font-style: normal; font-weight: normal;">10 years, with a focus on the institutional shareholding base of the bank. During his tenure, he was actively engaged </font><font style="font-style: normal; font-weight: normal;">in all the significant capital raisings that Alpha Bank Group successfully concluded in the Equity and Debt Capital </font><font style="font-style: normal; font-weight: normal;">markets. Prior to that, Mr. Kostopoulos served as Fund Manager in Alpha Asset Management M.F.M.C. and he has </font><font style="font-style: normal; font-weight: normal;">also held positions in the Private Banking and Treasury units of the Alpha Bank Group. Mr.&#160;Kostopoulos holds a </font><font style="font-style: normal; font-weight: normal;">Master of Science (MSc) in Shipping Trade &amp; Finance from the Bayes Business School (formerly known as Cass </font><font style="font-style: normal; font-weight: normal;">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: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">No family relationships exist among any of the directors and executive officers.</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;">Compensation</div><div class="para" style="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 pay aggregate cash compensation of $0.4&#160;million per year for the services of our executive officers and directors. In addition, each director is reimbursed for out-of-pocket expenses in connection with attending meetings board of directors or committees. Each director is fully indemnified by us for actions associated with being a director to the extent permitted under Marshall Islands law.</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;">Equity Incentive Plan</div><div class="para" style="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 has approved and the Company has adopted the 2022 Equity Incentive Plan, as amended and restated (the &#8220;Plan&#8221;), pursuant to which the Company may issue up to 150,000 common shares, all of which remain available for issuance as of the date of this prospectus.</div><div class="para" style="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 Plan and as amended, the Company&#8217;s employees, officers and directors are entitled to receive options to acquire the Company&#8217;s common shares. The Plan is 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: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We do not have a retirement plan for our officers or 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: 12pt; margin-left: 0pt; text-align: left;">Board Practices</div><div class="para" style="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;">77<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_108-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 Ms.&#160;Christina Anagnostara and Mr.&#160;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 Mr.&#160;Ioannis Kartsonas and Mr.&#160;Dimitrios Kostopoulos, 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 Ms.&#160;Christina Anagnostara and Mr.&#160;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><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;">Employees</div><div class="para" style="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.&#160;Stamatios Tsantanis and Mr.&#160;Stavros Gyftakis, and we employ Ms.&#160;Theodora Mitropetrou, our general counsel.</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;">Share Ownership</div><div class="para" style="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;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;">78<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_108-directors_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;"><a name="tMSRPT"><!--Anchor--></a>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</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;">Major 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;">The following table sets forth information regarding ownership of our common shares 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 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;">Beneficial ownership is determined in accordance with the Commission&#8217;s rules. In computing percentage ownership of each person, shares subject to options held by that person that are currently exercisable or convertible, or exercisable or convertible within 60 days of the date of this prospectus, are deemed to be beneficially owned by that person. These shares, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other person.</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; 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: 2.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.7%; 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;">Number 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 Owned</div></td><td class="gutter" style="width: 2.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.49%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.56%; 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 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: 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; 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: 4.55pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;">30,932</div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;">2.05%</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;">Stavros Gyftakis<font style="padding-left: 0.75pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;"><font style="padding-left: 17.5pt;">*</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;">Christina Anagnostara<font style="padding-left: 3.53pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;"><font style="padding-left: 17.5pt;">*</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;">Ioannis Kartsonas<font style="padding-left: 0.76pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;"><font style="padding-left: 17.5pt;">*</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;">Dimitrios Kostopoulos<font style="padding-left: 1.3pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;"><font style="padding-left: 17.5pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;"><font style="padding-left: 17.5pt;">*</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;">Directors and executive officers as a group (5 individuals)<font style="padding-left: 4.35pt;"></font></div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.7%; 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: 11.28pt; text-align: left;">51,231</div></td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.49%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.56%; 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: 8.94pt; text-align: left;">3.38%</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: 12.75pt;"> </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;">*<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 controls approximately 49.99% of the vote of any matter submitted to the vote of the common shareholders. See &#8220;Description of Capital Stock &#8212; 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;">As of the date of this prospectus, we have 49 shareholders of record, three of which are located in the United States holding an aggregate of 1,452,305 of our common shares, representing 96.1% of our outstanding common shares. However, one of the U.S. shareholders of record is Cede &amp; Co., a nominee of The Depository Trust Company, which holds 1,447,095 of our common shares. Accordingly, we believe that the shares held by Cede &amp; Co. includes 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="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;">Related Party Transactions</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;">Seanergy Maritime Holdings Corp. Rights 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;">Prior to the consummation of the Spin-Off, we entered into a right of first refusal agreement with Seanergy where we agree that Seanergy 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 Seanergy.</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;">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;">Prior to the consummation of the Spin-Off, we and our vessel-owning subsidiary entered into a master management agreement with Seanergy, a technical management agreement with Seanergy Shipmanagement and a commercial management agreement with Seanergy Management, pursuant to which Seanergy (directly or through Seanergy Management or Seanergy Shipmanagement), Seanergy Management and Seanergy Shipmanagement 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 is responsible for arranging (directly or by subcontracting) for the crewing of </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;">79<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_108-directors_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;">the vessels, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. Administrative functions that are performed by Seanergy include but are not limited to investor relations, back-office, reporting, legal and secretarial services. In addition, Seanergy provides (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.. Seanergy 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 Seanergy&#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 provide for: a fixed management fee of $14,000 per vessel per month to Seanergy Shipmanagement and a fixed administration fee of $325 per vessel per day payable to Seanergy. We have agreed to 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, except for any vessels that are chartered-out to Seanergy. 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 Seanergy, 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 Seanergy will expire on December&#160;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: 20.5pt; 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;">Prior to the consummation of the Spin-Off, we entered into the Contribution and Conveyance Agreement with Seanergy. Pursuant to the Contribution and Conveyance Agreement, Seanergy, in conjunction with the Spin-Off, (i)&#160;contributed the United Maritime Predecessor, together with $5.0&#160;million in working capital, to us in exchange for all issued and outstanding Common Shares and 5,000 Series C Preferred Shares, and (ii)&#160;shall 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: 20.5pt; margin-left: 0pt; text-align: left;">Share Purchase 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;">On July&#160;8, 2022, we entered into a Share Purchase Agreement with Seanergy pursuant to which Seanergy agreed to purchase 5,000 newly-issued Series C Preferred Shares in exchange for $5.0 million payable in cash in connection with our obligation to pay deposits in connection with entry into the memoranda of agreement for the Acquisition Vessels.</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;">Interests of Experts and Counsel</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></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="ny20004194x8_f1_109-description_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="tDOCS"><!--Anchor--></a>DESCRIPTION OF CAPITAL 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 is a summary of the description of our capital stock and the material terms of our amended and restated articles of incorporation and bylaws. 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: 20.5pt; 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;">Our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.0001, of which 1,512,004 shares are issued and outstanding, and 100,000,000 shares of preferred stock, par value $0.0001, of which 2,000,000 shares are designated Series&#160;A Preferred Stock, 40,000 shares are designated Series B Preferred Stock and 10,000 shares are designated Series C Preferred Stock. As of the date of this prospectus, no shares of Series&#160;A Preferred Stock, 40,000&#160;shares of Series&#160;B Preferred Stock, and 5,000&#160;shares of Series&#160;C Preferred Stock are outstanding. 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: 20pt; 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 approved 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: 20pt; 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 class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; 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></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="ny20004194x8_f1_109-description_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="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;">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 Preferred Shares may exercise voting rights pursuant to Series B Preferred Shares 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 Preferred Shares, 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 Preferred Shares 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 Preferred Shares 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 Preferred Shares 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 Preferred Shares 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 Preferred Shares must be held of record by one holder, and </font><font style="font-style: normal;">the Series B Preferred Shares 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;">. Upon any liquidation, dissolution or winding up of the Company, the Series B Preferred </font><font style="font-style: normal;">Shares 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: 18pt; 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 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&#160;15, April&#160;15, July 15 and October&#160;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 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)&#160;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 class="h3" 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;">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 entered into a Shareholders Rights Agreement, or the Rights Agreement, with American Stock Transfer &amp; Trust Company, LLC, as Rights Agent.</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;">82<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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-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&#160;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 class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Until the Rights distribution date: (i) 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 </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="ny20004194x8_f1_109-description_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;">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. </div><div class="para" style="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: 12pt; 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: 12pt; 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) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, 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: 12pt; 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: 12pt; 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: 12pt; 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, 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 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;">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) cure </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="ny20004194x8_f1_109-description_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;">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 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 is not complete, and is qualified by reference to our amended and restated articles of incorporation and bylaws filed 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: 14pt; 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: 13.5pt; 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: 13.5pt; 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) 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 Company in any matter of substantial importance to the Company 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 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: 13.5pt; 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 </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="ny20004194x8_f1_109-description_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-align: justify;">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) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) 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: 14.5pt; 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: 14.5pt; 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: 15pt; 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: 15pt; 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: 15pt; 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 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: 15pt; 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 </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="ny20004194x8_f1_109-description_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;">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: 12pt; 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: 12pt; 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 </font><font style="font-size: 10pt;">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;">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><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;">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 </font><font style="font-size: 10pt;">the&#160;transactions;</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;">87<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;"><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;">a shareholder became an interested shareholder inadvertently and (i) 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) 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 </font><font style="font-size: 10pt;">subsequent to the earlier of the public announcement or the notice required under our amended </font><font style="font-size: 10pt;">and restated articles of incorporation which (i) constitutes one of the transactions described in the </font><font style="font-size: 10pt;">following sentence; (ii) is with or by a person who either was not an interested shareholder during </font><font style="font-size: 10pt;">the previous three years or who became an interested shareholder with the approval of the board; </font><font style="font-size: 10pt;">and (iii) is approved or not opposed by a majority of the members of the board of directors then </font><font style="font-size: 10pt;">in office (but not less than one) who were directors prior to any person becoming an interested </font><font style="font-size: 10pt;">shareholder during the previous three years or were recommended for election or elected to </font><font style="font-size: 10pt;">succeed such directors by a majority of such directors. The proposed transactions referred to in </font><font style="font-size: 10pt;">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: 20.5pt; 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></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="ny20004194x8_f1_109-description_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;"><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; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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 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; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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 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; 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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&#160;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%; 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: justify;">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;">&#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%; 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: justify;">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. 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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="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="tDOSW"><!--Anchor--></a>DESCRIPTION OF SECURITIES WE ARE OFFERING</div><div class="para" style="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 offering Units, each Unit consisting of one common share and one Class&#160;A Warrant to purchase one common share. We are also offering to each purchaser whose purchase of common shares in this offering would otherwise result in the purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding common shares immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, Units containing pre-funded warrants in lieu of common shares that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of the holder, 9.99%) of our outstanding common shares. For each pre-funded warrant we sell (without regard to any limitation on exercise set forth therein), the number of common shares we are offering will be decreased on a one-for-one basis. Because one Class&#160;A Warrant is being sold together in this offering with each common share or, in the alternative, each pre-funded warrant to purchase one common share, the number of Class&#160;A Warrants sold in this offering will not change as a result of a change in the mix of the common shares and pre-funded warrants sold.</div><div class="para" style="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 sold in this offering include preferred stock purchase rights that trade with the common shares. We are also registering the common shares issuable from time to time upon exercise of the Class&#160;A Warrants and pre-funded warrants included in the Units offered hereby. Our Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. The common shares (or pre-funded warrants) and the Class&#160;A Warrants comprising our Units are immediately separable and will be issued separately in this offering.</div><div class="para" style="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 summary of certain terms and provisions of the pre-funded warrants and Class&#160;A Warrants offered hereby is not complete and is subject to, and qualified in its entirety by the provisions of the form of pre- funded warrant, and the form of Class&#160;A Warrant, which are filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions set forth in the form of pre-funded warrant and the form of Class&#160;A Warrant.</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;">Exercisability<font style="font-style: normal;">. The pre-funded warrants are exercisable at any time after their original issuance until they are </font><font style="font-style: normal;">exercised in full. The Class&#160;A Warrants are exercisable at any time after their original issuance up to the date that is </font><font style="font-style: normal;">five</font><font style="font-style: normal;"> years after their original issuance. Each of the Class&#160;A Warrants and the pre-funded warrants will be exercisable, </font><font style="font-style: normal;">at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time </font><font style="font-style: normal;">a registration statement registering the issuance of the common shares underlying the Class&#160;A Warrants or pre-funded </font><font style="font-style: normal;">warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from </font><font style="font-style: normal;">registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately </font><font style="font-style: normal;">available funds for the number of common shares purchased upon such exercise. If a registration statement </font><font style="font-style: normal;">registering the issuance of the common shares underlying the Class&#160;A Warrants or pre-funded warrants under the </font><font style="font-style: normal;">Securities Act is not effective or available</font><font style="font-style: normal;">, the holder may, in its sole discretion, elect to exercise the Class&#160;A Warrant </font><font style="font-style: normal;">or pre-funded warrant through a cashless exercise, in which case the holder would receive upon such exercise the net </font><font style="font-style: normal;">number of common shares determined according to the formula set forth in the Class&#160;A Warrant or pre-funded </font><font style="font-style: normal;">warrant. No fractional common shares will be issued in connection with the exercise of a Class&#160;A Warrant or </font><font style="font-style: normal;">pre-funded warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional </font><font style="font-style: normal;">amount multiplied by the exercise price.</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;">Exercise Limitation<font style="font-style: normal;">. A holder will not have the right to exercise any portion of the pre-funded warrants or </font><font style="font-style: normal;">Class&#160;A Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon </font><font style="font-style: normal;">election by a holder prior to the issuance of any warrants, 9.99%) of the number of shares of our common shares </font><font style="font-style: normal;">outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance </font><font style="font-style: normal;">with the terms of the warrants. However, any holder may increase or decrease such percentage to any other </font><font style="font-style: normal;">percentage not in excess of 9.99%, upon at least 61 days&#8217; prior notice from the holder to us with respect to any </font><font style="font-style: normal;">increase in such percentage.</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;">Exercise Price<font style="font-style: normal;">. The exercise price for the pre-funded warrants is $0.0001 per share. The exercise price per whole </font><font style="font-style: normal;">common share purchasable upon exercise of the Class&#160;A Warrants is $&#8195;&#8195;&#8195; per share. The exercise price of the </font><font style="font-style: normal;">Class&#160;A Warrants may also be reduced to any amount </font><font style="font-style: normal;">and for any period of time at the sole discretion of our board </font><font style="font-style: normal;">of directors. The exercise price and number of common shares issuable upon exercise will adjust in the event of </font><font style="font-style: normal;">certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting </font><font style="font-style: normal;">our common shares.</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;">. Subject to applicable laws, the Class&#160;A Warrants and the pre-funded warrants may be offered for </font><font style="font-style: normal;">sale, sold, transferred or assigned without our consent.</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;">92<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange Listing<font style="font-style: normal;">. We do not intend to apply for the listing of the Class&#160;A Warrants or pre-funded warrants </font><font style="font-style: normal;">offered in this offering on any stock exchange. Without an active trading market, the liquidity of the Class&#160;A Warrants </font><font style="font-style: normal;">and the pre-funded warrants will be limited.</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;">Warrant Agent. <font style="font-style: normal;">The Class&#160;A Warrants </font><font style="font-style: normal;">and</font><font style="font-style: normal;"> pre-funded warrants </font><font style="font-style: normal;">are expected to be issued in registered form under </font><font style="font-style: normal;">a warrant agreement between American Stock Transfer &amp; Trust Company, LLC, as warrant agent, and us. The Class&#160;A </font><font style="font-style: normal;">Warrants </font><font style="font-style: normal;">and pre-funded warrants </font><font style="font-style: normal;">shall initially be represented only by one or more global warrants deposited with </font><font style="font-style: normal;">the warrant agent, as custodian on behalf of The Depository Trust Company (DTC) and registered in the name of </font><font style="font-style: normal;">Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC.</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;">Rights as a Shareholder<font style="font-style: normal;">. Except as otherwise provided in the Class&#160;A Warrants or the pre-funded warrants or </font><font style="font-style: normal;">by virtue of such holder&#8217;s ownership of our common shares, the holder of a Class&#160;A Warrant or pre-funded warrant </font><font style="font-style: normal;">does not have the rights or privileges of a holder of our common shares, including any voting rights, until the holder </font><font style="font-style: normal;">exercises the warrant.</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;">Fundamental Transactions<font style="font-style: normal;">. In the event of a fundamental transaction, as described in the Class&#160;A Warrants and </font><font style="font-style: normal;">the pre-funded warrants and generally including, with certain exceptions, any reorganization, recapitalization or </font><font style="font-style: normal;">reclassification of our common shares, the sale, transfer or other disposition of all or substantially all of our properties </font><font style="font-style: normal;">or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our </font><font style="font-style: normal;">outstanding common shares, or any person or group becoming the beneficial owner of 50% of the voting power </font><font style="font-style: normal;">represented by our outstanding common shares, the holders of the Class&#160;A Warrants and the pre-funded warrants will </font><font style="font-style: normal;">be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the </font><font style="font-style: normal;">holders would have received had they exercised the warrants immediately prior to such fundamental transaction. </font><font style="font-style: normal;">Additionally, as more fully described in the Class&#160;A Warrant, in the event of certain fundamental transactions, the </font><font style="font-style: normal;">holders of the Class&#160;A Warrants will be entitled to receive consideration in an amount equal to the Black Scholes value </font><font style="font-style: normal;">of the Class&#160;A Warrants on the date of consummation of such transaction.</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;">Governing Law<font style="font-style: normal;">. The pre-funded warrants, the Class&#160;A Warrants and Warrant Agreement are governed by New </font><font style="font-style: normal;">York law.</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;">93<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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="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="tTAX"><!--Anchor--></a>TAX 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;">The following is a summary of the material U.S. federal income tax and Marshall Islands tax consequences of the ownership and disposition of the Units consisting of one common share or one pre-funded warrant to purchase one common share and one Class&#160;A Warrant to purchase one common share, and of the ownership, exercise, lapse and disposition of the Class&#160;A Warrants and pre-funded warrants, 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 shares or warrants 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><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 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 shares or warrants 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 shares or warrants, 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 shares or warrants 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 or warrants through an &#8220;applicable partnership interest&#8221;;</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;">94<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;">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 shares or warrants 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 shares or warrants 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 shares or warrants, including the applicability and effect of state, local and non-U.S. tax laws, as well as U.S. federal tax laws.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; 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: 7pt; 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: 8pt; 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; 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: 18pt; 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)&#160;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)&#160;one of the following statements is true:</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;">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></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;">95<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;"><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;">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: 20.5pt; 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 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;">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&#160;(60)&#160;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;">Additionally, holders of Class&#160;A Warrants will not be treated as constructive owners of shares for purposes of the Closely Held Rule.</div><div class="para" style="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></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;">96<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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="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;">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><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;">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="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;">Allocation of Purchase Price and Characterization of a Unit</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">No statutory, administrative or judicial authority directly addresses the treatment of a Unit or instruments similar to a Unit for United States federal income tax purposes and, therefore, that treatment is not entirely clear. The acquisition of a Unit should be treated for United States federal income tax purposes as the acquisition of one common share (or one pre-funded warrant in lieu of one common share) and one Class&#160;A Warrant. For United States federal income tax purposes, each holder of a Unit must allocate the purchase price paid by such holder for such Unit between the common share or pre-funded warrant and the Class&#160;A Warrant based on the relative fair market value of each at the time of issuance. Under United States federal income tax law, each investor must make his or her own determination of such value based on all the relevant facts and circumstances. Therefore, we strongly urge each investor to consult his or her tax advisor regarding the determination of value for these purposes. The price allocated to each common share or pre-funded warrant and each Class&#160;A Warrant should be the investor&#8217;s tax basis in each such common share or pre-funded warrant and each such Class&#160;A Warrant, as the case may be. Any disposition of a Unit should be treated for United States federal income tax purposes as a disposition of the common share or pre-funded warrant and the Class&#160;A Warrant comprising the Unit, and the amount realized on the disposition should be allocated between the common share or pre-funded warrant and the Class&#160;A Warrant based on their respective relative fair market values at the time of disposition (as determined by each such Unit holder based on all relevant facts 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;">97<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;"><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;">circumstances). The separation of the common share or pre-funded warrant and the Class&#160;A Warrant comprising a Unit should not be a taxable event for United States 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;">The foregoing treatment of the Units and a holder&#8217;s purchase price allocation are not binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the Units, no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment in a Unit (including alternative characterizations of a Unit). The balance of this discussion assumes that the characterization of the Units described above is respected for United States federal income tax purposes.</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;">Tax Treatment of the Pre-Funded Warrants</div><div class="para" style="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 our pre-funded warrants should be treated as our common shares for United States federal income tax purposes, rather than warrants. Assuming this position is upheld, no gain or loss should be recognized upon the exercise of a pre-funded warrant and, upon exercise, the holding period of a pre-funded warrant should carry over to the common share received. Similarly, the tax basis of a pre-funded warrant should carry over to the common share received upon exercise, increased by the exercise price. However, our position is not binding on the IRS and the IRS may treat the pre-funded warrants as warrants to acquire our common shares. You should consult your tax advisor regarding the United States federal tax consequences of an investment in the pre-funded warrants. The following discussion assumes our pre-funded warrants are properly treated as 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;">United States Federal Income Taxation of U.S. Holders</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;">United States Federal Income Tax Treatment of the Class&#160;A Warrants</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither we nor a U.S. Holder of a Class&#160;A Warrant will recognize gain or loss as a result of the U.S. Holder&#8217;s receipt of a common share upon exercise of a Class&#160;A Warrant. A U.S. Holder&#8217;s adjusted tax basis in the common share received will be an amount equal to the sum of (i)&#160;the U.S. Holder&#8217;s adjusted tax basis in the Class&#160;A Warrant exercised and (ii)&#160;the amount of the exercise price for the Class&#160;A Warrant. If the Class&#160;A Warrants lapse without being exercised, the U.S. Holder will recognize capital loss in the amount equal to the U.S. Holder&#8217;s adjusted tax basis in the Class&#160;A Warrants. A U.S. Holder&#8217;s holding period for common shares received upon exercise of a Class&#160;A Warrant will commence on the date the warrant is exercised.</div><div class="para" style="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 exercise price of a Class&#160;A Warrant is subject to adjustment under certain circumstances. If an adjustment increases a proportionate interest of the holder of a Class&#160;A Warrant in the fully diluted common shares without proportionate adjustments to the holders of our common shares, a U.S. Holder of a Class&#160;A Warrant may be treated as having received a constructive distribution, which may be taxable to the U.S. Holder as a dividend.</div><div class="para" style="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 tax consequences of holding and disposing of our common shares is discussed below. U.S. Holders of our Class&#160;A Warrants should also carefully review the section titled &#8220;&#8212;Passive Foreign Investment Company Rules&#8221; as a U.S. Holder of Class&#160;A Warrants generally will not be able to make a QEF election with respect to the warrants if we are a PFIC.</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;">Taxation of Distributions Paid on 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;">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, </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;">98<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;">and do not expect to be); (3)&#160;the U.S. Non-Corporate Holder has owned the common shares or pre-funded warrants for more than 60&#160;days in the 121-day period beginning 60&#160;days before the date on which the common shares or pre-funded warrants 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 shares 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 shares will be treated as long-term capital loss to the extent of such dividend.</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;">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 or warrants 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 shares or warrants. 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 or warrants 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 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;">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 </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;">99<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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-align: justify;">&#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 8621 with respect to such holder's common shares.</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;">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 or pre-funded warrants 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 or pre-funded warrants 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 or pre-funded warrants. 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. A holder of Class&#160;A Warrants generally will not be able to make a QEF election in respect of such Class&#160;A Warrants.</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;">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 shares are 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 or pre-funded warrants. 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 or pre-funded warrants at the end of the taxable year over such U.S. Holder's adjusted tax basis in the common shares or pre-funded warrants. 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 or pre-funded warrants 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 or pre-funded warrants would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of the common shares or pre-funded warrants would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the common shares or pre-funded warrants 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: 15pt; 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)&#160;any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our common shares 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 shares), and (2)&#160;any gain realized on the sale, exchange or other disposition of our common shares or warrants. 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 shares or warrants (including, in the case of common shares acquired by exercise of warrants, the holding period of the warrants);</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></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;">100<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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="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;">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 shares or warrants. If a Non-Electing Holder who is an individual dies while owning our common shares or warrants, such Non-Electing Holder's successor generally would not receive a step-up in tax basis with respect to such shares or warrants.</div><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;">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 or warrants, 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 or warrants.</div><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;">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 shares 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 shares or warrants 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="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;">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 shares within the United States to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our common shares or warrants 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 class="para" style="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, backup withholding of U.S. federal income tax, currently at a rate of 24%, generally should apply to distributions paid on our common shares to a non-corporate U.S. Holder and the proceeds from sales and other dispositions of our common shares 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></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;">101<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_109-description_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;"><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: 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 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 or warrants, unless the shares or warrants 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: 20.5pt; 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 shares or warrants 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 shares or warrants.</div><div class="para" style="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 FOREGOING SUMMARY DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO YOU IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. YOU ARE ENCOURAGED TO CONSULT YOUR OWN TAX ADVISOR AS TO THE PARTICULAR TAX CONSEQUENCES TO YOU OF ACQUIRING OR HOLDING THE COMPANY&#8217;S COMMON SHARES OR&#160;WARRANTS.</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;">102<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_110-under_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="tPOD"><!--Anchor--></a>PLAN OF 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;">We are offering no less than 1,333,334 Units and up to 5,333,333 Units, each consisting of a common share or pre-funded warrant and a Class A Warrant to purchase one common share, for gross proceeds of up to $40.0&#160;million, before deduction of placement agent commissions and offering expenses, in a best efforts offering. The offering will not proceed unless at least $10,000,000 of gross proceeds are raised. As a result, the actual amount of gross proceeds, if any, in this offering could vary substantially from the gross proceeds from the sale of the maximum amount of securities being offered in this prospectus. </div><div class="para" style="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 a placement agency agreement, dated as of &#8195;&#8195;&#8195;, 2022, we have engaged Maxim Group LLC to act as our exclusive placement agent to solicit offers to purchase the securities offered by this prospectus. The Placement Agent is not purchasing or selling any securities, nor is it required to arrange for the purchase and sale of any specific number or dollar amount of securities, other than to use its &#8220;reasonable best efforts&#8221; to arrange for the sale of the securities by us. Therefore, we may not sell the entire amount of securities being offered. We will enter into a securities purchase agreement directly with the institutional investors, at the investor&#8217;s option, who purchase our securities in this offering. Investors who do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities in this offering. The Placement Agent may engage one or more subagents or selected dealers in connection with this offering. </div><div class="para" style="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 placement agency agreement provides that the Placement Agent&#8217;s obligations are subject to conditions contained in the placement agency 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 deliver the securities being issued to the investors upon receipt of investor funds for the purchase of the securities offered pursuant to this prospectus. We expect to deliver the securities being offered pursuant to this prospectus on or about &#8195;&#8195;&#8195;, 2022.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Placement Agent Fees, Commissions and 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;">Upon the closing of this offering, we will pay the Placement Agent a cash transaction fee equal to 6.75% of the aggregate gross cash proceeds to us from the sale of the securities in the offering. In addition, we will reimburse the Placement Agent for its out-of-pocket expenses incurred in connection with this offering, including the fees and expenses of the counsel for the Placement Agent, up to $100,000.</div><div class="para" style="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 shows the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the purchase of all the securities we are offering. </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: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 14.11%; 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;">Per Unit consisting<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 common shares</div></td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 17.34%; 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;">Per Unit consisting<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 pre-funded warrants</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;">Public Offering Price per Unit<font style="padding-left: 3.29pt;"></font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.11%; 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: 20.53pt; text-align: left;">$&#8199;&#8199;&#8199;&#8199;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.34%; 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: 28.07pt; text-align: left;">$&#8199;&#8199;&#8199;&#8199;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Placement Agent fees<font style="padding-left: 4.2pt;"></font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 14.11%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.53pt; text-align: left;">$</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 17.34%; 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: 28.07pt; text-align: left;">$</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds, before expenses, to us<font style="padding-left: 4.79pt;"></font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 14.11%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.53pt; text-align: left;">$</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.34%; 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: 28.07pt; text-align: left;">$</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 estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding Placement Agent fees, will be approximately $400,000, all of which are payable by us. This figure includes the Placement Agent&#8217;s accountable expenses, including, but not limited to, legal fees for Placement Agent&#8217;s legal counsel, that we have agreed to pay at the closing of the offering up to an aggregate expense reimbursement of $100,000. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Lock-Up 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 each of our officers and directors as of the date of this prospectus have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our common shares or other securities convertible into or exercisable or exchangeable for our common shares for a period of 90 days after this offering is completed without the prior written consent of the Placement 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;">The Placement Agent may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Placement Agent will consider, among other factors, the security holder&#8217;s reasons for requesting the release, the number of shares for which the release is being requested and market conditions at 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;">103<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_110-under_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;">Indemnification</div><div class="para" style="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 agreed to indemnify the Placement Agent against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the Placement Agent may be required to make for these liabilities.</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;">Determination of Offering Price and Warrant Exercise 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;">The actual offering price of the securities we are offering, and the exercise price of the Class A Warrants included in the units and pre-funded units that we are offering, were negotiated between us and the investors in the offering based on the trading of our common shares prior to the offering, among other things. Other factors considered in determining the public offering price of the securities we are offering, as well as the exercise price of the Class A Warrants included in the units and pre-funded units that we are offering include our history and prospects, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.</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;">Other Compensation</div><div class="para" style="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 within five months following the consummation of this offering, we complete any equity or equity-linked capital-raising activity of the Company for which the Placement Agent is not acting as underwriter or placement agent (other than the exercise by any person or entity of any options, warrants or other convertible securities) with any of the investors that were contacted or introduced to the Company by the Placement Agent, then the Company shall pay to the Placement Agent a commission as described in this section, in each case only with respect to the portion of such financing received from such investors.</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;">Regulation M</div><div class="para" style="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 Placement Agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under these rules and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and (ii) may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.</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;">Electronic 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;">A prospectus in electronic format may be made available on a website maintained by the Placement Agent. In connection with the offering, the Placement Agent or selected dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe&#174; PDF will be used in connection with this offering.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other than the prospectus in electronic format, the information on the Placement Agent&#8217;s website and any information contained in any other website maintained by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be relied upon by investors.</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;">Certain Relationships</div><div class="para" style="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 Placement Agent and its affiliates have and may in the future provide, from time to time, investment banking and financial advisory services to us in the ordinary course of business, for which they may receive customary fees and commissions. </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;">Listing</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;">Our common shares are listed on the Nasdaq Capital Market under the symbol &#8220;USEA&#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;">104<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_110-under_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;"><a name="tEOCLAI"><!--Anchor--></a>ENFORCEABILITY OF CIVIL LIABILITIES AND INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons, we have been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</div><div class="para" style="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 obtained directors&#8217; and officers&#8217; liability insurance against any liability asserted against such person incurred in the capacity of director or officer or arising out of such status, whether or not we would have the power to indemnify such person.</div><div class="para" style="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, and our principal executive office is located outside of the United States in Greece. Certain of our directors and all of our officers reside outside the United States. In addition, substantially all of our assets and the assets of certain of our directors and all of our officers are located outside the United States. As a result, it may not be possible for you to serve legal process within the United States upon us or any of these persons. It may also not be possible for you to enforce, both in and outside the United States, judgments you may obtain in United States courts against us or these persons in any action, including actions based upon the civil liability provisions of U.S. federal or state securities 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;">Furthermore, there is substantial doubt that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets of our subsidiaries, directors or officers and such experts are located (i)&#160;would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries, directors or officers and such experts based upon the civil liability provisions of applicable U.S. federal and state securities laws or (ii)&#160;would enforce, in original actions, liabilities against us or our subsidiaries, directors or officers and such experts based on those 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;">105<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_110-under_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;"><a name="tEXPENSE"><!--Anchor--></a>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;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms a part, all of which will be paid by 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><td style="width: 89.74%; text-align: left; vertical-align: bottom; padding-top: 6pt; 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;">Commission registration fee<font style="padding-left: 2.54pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.01%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; 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: 10pt;">&#8203;</font>8,158</div></td></tr><tr><td style="width: 89.74%; 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;">Legal fees and expenses<font style="padding-left: 3.11pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.01%; 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;">$200,000</div></td></tr><tr><td style="width: 89.74%; 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;">Placement Agent&#8217;s accountable expenses <font style="padding-left: 3.12pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.01%; 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;">$100,000</div></td></tr><tr><td style="width: 89.74%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Printer fees<font style="padding-left: 0.86pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.01%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">30,000</font></div></td></tr><tr><td style="width: 89.74%; 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;">Accounting fees and expenses<font style="padding-left: 4.22pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.01%; 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;">$<font style="padding-left: 5pt;">50,000</font></div></td></tr><tr><td style="width: 89.74%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Miscellaneous<font style="padding-left: 4.74pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.01%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5.37pt;">11,842</font></div></td></tr><tr><td style="width: 89.74%; 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;">Total<font style="padding-left: 2.09pt;"></font></div></td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.12%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 1pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.01%; 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: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 37.5pt;">$</font><font style="border-bottom: 3pt double #000000; min-width: 37.5pt;">4</font><font style="border-bottom: 3pt double #000000; min-width: 37.5pt;">00,000</font></div></td></tr></table><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; text-align: center;"><a name="tLEGAL"><!--Anchor--></a>LEGAL MATTERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Certain legal matters in connection with the sale of the common shares offered hereby, including the legality thereof, are being passed upon for us by Watson Farley &amp; Williams LLP, New York, New York. Ellenoff Grossman &amp; Schole LLP, New York, New York, will pass upon certain legal matters in connection with the offering for the Placement Agent.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;"><a name="tEXPERT"><!--Anchor--></a>EXPERTS</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 carve out financial statements of United Maritime Predecessor at December 31, 2021 and 2020, and for each of the three years in the period ended December 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="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;"><a name="tWYCFAI"><!--Anchor--></a>WHERE YOU CAN FIND ADDITIONAL 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;">We have filed with the Commission a registration statement on Form F-1 under the Securities Act, relating to the securities offered by this prospectus. The term registration statement on Form F-1 means the original registration statement on Form F-1 and any and all amendments including the schedules and exhibits to the original registration statement or any amendment. This prospectus does not contain all of the information set forth in the registration statement on Form F-1 we filed. Each statement made in this prospectus concerning a document filed as an exhibit to the registration statement on Form F-1 is qualified by reference to that exhibit for a complete statement of its provisions. The registration statement on Form F-1, including its exhibits and schedules, may be inspected and copied at the public reference facilities maintained by the Commission as described below.</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;">Government Filings</div><div class="para" style="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 the information requirements of the Securities Exchange Act of 1934, and, in accordance therewith, we will be required to file with the Commission annual reports on Form 20-F within four months of our fiscal year-end, and provide to the Commission other material information on Form 6-K. The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the Commission. Our filings will also available on our website at www.unitedmaritime.gr. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus. Further, other than as described herein, the information contained in or accessible from the Commission&#8217;s website is not part of this prospectus.</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;">Information Provided by 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;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. While we furnish proxy </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;">106<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_110-under_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;">statements to shareholders in accordance with the rules of Nasdaq, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability. </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;">107<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_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: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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="#tRIR">Report of Independent Registered Public Accounting Firm<font style="padding-left: 3.68pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; 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: 1.28pt; text-align: left;"><a href="#tRIR">F-2</a></div></td></tr><tr><td style="width: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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: 4.55pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; 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="#tCBS">F-3</a></div></td></tr><tr><td style="width: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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="#tCSO">Carve-out Statements of Operations for the years ended December&#160;31, 2021, 2020 and 2019<font style="padding-left: 3.77pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; 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="#tCSO">F-4</a></div></td></tr><tr><td style="width: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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="#tCSP">Carve-out Statements of Parent&#8217;s' Equity for the years ended December&#160;31, 2021, 2020 and 2019<font style="padding-left: 2.1pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; 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="#tCSP">F-5</a></div></td></tr><tr><td style="width: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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: 4.88pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.37%; 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: 89.74%; 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="#tNCO">Notes to the Carve-out Financial Statements<font style="padding-left: 1.45pt;"></font></a></div></td><td class="gutter" style="width: 3.37%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.37%; 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="#tNCO">F-7</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;">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="ny20004194x8_f1_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: 19.5pt; 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: 20.5pt; 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: 20.5pt; 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: 20.5pt; 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="ny20004194x8_f1_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; 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: 0.82%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#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: 9.62%; 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: 0.82%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#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: 9.62%; 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></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;">ASSETS<br></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;">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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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;">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; 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;">Parent investment, net<font style="padding-left: 2.7pt;"></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;">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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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: 9.17pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(828,300</font><font style="min-width: 45pt;">)</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; 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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="ny20004194x8_f1_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="ny20004194x8_f1_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="ny20004194x8_f1_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; 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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="ny20004194x8_f1_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 </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="ny20004194x8_f1_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;">part 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="ny20004194x8_f1_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="ny20004194x8_f1_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="ny20004194x8_f1_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: 56.25%; 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: 13.25%; 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: 13.24%; 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: 13.24%; 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: 56.25%; 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: 2.28pt;"></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: 13.25%; 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: 22.17pt; 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: 13.24%; 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: 22.16pt; 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: 13.24%; 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: 24.66pt; text-align: left;">52%</div></td></tr><tr><td style="width: 56.25%; 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: 2.83pt;"></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: 13.25%; 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: 22.17pt; 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: 13.24%; 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: 22.16pt; 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: 13.24%; 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: 24.66pt; 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: 56.25%; 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: 13.25%; 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: 22.17pt; 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: 13.24%; 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: 22.16pt; 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: 13.24%; 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: 24.66pt; 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="ny20004194x8_f1_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: 448pt; margin-left: 20pt;"><tr class="header"><td style="width: 56.25%; 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 38.09%; 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: 56.25%; 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.83%; 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;">2021</div></td><td class="gutter" style="width: 2.83%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.83%; 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;">2020</div></td><td class="gutter" style="width: 2.83%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.83%; 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: 56.25%; 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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="padding-left: 30pt;">&#8212;</font></div></td><td class="gutter" style="width: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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;">2,858,289</div></td></tr><tr><td style="width: 56.25%; 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.83%; 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: 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.83%; 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="border-bottom: 1pt solid #000000; min-width: 40pt;">4,124,016</font></div></td><td class="gutter" style="width: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.83%; 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="border-bottom: 1pt solid #000000; min-width: 40pt;">4,026,310</font></div></td></tr><tr><td style="width: 56.25%; 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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: 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: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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;">4,124,016</font></div></td><td class="gutter" style="width: 2.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.83%; 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;">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="ny20004194x8_f1_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: 56.25%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.39%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 36.98%; 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: 56.25%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 56.25%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 56.25%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 56.25%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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: 3.39%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.39%; 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="ny20004194x8_f1_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="ny20004194x8_f1_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="ny20004194x8_f1_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="ny20004194x8_f1_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="ny20004194x8_f1_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: 89.74%; 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: 0.85%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.85%; 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="ny20004194x8_f1_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: 89.74%; 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: 0.85%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.5pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 89.74%; 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: 2.09pt;"></font></div></td><td class="gutter" style="width: 0.85%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.85%; 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: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 53.85%; 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 4.22%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 37.71%; 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-weight: bold; margin-top: 0pt; text-align: center;">Year ended December&#160;31,</div></td></tr><tr class="header"><td style="width: 53.85%; 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 4.22%; 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;">2021</div></td><td class="gutter" style="width: 4.22%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 4.22%; 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;">2020</div></td><td class="gutter" style="width: 4.22%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 4.22%; 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;">2019</div></td></tr><tr><td style="width: 53.85%; 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: 2.88pt;"></font></div></td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; 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: 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: 53.85%; 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: 3.45pt;"></font></div></td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 6.94%; 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: 53.85%; 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: 1.73pt;"></font></div></td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; 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: 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; 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: 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 3pt; 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: 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: 53.85%; 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: 2.64pt;"></font></div></td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; 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; 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: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; 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; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 32.5pt;">708,445</font></div></td><td class="gutter" style="width: 4.22%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 4.22%; 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; 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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<div class="page" style="text-align: left; margin: auto; position: relative; width: 456pt;"><a name="ny20004194x8_f1_299-bcv_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="block-frill" style="width: 456pt; 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: 456pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 68pt; text-align: center;">1,333,334 Units <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">consisting of <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares or Pre-Funded Warrants to Purchase Common Shares and<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class&#160;A Warrants to Purchase Common Shares<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">(minimum offering amount)</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">5,333,333 Units </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">consisting of <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares or Pre-Funded Warrants to Purchase Common Shares and <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class A Warrants to Purchase Common Shares <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">(maximum offering amount)</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 42.5pt; text-align: center;">UNITED MARITIME CORPORATION</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">PROSPECTUS</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 55.5pt; text-align: center;">Maxim Group LLC</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 228.5pt; text-align: center;">&#8195;&#8195;&#8195;, 2022</div></div></div><div class="block-frill" style="width: 456pt; 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="ny20004194x8_f1_300-partii_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="tPART2"><!--Anchor--></a>PART II<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;">&#8195;<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;">INFORMATION NOT REQUIRED IN THE PROSPECTUS</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="tITEM6"><!--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;">Indemnification of Directors and Officers</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;">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;">Article&#160;8, Section&#160;1 of the Bylaws of the registrant provides that:</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 person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another, partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Corporation upon the same terms, under the same conditions, and to the same extent as authorized by Section&#160;60 of the Business Corporation Act of the Marshall Islands, 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, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The Corporation shall have the power to pay in advance expenses a director or officer incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined that the he is not entitled to indemnification under this section.</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;">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;">Section 60 of the BCA provides as follows:</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;">Indemnification of directors and officers:</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;">(1)<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;"><font style="font-style: italic;">Actions not by or in right of the corporation</font>. A corporation shall have power to 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 or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; 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 not 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 no contest, 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 not opposed to the best interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful.</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;">(2)<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;"><font style="font-style: italic;">Actions by or in right of the corporation</font>. A corporation shall have the power to 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 or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or 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 claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty 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></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;">(3)<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;"><font style="font-style: italic;">When director or officer successful</font>. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him in connection therewith.</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;">(4)<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;"><font style="font-style: italic;">Payment of expenses in advance</font>. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized </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;">II-1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_300-partii_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; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the 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.</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;">(5)<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;"><font style="font-style: italic;">Indemnification pursuant to other rights</font>. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses 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></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;">(6)<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;"><font style="font-style: italic;">Continuation of indemnification</font>. The indemnification and advancement of expenses provided by, or granted pursuant to, this section 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></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;">(7)<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;"><font style="font-style: italic;">Insurance</font>. A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.</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;">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;">Indemnification Agreements</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 registrant has entered, and expects to continue to enter, into agreements to indemnify its directors, executive officers and other employees as determined by the registrant&#8217;s board of directors. With specified exceptions, these agreements provide for indemnification for related expenses including, among other things, attorneys&#8217; fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. The registrant believes that the provisions in its Bylaws and indemnification agreements described above are necessary to attract and retain talented and experienced officers and directors.</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="tITEM7"><!--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;">Recent Sales of Unregistered Securities.</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 July 2022, the Company issued 1,512,004 of its common shares, 5,000 of its Series C Convertible Preferred Shares, and 40,000 of its Series B Preferred Shares to Seanergy Maritime Holdings Corp. in exchange for its contribution to the Company of all the outstanding shares of the Company&#8217;s vessel-owning subsidiary and the contribution of $5.0&#160;million in cash as working capital in conjunction with the spin-off transaction described in the Company&#8217;s registration statement on Form 20-F filed with the Commission on June&#160;6, 2022. The common shares were distributed to all of the Company&#8217;s common shareholders while the Series B Preferred Shares were distributed to the holder of all of Seanergy&#8217;s issued and outstanding Series B preferred shares, who is the Company&#8217;s Chairman and Chief Executive Officer. On July&#160;8, 2022, the Company agreed to issue an additional 5,000 of its Series C Convertible Preferred Share to Seanergy Maritime Holdings Corp. in exchange for $5.0 million in cash. These issuances were each exempt from registration as a transaction not involving an offering in the United States under Regulation S of the Securities Act.</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;">II-2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_300-partii_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: 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="tITEM8"><!--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;">Exhibits and Financial Statement Schedules</div></td></tr></table><div class="h5" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Exhibits</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;">The following documents are filed as part 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: 8.76%; 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;">Exhibit Number</div></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 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: 89.96%; 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;">Description</div></td></tr><tr><td style="width: 8.76%; text-align: left; vertical-align: top; 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="ny20004194x8_ex1-1.htm">1.1</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: 89.96%; text-align: left; vertical-align: top; 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;">Form of Placement Agency Agreement</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex1-1.htm">3.1</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: 89.96%; 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: justify;">Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex1-2.htm">3.2</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: 89.96%; 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: justify;">Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 1.2 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex2-2.htm">3.3</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: 89.96%; 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: justify;">Statement of Designation of the Series A Participating Preferred Stock of the Company (incorporated by reference to Exhibit 2.2 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex2-3.htm">3.4</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: 89.96%; 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: justify;">Statement of Designation of the Series B Preferred Shares of the Company (incorporated by reference to Exhibit 2.3 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex2-4.htm">3.5</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: 89.96%; 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: justify;">Statement of Designation of the Series C Preferred Shares of the Company (incorporated by reference to Exhibit 2.4 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex2-1.htm">4.1</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; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_300-partii_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;"><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: 8.76%; 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;">Exhibit Number</div></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 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: 89.96%; 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;">Description</div></td></tr><tr><td style="width: 8.76%; text-align: left; vertical-align: top; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex4-6.htm">10.6</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: 89.96%; vertical-align: top; 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: justify;">Form of Technical Management Agreement with Seanergy Shipmanagement Corp. (incorporated by reference to Exhibit 4.6 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex4-7.htm">10.7</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: 89.96%; 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: justify;">Form of Commercial Management Agreement with Seanergy Management Corp. (incorporated by reference to Exhibit 4.7 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="https://www.sec.gov/Archives/edgar/data/1912847/000114036122021963/ny20004194x3_ex4-8.htm">10.8</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: 89.96%; 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: justify;">Facility Agreement dated July&#160;15, 2020 among Seanergy Maritime Holdings Corp., Sea Genius Shipping Co., Sea Glorius Shipping Co., the financial institutions listed in Part B of Schedule 1 thereto, Kroll Agency Services Limited (previously known as Lucid Agency Services Limited) and Kroll Trustee Services Limited (previously known as Lucid Trustee Services Limited) (incorporated by reference to Exhibit 4.8 to the Company&#8217;s Registration Statement on Form 20-F filed with the Commission on June&#160;6, 2022)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex10-9.htm">10.9</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: 89.96%; 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: justify;">Deed of Release, Accession and Amendment among the Company, Seanergy Maritime Holdings Corp., Sea Glorius Shipping Co., Kroll Agency Services Limited (previously known as Lucid Agency Services Limited) and Kroll Trustee Services Limited (previously known as Lucid Trustee Services Limited) </div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex10-10.htm">10.10</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: 89.96%; 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;">Memoranda of Agreement for the Acquisition Vessels, dated July 11, 2022</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex10-11.htm">10.11</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: 89.96%; 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;">Share Purchase Agreement between the Company and Seanergy, dated July 8, 2022 </div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex10-12.htm">10.12</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: 89.96%; 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;">Form of Securities Purchase Agreement</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex21-1.htm">21.1</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: 89.96%; 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;">Significant Subsidiaries of United Maritime Corporation</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex23-1.htm">23.1</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: 89.96%; 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font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 8.76%; 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;">23.2</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: 89.96%; 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;">Consent of Watson Farley &amp; Williams LLP (included in its opinions filed as <a href="ny20004194x8_ex5-1.htm">Exhibits 5.1</a> and <a href="ny20004194x8_ex8-1.htm">8.1</a>)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="#tPOA">24.1</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: 89.96%; 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;">Powers of Attorney (contained on signature page to this registration statement)</div></td></tr><tr><td style="width: 8.76%; 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: 89.96%; 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: 8.76%; 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="ny20004194x8_ex107.htm">107</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: 89.96%; 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;">Filing Fee Table</div></td></tr></table><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="tITEM9"><!--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;">Undertakings</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 undersigned registrant hereby undertakes:</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;">(1)<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;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</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;">(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;">To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</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;">(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;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; 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;">II-4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_300-partii_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;"><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: 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;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</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;">(2)<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;">That, for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering 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;">(3)<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;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</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;">(4)<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;">To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.</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;">(5)<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;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</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;">(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;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</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;">(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;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</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;">(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;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</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;">(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;">Any other communication that is an offer in the offering made by the undersigned registrant to the&#160;purchaser.</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;">(6)<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;">For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</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;">(7)<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;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</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;">II-5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_301-sig_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="tSIG"><!--Anchor--></a>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;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Glyfada, Greece, on July 12, 2022.</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: 51.28%; 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="7" style="width: 46.15%; 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: 51.28%; 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: 5.13%; 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: 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: 5.13%; 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: 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: 30.77%; 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></tr><tr><td style="width: 51.28%; text-align: left; vertical-align: top; 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: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.13%; 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;">By:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 38.46%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; 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;">/s/ Stamatios Tsantanis</div></td></tr><tr><td style="width: 51.28%; 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: 5.13%; 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: 1.28%; 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: 5.13%; 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;">Name:</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: 30.77%; 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;">Stamatios Tsantanis</div></td></tr><tr><td style="width: 51.28%; 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: 5.13%; 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: 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: 5.13%; 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;">Title:</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: 30.77%; 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;">Chief Executive Officer</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;">II-6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_301-sig_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;"><a name="tPOA"><!--Anchor--></a>POWER OF ATTORNEY</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Stamatios Tsantanis or Stavros Gyftakis, or any of them, with full power to act alone, as his or her true and lawful attorneys-in-fact and agents, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same offering which may be filed under Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agent full power and authority to do and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming that said attorneys-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.</div><div class="para" style="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 requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons on July 12, 2022 in the capacities indicated.</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;">Signature</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%; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20004194x8_f1_301-sig_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;"><a name="tAUSR"><!--Anchor--></a>AUTHORIZED UNITED STATES REPRESENTATIVE</div><div class="para" style="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 Securities Act of 1933, the undersigned, the duly authorized representative in the United States of United Maritime Corporation has signed this Registration Statement on Form F-1 in City of Newark, State of Delaware, on the 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of July 2022.</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: 51.28%; 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="7" style="width: 46.15%; 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; margin-top: 0pt; margin-left: 0pt; text-align: left;">PUGLISI &amp; ASSOCIATES<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;">(Authorized Representative)</div></td></tr><tr><td style="width: 51.28%; 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></tr><tr><td style="width: 51.28%; text-align: left; vertical-align: top; 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: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.13%; 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;">By:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 38.46%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; 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;">/s/ Donald J. Puglisi</div></td></tr><tr><td style="width: 51.28%; 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: 5.13%; 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: 1.28%; 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: 5.13%; 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;">Name:</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: 30.77%; 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;">Donald J. Puglisi</div></td></tr><tr><td style="width: 51.28%; 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: 5.13%; 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: 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: 5.13%; 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;">Title:</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: 30.77%; 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;">Managing Director</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;">II-8<br></div></div></div>
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<TYPE>EX-1.1
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<FILENAME>ny20004194x8_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">Exhibit 1.1</div>
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    <div style="text-align: center; font-weight: bold;">PLACEMENT AGENCY AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: right;">________, 2022</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Maxim Group LLC</div>
    <div style="text-align: justify; color: #000000;">300 Park Avenue, 16<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
    <div style="text-align: justify; color: #000000;">New York, NY 10022</div>
    <div><br>
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    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Introduction</font>.&#160; Subject to the terms and conditions herein (this &#8220;<u>Agreement</u>&#8221;), United Maritime Corporation, a company incorporated under the laws of the
      Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), hereby agrees to sell a minimum of an aggregate of $______ of registered securities and up to maximum of an aggregate of $_______ of registered securities (the &#8220;<u>Securities</u>&#8221;) of the
      Company, including, but not limited to, ______ shares (the &#8220;<u>Shares</u>&#8221;) of the Company&#8217;s common shares, $0.0001 par value per share (the "<u>Common Shares</u>&#8221;), pre-funded common share purchase warrants to purchase up to an aggregate of ______
      Common Shares (the &#8220;<u>Prefunded Warrants</u>&#8221;) and common share purchase warrants to purchase up to an aggregate of _________ Common Shares (the &#8220;<u>Warrants,</u>&#8221; and the Common Shares underlying the Prefunded Warrants and the Warrants, the &#8220;<u>Warrant

        Shares</u>&#8221;, and the Shares, the Prefunded Warrants, the Warrants and the Warrant Shares, the &#8220;<u>Securities</u>&#8221;) directly to various investors (each, an &#8220;<u>Investor</u>&#8221; and, collectively, the &#8220;<u>Investors</u>&#8221;) through Maxim Group LLC (the &#8220;<u>Placement

        Agent</u>&#8221;) as placement agent.&#160; The documents executed and delivered by the Company and the Investors in connection with the Offering (as defined below), including, without limitation, a securities purchase agreement (the &#8220;<u>Purchase Agreement</u>&#8221;),

      shall be collectively referred to herein as the &#8220;<u>Transaction Documents</u>.&#8221; The purchase price to the Investors for each Share is $____,&#160; the purchase price to the Investors for each Prefunded Warrant is $____, the exercise price to the Investors
      for each Common Share issuable upon exercise of the Prefunded Warrants is $0.0001, and the exercise price to the Investors for each Common Share issuable upon exercise of the Warrants is $_____.&#160; The Placement Agent may retain other brokers or
      dealers to act as sub-agents or selected-dealers on its behalf in connection with the Offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Company hereby confirms its agreement with the Placement Agent as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Agreement to Act as Placement Agent</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the basis of the representations, warranties and agreements of the Company herein contained, and subject to all the terms and conditions of this Agreement, the
      Placement Agent shall be the exclusive placement agent in connection with the offering and sale by the Company of the Securities pursuant to the Company's registration statement on Form F-1 (File No. 333-_____) (the &#8220;<u>Registration Statement</u>&#8221;),
      with the terms of such offering (the &#8220;<u>Offering</u>&#8221;) to be subject to market conditions and negotiations between the Company, the Placement Agent and the prospective Investors.&#160; The Placement Agent will act on a reasonable best efforts basis and
      the Company agrees and acknowledges that there is no guarantee of the successful placement of the Securities, or any portion thereof, in the prospective Offering.&#160; Under no circumstances will the Placement Agent or any of its &#8220;Affiliates&#8221; (as defined
      below) be obligated to underwrite or purchase any of the Securities for its own account or otherwise provide any financing.&#160; The Placement Agent shall act solely as the Company&#8217;s agent and not as principal.&#160; The Placement Agent shall have no
      authority to bind the Company with respect to any prospective offer to purchase Securities and the Company shall have the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part.&#160; Subject to the terms and
      conditions hereof, payment of the purchase price for, and delivery of, the Securities shall be made at one or more closings (each a &#8220;<u>Closing</u>&#8221; and the date on which each Closing occurs, a &#8220;<u>Closing Date</u>&#8221;).&#160; The Closing of the issuance of
      the Securities shall occur via &#8220;Delivery Versus Payment&#8221;, i.e., on the Closing Date, the Company shall issue the Securities directly to the account designated by the Placement Agent and, upon receipt of such Securities, the Placement Agent shall
      electronically deliver such Securities to the applicable Investor and payment shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company.&#160; As compensation for services rendered, on each Closing Date, the Company shall
      pay to the Placement Agent the fees and expenses set forth below:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A cash fee equal to 6.75% of the gross proceeds received by the Company from the sale of the Securities at the closing of the Offering (the &#8220;<u>Closing</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company also agrees to reimburse Placement Agent&#8217;s expenses up to a maximum of $100,000 (inclusive of any advance paid by the Company to the Placement Agent),
      unless otherwise agreed by the Company and the Placement Agent, payable immediately upon and only in the event of the Closing of the Offering.</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 term of the Placement Agent's exclusive engagement will be as set forth in the the Engagement Agreement, dated June 29, 2022 (&#8220;<u>Engagement Agreement</u>&#8221;).
      Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification and contribution contained herein and the Company&#8217;s obligations contained in the indemnification provisions will survive any
      expiration or termination of this Agreement, and the Company&#8217;s obligation to pay fees actually earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section 1 hereof and which are permitted to be reimbursed under
      FINRA Rule 5110(g)(4)(A), will survive any expiration or termination of this Agreement; provided, however, that if for any reason an Offering is not consummated, then the obligation of the Company to reimburse the Placement Agent for expenses shall
      not exceed $25,000 in the aggregate.&#160; Nothing in this Agreement shall be construed to limit the ability of the Placement Agent or its Affiliates to pursue, investigate, analyze, invest in, or engage in investment banking, financial advisory or any
      other business relationship with Persons (as defined below) other than the Company. As used herein (i) &#8220;Persons&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
      company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind and (ii) &#8220;Affiliate&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
      common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;).</div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Representations, Warranties and Covenants of the Company</font>.&#160; The Company hereby represents, warrants and covenants to
      the Placement Agent as of the date hereof, and as of each Closing Date, as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Securities Law Filings</u>.&#160; The Company has filed with the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) the Registration Statement under the
      Securities Act, which was filed on July __, 2022 and declared effective on ______, 2022 for the registration of the Securities under the Securities Act.&#160; Following the determination of pricing among the Company and the prospective Investors
      introduced to the Company by Placement Agent, the Company will file with the Commission pursuant to Rules 430A and 424(b) under the Securities Act, and the rules and regulations (the &#8220;<u>Rules and Regulations</u>&#8221;) of the Commission promulgated
      thereunder, a final prospectus relating to the placement of the Securities, their respective pricings and the plan of distribution thereof and will advise the Placement Agent of all further information (financial and other) with respect to the
      Company required to be set forth therein. Such registration statement, at any given time, including the exhibits thereto filed at such time, as amended at such time, is hereinafter called the &#8220;<u>Registration Statement</u>&#8221;; such prospectus in the
      form in which it appears in the Registration Statement at the time of effectiveness is hereinafter called the &#8220;<u>Preliminary Prospectus</u>&#8221;; and the final prospectus, in the form in which it will be filed with the Commission pursuant to Rules 430A
      and/or 424(b) (including the Preliminary Prospectus as it may be amended or supplemented) is hereinafter called the &#8220;<u>Final Prospectus</u>.&#8221;&#160; The Registration Statement at the time it originally became effective is hereinafter called the &#8220;<u>Original

        Registration Statement</u>.&#8221; Any reference in this Agreement to the Registration Statement, the Original Registration Statement, the Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the documents incorporated
      by reference therein (the &#8220;<u>Incorporated Documents</u>&#8221;), if any, which were or are filed under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), at any given time, as the case may be; and any reference in this Agreement
      to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, the Original Registration Statement, the Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of any document
      under the Exchange Act after the date of this Agreement, or the issue date of the Preliminary Prospectus or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial
      statements and schedules and other information which is &#8220;contained,&#8221; &#8220;included,&#8221; &#8220;described,&#8221; &#8220;referenced,&#8221; &#8220;set forth&#8221; or &#8220;stated&#8221; in the Registration Statement, the Preliminary Prospectus or the Final Prospectus (and all other references of like
      import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Preliminary Prospectus or the Final Prospectus, as
      the case may be. As used in this paragraph and elsewhere in this Agreement, &#8220;<u>Time of Sale Disclosure Package</u>&#8221; means the Preliminary Prospectus, any subscription agreement between the Company and the Investors, the final terms of the Offering
      provided to the Investors (orally or in writing) and any issuer free writing prospectus as defined in Rule 433 of the Act (each, an &#8220;<u>Issuer Free Writing Prospectus</u>&#8221;), if any, that the parties hereto shall hereafter expressly agree in writing
      to treat as part of the Time of Sale Disclosure Package. The term &#8220;<u>any Prospectus</u>&#8221; shall mean, as the context requires, the Preliminary Prospectus, the Final Prospectus, and any supplement to either thereof. The Company has not received any
      notice that the Commission has issued or intends to issue a stop order suspending the effectiveness of the Registration Statement or the use of the Preliminary Prospectus or any prospectus supplement or intends to commence a proceeding for any such
      purpose.</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;<u>Assurances</u>.&#160; The Original Registration Statement, as amended, (and any further documents to be filed with the Commission) contains all exhibits and schedules as
      required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable Rules and Regulations and did
      not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Final Prospectus, as of its date, complied or will comply in all
      material respects with the Securities Act and the applicable Rules and Regulations.&#160; The Final Prospectus, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material fact or omit to state a
      material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the
      requirements of the Exchange Act and the applicable Rules and Regulations promulgated thereunder, and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material
      fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the Final Prospectus), in light of the circumstances under which they were made not misleading. No post-effective amendment to the
      Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission.&#160; Except for
      this Agreement and the Transaction Documents, there are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will
      not be filed within the requisite time period. Except for this Agreement and the Transaction Documents, there are no contracts or other documents required to be described in the Final Prospectus, or to be filed as exhibits or schedules to the
      Registration Statement, which have not been described or filed as required. The representations set forth in this Section 2(b) do not apply to statements or omissions in the Registration Statement or the Prospectus based upon information furnished to
      the Company in writing by the Placement Agent expressly for use therein, it being understood and agreed that the only such information furnished by the Placement Agent consists of [&#160; &#160; ] (the &#8220;Underwriter Information&#8221;).</div>
    <div><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">2</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Offering Materials</u>.&#160; Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior to each Closing Date, any
      offering material in connection with the offering and sale of the Securities other than the Time of Sale Disclosure Package.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authorization; Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
      Agreement and the Time of Sale Disclosure Package and otherwise to carry out its obligations hereunder and thereunder.&#160; The execution and delivery of each of this Agreement by the Company and the consummation by it of the transactions contemplated
      hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Company&#8217;s Board of Directors (the &#8220;<u>Board of Directors</u>&#8221;) or the Company&#8217;s shareholders in
      connection therewith other than in connection with the Required Approvals (as defined below).&#160; This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding
      obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
      affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be
      limited by applicable law. For purposes of this Agreement, the term &#8220;Required Approvals&#8221; shall mean: (i) the filings required pursuant to Section 4.4 of the Purchase Agreement, (ii) the filing with the Commission of the Prospectus, (iii)
      application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws.</div>
    <div><br>
    </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 Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the transactions contemplated pursuant to the Time of Sale
      Disclosure Package, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not (i) conflict with or violate any provision of the Company&#8217;s or any
      Subsidiary&#8217;s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in
      the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
      credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or
      affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a
      Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not
      reasonably be expected to result in a Material Adverse Effect.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certificates</u>.&#160; Any certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for the Placement Agent shall be deemed to
      be a representation and warranty by the Company to the Placement Agent as to the matters set forth therein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reliance</u>.&#160; The Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing representations and warranties and
      hereby consents to such reliance.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Forward-Looking Statements</u>.&#160;&#160; No forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act)
      contained in the Time of Sale Disclosure Package has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Statistical or Market-Related Data</u>.&#160; Any statistical, industry-related and market-related data included or incorporated by reference in the Time of Sale
      Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agree with the sources from which they are derived.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Fees; FINRA Affiliations</u>.&#160; Except as set forth in the Registration Statement and Prospectus, no brokerage or finder&#8217;s fees or commissions are or will be
      payable by the Company, any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction
      Documents.&#160; There are no other arrangements, agreements or understandings of the Company or, to the Company&#8217;s knowledge, any of its shareholders that may affect the Placement Agent&#8217;s compensation, as determined by FINRA.&#160; Other than payments to the
      Placement Agent for this Offering, the Company has not made and has no agreements, arrangements or understanding to make any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder&#8217;s fee, consulting fee or
      otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii)&#160; any FINRA member participating in the offering as defined in FINRA Rule 5110 (a
      &#8220;Participating Member&#8221;); or (iii) any person or entity that has any direct or indirect affiliation or association with any Participating Member, within the 180-day period preceding the initial filing of the Registration Statement through the 60-day
      period after the Effective Date. None of the net proceeds of the Offering will be paid by the Company to any Participating Member or its affiliates, except as specifically authorized herein. To the Company&#8217;s knowledge, no officer, director or any
      beneficial owner of 10% or more of the Company&#8217;s Common Shares or Common Share Equivalents has any direct or indirect affiliation or association with any Participating Member in the Offering. Except for securities purchased on the open market, no
      Company Affiliate is an owner of stock or other securities of any Participating Member.&#160; No Company Affiliate has made a subordinated loan to any Participating Member.&#160; No proceeds from the sale of the Securities (excluding placement agent
      compensation as disclosed in the Registration Statement and the Prospectus) will be paid to any Participating Member, any persons associated with a Participating Member or an affiliate of a Participating Member. Except as disclosed in the Prospectus,
      the Company has not issued any warrants or other securities or granted any options, directly or indirectly, to the Placement Agent within the 180-day period prior to the initial filing date of the Prospectus.&#160; Except for securities issued to the
      Placement Agent as disclosed in the Prospectus, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus is a Participating Member, is a person associated with
      a Participating Member or is an affiliate of a Participating Member.&#160; No Participating Member in the Offering has a conflict of interest with the Company. For this purpose, a &#8220;conflict of interest&#8221; exists when a Participating Member, the parent or
      affiliate of a Participating Member or any person associated with a Participating Member in the aggregate beneficially own 5% or more of the Company&#8217;s outstanding subordinated debt or common equity, or 5% or more of the Company&#8217;s preferred equity.
      &#8220;FINRA member participating in the Offering&#8221; includes any associated person of a Participating Member in the Offering, any member of such associated person&#8217;s immediate family and any affiliate of a Participating Member in the Offering.&#160; When used in
      this Section 3.1(j) the term &#8220;affiliate of a FINRA member&#8221; or &#8220;affiliated with a FINRA member&#8221; means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Representative and EGS if it
      learns that any officer, director or owner of 10% or more of the Company&#8217;s outstanding Common Shares or Common Share Equivalents is or becomes an affiliate or associated person of a Participating Member.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Board of Directors</u>.&#160; The Board of Directors is comprised of the persons set forth under the heading of the Prospectus captioned &#8220;Management.&#8221; The qualifications
      of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market.&#160; In addition,
      at least a majority of the persons serving on the Board of Directors qualify as &#8220;independent&#8221; as defined under the rules of the Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>D&amp;O Questionnaires</u>.&#160; To the Company&#8217;s knowledge, all information contained in the questionnaires most recently completed by each of the Company&#8217;s directors
      and officers is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties Incorporated by Reference</u>. Each of the representations and warranties (together with any related disclosure schedules thereto)
      made to the Investors in the Purchase Agreement is hereby incorporated herein by reference (as though fully restated herein) and is hereby made to, and in favor of, the Placement Agent.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Delivery and Payment</font>.&#160; Each Closing shall occur at the offices of Ellenoff Grossman &amp; Schole LLP, 1345 Avenue of
      the Americas, New York, New York 10105 (&#8220;<u>Placement Agent Counsel</u>&#8221;) (or at such other place as shall be agreed upon by the Placement Agent and the Company).&#160; Subject to the terms and conditions hereof, at each Closing payment of the purchase
      price for the Securities sold on such Closing Date shall be made by Federal Funds wire transfer, against delivery of such Securities, and such Securities shall be registered in such name or names and shall be in such denominations, as the Placement
      Agent may request at least one business day before the time of purchase (as defined below).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Deliveries of the documents with respect to the purchase of the Securities, if any, shall be made at the offices of Placement Agent Counsel.&#160;&#160; All actions taken at a Closing shall be deemed to have
      occurred simultaneously.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Covenants and Agreements of the Company</font>.&#160; The Company further covenants and agrees with the Placement Agent as
      follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Statement Matters</u>.&#160; The Company will advise the Placement Agent promptly after it receives notice thereof of the time when any amendment to the
      Registration Statement has been filed or becomes effective or any supplement to the Final Prospectus has been filed and will furnish the Placement Agent with copies thereof.&#160; The Company will file promptly all reports and any definitive proxy or
      information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to the date of any Prospectus and for so long as the delivery of a prospectus is required in
      connection with the Offering.&#160; The Company will advise the Placement Agent, promptly after it receives notice thereof (i) of any request by the Commission to amend the Registration Statement or to amend or supplement any Prospectus or for additional
      information, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order directed at any Incorporated Document, if any, or any amendment or
      supplement thereto or any order preventing or suspending the use of the Preliminary Prospectus or the Final Prospectus or any prospectus supplement or any amendment or supplement thereto or any post-effective amendment to the Registration Statement,
      of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the institution or threatened institution of any proceeding for any such purpose, or of any request by the Commission for the amending or
      supplementing of the Registration Statement or a Prospectus or for additional information, (iii) <font style="color: #000000;">of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the
        Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration
        Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during the period described in this Section 4(a) that, in the judgment of the Company,
        makes any statement of a material fact made in the Registration Statement or the Prospectus untrue or that requires the making of any changes in the Registration Statement or the Prospectus in order to make the statements therein, in light of the
        circumstances under which they were made, not misleading</font>. The Company shall use its best efforts to prevent the issuance of any such stop order or prevention or suspension of such use.&#160; If the Commission shall enter any such stop order or
      order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment, or will file a new registration statement and use its best efforts to have such new
      registration statement declared effective as soon as practicable.&#160; Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including with respect to the
      timely filing of documents thereunder, and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) are received in a timely manner by the Commission.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">6</font></div>
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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>Blue Sky Compliance</u>.&#160; The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the Securities for sale under the
      securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the Investors may reasonably request and will make such applications, file such documents, and furnish such information as may be reasonably required for
      that purpose, provided the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction where it is not now so qualified or required to file such a consent, and provided
      further that the Company shall not be required to produce any new disclosure document.&#160; The Company will, from time to time, prepare and file such statements, reports and other documents as are or may be required to continue such qualifications in
      effect for so long a period as the Placement Agent may reasonably request for distribution of the Securities.&#160; The Company will advise the Placement Agent promptly of the suspension of the qualification or registration of (or any such exemption
      relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption,
      the Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments and Supplements to a Prospectus and Other Matters</u>.&#160; The Company will comply with the Securities Act and the Exchange Act, and the rules and
      regulations of the Commission thereunder, so as to permit the completion of the distribution of the Securities as contemplated in this Agreement, the Incorporated Documents and any Prospectus.&#160; If during the period in which a prospectus is required
      by law to be delivered in connection with the distribution of Securities contemplated by the Incorporated Documents or any Prospectus (the &#8220;<u>Prospectus Delivery Period</u>&#8221;), any event shall occur as a result of which, in the judgment of the
      Company or in the opinion of the Placement Agent or counsel for the Placement Agent, it becomes necessary to amend or supplement the Incorporated Documents or any Prospectus in order to make the statements therein, in the light of the circumstances
      under which they were made, as the case may be, not misleading, or if it is necessary at any time to amend or supplement the Incorporated Documents or any Prospectus or to file under the Exchange Act any Incorporated Document to comply with any law,
      the Company will promptly prepare and file with the Commission, and furnish at its own expense to the Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to the Registration Statement, the Incorporated
      Documents or any Prospectus that is necessary in order to make the statements in the Incorporated Documents and any Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not
      misleading, or so that the Registration Statement, the Incorporated Documents or any Prospectus, as so amended or supplemented, will comply with law.&#160; Before amending the Registration Statement or supplementing the Incorporated Documents or any
      Prospectus in connection with the Offering, the Company will furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file any such amendment or supplement to which the Placement Agent reasonably objects.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Copies of any Amendments and Supplements to a Prospectus</u>.&#160; The Company will furnish the Placement Agent, without charge, during the period beginning on the date
      hereof and ending on the later of the last Closing Date of the Offering, as many copies of any Prospectus or prospectus supplement and any amendments and supplements thereto,&#160; as the Placement Agent may reasonably request.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">7</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Free Writing Prospectus</u>.&#160; The Company covenants that it will not, unless it obtains the prior written consent of the Placement Agent, make any offer relating to
      the Securities that would constitute a Company Free Writing Prospectus or that would otherwise constitute a &#8220;<u>free writing prospectus</u>&#8221; (as defined in Rule 405 of the Securities Act) required to be filed by the Company with the Commission or
      retained by the Company under Rule 433 of the Securities Act.&#160; In the event that the Placement Agent expressly consents in writing to any such free writing prospectus (a &#8220;<u>Permitted Free Writing Prospectus</u>&#8221;), the Company covenants that it shall
      (i) treat each Permitted Free Writing Prospectus as an Company Free Writing Prospectus, and (ii) comply with the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing Prospectus, including in respect of
      timely filing with the Commission, legending and record keeping.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer Agent</u>.&#160; The Company will maintain, at its expense, a registrar and transfer agent for the Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Earnings Statement</u>.&#160; As soon as practicable and in accordance with applicable requirements under the Securities Act, but in any event not later than 18 months
      after the last Closing Date, the Company will make generally available to its security holders and to the Placement Agent an earnings statement, covering a period of at least 12 consecutive months beginning after the last Closing Date, that satisfies
      the provisions of Section 11(a) and Rule 158 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Periodic Reporting Obligations</u>.&#160; During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with the Commission and the Trading
      Market all reports and documents required to be filed under the Exchange Act within the time periods and in the manner required by the Exchange Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Additional Documents</u><font style="font-style: italic;">.</font>&#160; The Company will enter into any subscription, purchase or other customary agreements as the
      Placement Agent or the Investors deem necessary or appropriate to consummate the Offering, all of which will be in form and substance reasonably acceptable to the Placement Agent and the Investors.&#160; The Company agrees that the Placement Agent may
      rely upon, and each is a third party beneficiary of, the representations and warranties, and applicable covenants, set forth in any such purchase, subscription or other agreement with Investors in the Offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Manipulation of Price</u><font style="font-style: italic;">.&#160; </font>Neither the Company, nor, to its knowledge, any of its employees, directors or
      shareholders, has taken or will take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price
      of any security of the Company to facilitate the sale or resale of the Securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Acknowledgment</u>.&#160; The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the benefit and use of the Board of
      Directors of the Company and may not be used, reproduced, disseminated, quoted or referred to, without the Placement Agent's prior written consent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Announcement of Offering</u>.&#160; The Company acknowledges and agrees that the Placement Agent may, subsequent to the Closing, make public its involvement with the
      Offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reliance on Others</u>.&#160; The Company confirms that it will rely on its own counsel and accountants for legal and accounting advice.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; 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;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Research Matters</u><font style="font-variant: small-caps;">.</font>&#160; By entering into this Agreement, the Placement Agent does not provide any promise, either
      explicitly or implicitly, of favorable or continued research coverage of the Company and the Company hereby acknowledges and agrees that the Placement Agent&#8217;s selection as a placement agent for the Offering was in no way conditioned, explicitly or
      implicitly, on the Placement Agent providing favorable or any research coverage of the Company.&#160; In accordance with FINRA Rule 2241(b)(2)(K), the parties acknowledge and agree that the Placement Agent has not <font style="color: #000000;">directly
        or indirectly offered favorable research, a specific rating or a specific price target, or threatened to change research, a rating or a price target, to the Company or inducement for the receipt of business or compensation</font>. <font style="color: #000000;">The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Placement Agent with respect to any conflict of interest that may arise from the fact that the
        views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Placement Agent&#8217;s investment banking divisions.&#160; The Company
        acknowledges that the Placement Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short
        position in debt or equity securities of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subsequent Equity Sales</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;From the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to issue or
      announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents or (ii) file any registration statement or amendment or supplement thereto, other than the Prospectus or otherwise with respect to the Securities or filing a
      registration statement on Form S-8 in connection with any employee benefit plan, in each case without prior written consent of the Placement Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;From the date hereof until ninety (90) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any
      Variable Rate Transaction.&#160; &#8220;Variable Rate Transaction&#8221; means a transaction entered into after the date hereof in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or
      include the right to receive additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after
      the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of
      specified or contingent events directly or indirectly related to the trading prices of or quotations for the Common Shares; provided that, for the avoidance of doubt, such an issuance or sale shall not be deemed to constitute a Variable Rate
      Transaction solely because such securities provide for customary adjustments to the terms of conversion, exchange or exercise to account for stock dividends and splits, rights offerings, distributions, fundamental transactions and similar
      transactions or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an &#8220;at-the-market offering&#8221;, whereby the Company may issue securities at a future determined price that is
      based upon and/or varies with the trading prices of or quotations for the Common Shares.&#160; The Placement Agent shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any
      right to collect damages.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the foregoing, this Section 4(o) shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt
      Issuance other than as described in (d) of the definition of Exempt Transaction. An &#8220;<u>Exempt Issuance</u>&#8221; means the issuance of (a) Common Shares or equity awards to employees, officers or directors of the Company pursuant to the Company&#8217;s 2022
      Equity Incentive Plan in effect as of the date hereof, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Common Shares issued
      and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of
      such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of
      the Company, provided that such securities are issued as &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition
      period in Section 4(o) herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic
      with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
      or to an entity whose primary business is investing in securities, (d) securities issued to Seanergy Maritime Holdings Corp., provided that such securities are issued as &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration
      rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4(o) herein, and provided, further that if such securities are convertible, exchangeable or exercisable into
      Common Shares at a future determined price that is based upon and/or varies with the trading prices of or quotations for the Common Shares, such securities may not be converted, exchanged or exercised until ninety (90) days after the Closing Date;
      and (e) for the avoidance of doubt, the issuance of the Securities in the Offering or the filing of any registration statement or amendment or supplement thereto in connection with the Offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If within five (5) months of the Closing, the Company completes any financing of equity or equity-linked capital-raising activity with, or receives proceeds from,&#160;
      any of the investors that were contacted or introduced by the Placement Agent to the Company during the Engagement Period (as defined in the Engagement Agreement), then the Company shall pay to the Placement Agent upon closing of such financing or
      receipt of such proceeds the compensation equivalent to that set forth in Section 1(a) herein, provided, that, within five (5) business days of a written request from the Company following the termination of the Engagement Period, the Placement Agent
      provides a list to the Company of such investors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 31.5pt; margin-left: 40.5pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Capital Changes</u>.&#160; Until 90 days after the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification of the Common
      Shares without the prior written consent of the Placement Agent which shall not be unreasonably withheld.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>FINRA</u>. The Company shall advise the Placement Agent (who shall make an appropriate filing with FINRA) if it is aware that any officer, director, 10% or greater
      shareholder of the Company or Person that received the Company&#8217;s unregistered equity securities in the past 180 days is or becomes an affiliate or associated person of a FINRA member firm prior to the earlier of the termination of this Agreement or
      the 60-day period after the Effective Date.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">Section 5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Conditions of the Obligations of the Placement Agent</font>.&#160; The obligations of the Placement Agent hereunder shall be
      subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 2 hereof, in each case as of the date hereof and as of each Closing Date as though then made, to the timely performance by each of the
      Company of its covenants and other obligations hereunder on and as of such dates, and to each of the following additional conditions:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Accountants&#8217; Comfort Letter</u>.&#160; On the date hereof, the Placement Agent shall have received, and the Company shall have caused to be delivered to the Placement
      Agent, a letter from Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. (the independent registered public accounting firm of the Company), addressed to the Placement Agent, dated as of the date hereof, in form and substance satisfactory
      to the Placement Agent.&#160; The letter shall not disclose any change in the condition (financial or other), earnings, operations, business or prospects of the Company from that set forth in the Incorporated Documents or the applicable Prospectus or
      prospectus supplement, which, in the Placement Agent's sole judgment, is material and adverse and that makes it, in the Placement Agent's sole judgment, impracticable or inadvisable to proceed with the Offering of the Securities as contemplated by
      such Prospectus.</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;<u>Compliance with Registration Requirements; No Stop Order; No Objection from the FINRA.</u>&#160; Each Prospectus (in accordance with Rule 424(b)) and &#8220;<u>free writing
        prospectus</u>&#8221; (as defined in Rule 405 of the Securities Act), if any, shall have been duly filed with the Commission, as appropriate; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been
      issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; no order preventing or suspending the use of any Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or
      threatened by the Commission; no order having the effect of ceasing or suspending the distribution of the Securities or any other securities of the Company shall have been issued by any securities commission, securities regulatory authority or stock
      exchange and no proceedings for that purpose shall have been instituted or shall be pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange; all requests for additional
      information on the part of the Commission shall have been complied with; and the FINRA shall have raised no objection to the fairness and reasonableness of the placement terms and arrangements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Corporate Proceedings</u>.&#160; All corporate proceedings and other legal matters in connection with this Agreement, the Registration Statement and each Prospectus, and
      the registration, sale and delivery of the Securities, shall have been completed or resolved in a manner reasonably satisfactory to the Placement Agent's counsel, and such counsel shall have been furnished with such papers and information as it may
      reasonably have requested to enable such counsel to pass upon the matters referred to in this Section 5.</div>
    <div><br>
    </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 Material Adverse Change</u>.&#160; Subsequent to the execution and delivery of this Agreement and prior to each Closing Date, in the Placement Agent's sole judgment
      after consultation with the Company, there shall not have occurred any Material Adverse Effect or any material adverse change or development involving a prospective material adverse change in the condition or the business activities, financial or
      otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement and Prospectus (&#8220;<u>Material Adverse Change</u>&#8221;).</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; 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;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Opinion of Counsel for the Company</u>.&#160; The Placement Agent shall have received on each Closing Date the favorable opinion of Watson Farley &amp; Williams LLP,
      U.S. and foreign legal counsel to the Company, dated as of such Closing Date, including, without limitation, a negative assurance letter addressed to the Placement Agent and in form and substance satisfactory to the Placement Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Officers&#8217; Certificate</u>.&#160; The Placement Agent shall have received on each Closing Date a certificate of the Company, dated as of such Closing Date, signed by the
      Chief Executive Officer and Chief Financial Officer of the Company, to the effect that, and the Placement Agent shall be satisfied that, the signers of such certificate have reviewed the Registration Statement, the Incorporated Documents, the
      Prospectus, and this Agreement and to the further effect that:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date, and the Company has complied with
      all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been
      instituted or are pending or, to the Company&#8217;s knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Securities or any other securities of the Company has been issued by any
      securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission,
      securities regulatory authority or stock exchange in the United States;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery of such certificate, the Registration
      Statement and the Incorporated Documents, if any, when such documents became effective or were filed with the Commission, and any Prospectus, contained all material information required to be included therein by the Securities Act and the Exchange
      Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and regulations of the
      Commission thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, and any Prospectus, did not and do not include any untrue statement of a material fact or omit to state a material fact required to be
      stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that the preceding representations and warranties contained in this paragraph (iii) shall not
      apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by the Placement Agent expressly for use therein) and, since the effective date of the Registration Statement, there has
      occurred no event required by the Securities Act and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents which has not been so set forth; and</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subsequent to the respective dates as of which information is given in the Registration Statement, the Incorporated Documents and any Prospectus, there has not been:&#160;
      (a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is
      material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto resulting
      from the exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any Subsidiary; (e) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or
      damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Bring-down Comfort Letter</u><font style="font-style: italic;">.&#160; </font>On each Closing Date, the Placement Agent shall have received from Ernst &amp; Young
      (Hellas) Certified Auditors Accountants S.A., or such other independent registered public accounting firm of the Company, a letter dated as of such Closing Date, in form and substance satisfactory to the Placement Agent, to the effect that they
      reaffirm the statements made in the letter furnished pursuant to subsection (a) of this Section 5, except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to such Closing
      Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lock-Up Agreements</u>. On the date hereof, the Placement Agent shall have received the executed lock-up agreement, in the form attached hereto as <u>Exhibit A</u>
      (the &#8220;Lock-Up Agreements&#8221;), from each of the Company&#8217;s directors and officers and each of the holders of the Company&#8217;s Series B Preferred Shares and Series C Preferred Shares as of the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Exchange Listing</u>.&#160; The Common Shares shall be registered under the Exchange Act and shall be listed on the Trading Market, and the Company shall not have
      taken any action designed to terminate, or likely to have the effect of terminating, the registration of the Common Shares under the Exchange Act or delisting or suspending from trading the Common Shares from the Trading Market, nor shall the Company
      have received any information suggesting that the Commission or the Trading Market is contemplating terminating such registration or listing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Warrant Agency Agreement</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the Closing Date, the duly executed warrant agency agreement executed by and between the Company and the transfer agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Additional Documents</u>.&#160; On or before each Closing Date, the Placement Agent and counsel for the Placement Agent shall have received such information and
      documents as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the
      satisfaction of any of the conditions or agreements, herein contained.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Placement Agent by notice to the Company at any time on or
      prior to a Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 6 (Payment of Expenses), Section 7 (Indemnification and Contribution) and Section 8 (Representations and
      Indemnities to Survive Delivery) shall at all times be effective and shall survive such termination.</div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">13</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">Section 6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Payment of Expenses</font>.&#160; Subject to the limitations set forth in Section 1(a)(ii) and Section 1(b) above, the Company
      agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation:&#160; (i) all expenses incident
      to the issuance, delivery and qualification of the Securities (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the Common Shares; (iii) all necessary issue, transfer and other stamp taxes
      in connection with the issuance and sale of the Securities; (iv) all fees and expenses of the Company&#8217;s counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the
      preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Preliminary Prospectus, the Final Prospectus and each prospectus
      supplement, if any, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys&#8217; fees and expenses incurred by the Company or the Placement Agent in connection with qualifying or registering (or
      obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer and sale under the state securities or blue sky laws or the securities laws of any other country, and, if requested by the Placement Agent,
      preparing and printing a &#8220;<u>Blue Sky Survey</u>,&#8221; an &#8220;<u>International Blue Sky Survey</u>&#8221; or other memorandum, and any supplements thereto, advising the Placement Agent of such qualifications, registrations and exemptions; (vii) if applicable, the
      filing fees incident to the review and approval by the FINRA of the Placement Agent's participation in the offering and distribution of the Securities; (viii) the fees and expenses associated with including the Shares and Warrant Shares on the
      Trading Market; (ix) all costs and expenses incident to the travel and accommodation of the Company&#8217;s and the Placement Agent's employees on the &#8220;<u>roadshow</u>,&#8221; if any; (x) all fees, expenses and disbursements relating to background checks of the
      Company&#8217;s officers and directors, not to exceed $5,000; and (x) all other fees, costs and expenses referred to in Part II of the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Indemnification and Contribution</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><br>
      <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; &#160;&#160; &#160;&#160;</font>(a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
      Company agrees to indemnify and hold harmless the Placement Agent, and each dealer selected by the Placement Agent that participates in the offer and sale of the Securities (each a &#8220;Selected Dealer&#8221;) and each of their respective directors, officers
      and employees and each Person, if any, who controls the Placement Agent or any Selected Dealer (&#8220;Controlling Person&#8221;) within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all loss, liability,
      claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether
      arising out of any action between the Placement Agent and the Company or between the Placement Agent and any third party or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or
      at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) any Preliminary Prospectus, if any, the Registration Statement or the
      Final Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities,
      including any &#8220;road show&#8221; or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 7, collectively called &#8220;application&#8221;)
      executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency,
      Trading Market or any securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
      misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Company with respect to the Placement Agent by or on behalf of the Placement Agent expressly for use in any
      Preliminary Prospectus, if any, the Registration Statement or Final Prospectus, or any amendment or supplement thereto, or in any application, as the case may be. With respect to any untrue statement or omission or alleged untrue statement or
      omission made in the Preliminary Prospectus, if any, the indemnity agreement contained in this Section 7 shall not inure to the benefit of the Placement Agent to the extent that any loss, liability, claim, damage or expense of the Placement Agent
      results from the fact that a copy of the Final Prospectus was not given or sent to the Person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Securities to such Person as required by the
      Securities Act and the rules and regulations thereunder, and if the untrue statement or omission has been corrected in the Final Prospectus, unless such failure to deliver the Final Prospectus was a result of non-compliance by the Company with its
      obligations under this Agreement. The Company agrees promptly to notify the Placement Agent of the commencement of any litigation or proceedings against the Company or any of its officers, directors or Controlling Persons in connection with the issue
      and sale of the Securities or in connection with the Registration Statement or the Final Prospectus.<br>
      <div><br>
      </div>
      <div style="margin: 0px; text-indent: 0px;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160;&#160;</font> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>If any action is brought against the Placement Agent, a Selected Dealer or a Controlling Person in respect of which indemnity may be sought against the Company pursuant to Section 7(a), the
        Placement Agent, such Selected Dealer or Controlling Person, as the case may be, shall promptly notify the Company in writing of the institution of such action and the Company shall assume the defense of such action, including the employment and
        fees of counsel (subject to the reasonable approval of the Placement Agent or such Selected Dealer, as the case may be) and payment of actual expenses. The Placement Agent, such Selected Dealer or Controlling Person shall have the right to employ
        its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Placement Agent, such Selected Dealer or Controlling Person unless (i) the employment of such counsel at the expense of the Company
        shall have been authorized in writing by the Company in connection with the defense of such action, or (ii) the Company shall not have employed counsel to have charge of the defense of such action, or (iii) such indemnified party or parties shall
        have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf
        of the indemnified party or parties), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Placement Agent (in addition to local counsel), Selected Dealer and/or Controlling
        Person shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if the Placement Agent, Selected Dealer or Controlling Person shall assume the defense of such action as provided above, the Company shall have the
        right to approve the terms of any settlement of such action which approval shall not be unreasonably withheld.<br>
        <br>
      </div>
      <br>
    </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160; &#160; &#160; &#160; &#160; &#160; The Placement Agent agrees to indemnify and hold harmless the Company, its directors, officers and employees and agents who control the Company within the meaning of
      Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the Placement Agent, as incurred, but only with respect to
      untrue statements or omissions, or alleged untrue statements or omissions made in any Preliminary Prospectus, if any, the Registration Statement or Final Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and
      in strict conformity with, written information furnished to the Company with respect to the Placement Agent by or on behalf of the Placement Agent expressly for use in such Preliminary Prospectus, if any, the Registration Statement or Final
      Prospectus or any amendment or supplement thereto or in any such application. In case any action shall be brought against the Company or any other Person so indemnified based on any Preliminary Prospectus, if any, the Registration Statement or Final
      Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against the Placement Agent, the Placement Agent shall have the rights and duties given to the Company, and the Company and each
      other Person so indemnified shall have the rights and duties given to the Placement Agent by the provisions of this Section 7. Notwithstanding the provisions of this Section 7(c), the Placement Agent shall not be required to indemnify the Company for
      any amount in excess of the placement agent commissions applicable to the Securities purchased pursuant to the transactions contemplated pursuant to the Registration Statement and Purchase Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">
      <div><br>
      </div>
      <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160; &#160; &#160; &#160; &#160; &#160; In order to provide for just and equitable contribution under the Securities Act in any case in which (i) any Person entitled to
      indemnification under this Section 7 makes a claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial
      of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 7 provides for indemnification in such case, or (ii) contribution under the Securities Act, the Exchange Act or
      otherwise may be required on the part of any such Person in circumstances for which indemnification is provided under this Section 7, then, and in each such case, the Company and the Placement Agent, severally and not jointly, shall contribute to the
      aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by the Company and the Placement Agent, as incurred, in such proportions that the Placement Agent is responsible for that
      portion represented by the percentage that the placement agent commission appearing on the cover page of the Final Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided, that, no
      Person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each
      director, officer and employee of the Placement Agent or the Company, as applicable, and each Person, if any, who controls the Placement Agent or the Company, as applicable, within the meaning of Section 15 of the Securities Act shall have the same
      rights to contribution as the Placement Agent or the Company, as applicable. Notwithstanding the provisions of this Section 7(d), the Placement Agent shall not be required to contribute any amount in excess of the placement agent commissions
      applicable to the Securities purchased pursuant to the transactions contemplated pursuant to the Registration Statement and Purchase Agreement.<font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <br>
        </font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <br>
        </font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <br>
        </font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <br>
        </font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <br>
        </font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">(e)&#160; &#160; &#160; &#160; &#160;&#160;
        Within fifteen days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another
        party (&#8220;contributing party&#8221;), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution
        hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid fifteen days, the contributing party will be
        entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or
        proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 7 are intended to supersede, to the extent permitted by law, any right to
        contribution under the Securities Act, the Exchange Act or otherwise available.</font><br>
      <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> </font><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="color: #000000; font-weight: normal; font-style: normal;">15</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>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this Agreement and shall remain in full
      force and effect regardless of any termination of, or the completion of any Indemnified Person's services under or in connection with, this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Representations and Indemnities to Survive Delivery</font>.&#160; The respective indemnities, agreements, representations,
      warranties and other statements of the Company or any person controlling the Company, of its officers, and of the Placement Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation
      made by or on behalf of the Placement Agent, the Company, or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Securities sold hereunder and any
      termination of this Agreement.&#160; A successor to a Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements
      contained in this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Notices</font>.&#160; All communications hereunder shall be in writing and shall be mailed, hand delivered or e-mailed and
      confirmed to the parties hereto as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If to the Placement Agent to the address set forth above, attention: _______, email: _______</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">With a copy to:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Ellenoff Grossman &amp; Schole LLP</div>
    <div style="text-align: justify;">1345 Avenue of the Americas, 11th Floor</div>
    <div style="text-align: justify;">New York, New York 10105</div>
    <div style="text-align: justify;">E-mail: capmkts@egsllp.com</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="color: #000000; font-weight: normal; font-style: normal;">16</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;">If to the Company:</div>
    <div><br>
    </div>
    <div>United Maritime Corporation</div>
    <div>c/o 154 Vouliagmenis Avenue</div>
    <div>16674 Glyfada</div>
    <div>Greece</div>
    <div>e-mail: legal@seanergy.gr</div>
    <div>Attention: General Counsel</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">With a copy to:</div>
    <div><br>
    </div>
    <div>Watson Farley &amp; Williams LLP</div>
    <div>250 West 55th Street, 31st Floor</div>
    <div>New York, NY 10019</div>
    <div>e-mail: wvogel@wfw.com</div>
    <div>Attention: Will Vogel</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Any party hereto may change the address for receipt of communications by giving written notice to the others.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Successors</font>.&#160; This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit
      of the employees, officers and directors and controlling persons referred to in Section 7 hereof, and to their respective successors, and personal representative, and no other person will have any right or obligation hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Partial Unenforceability</font>.&#160; The invalidity or unenforceability of any section, paragraph or provision of this
      Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof.&#160; If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
      deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Section 12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Governing Law; Agent for Service of Process</font>.&#160; This Agreement will be governed by, and construed in accordance with,
      the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to the conflicts of laws principles thereof. This Agreement may not be assigned by either party without the prior written
      consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this
      Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and
      delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
      service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Company agrees that a final judgment in
      any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon such judgment.&#160;
      If either party to this Agreement shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and
      other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding<font style="color: #000000;">.</font>&#160; In addition to and without limiting the foregoing, the Company has confirmed that it has
      appointed Watson Farley &amp; Williams LLP, as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon the this Agreement or the Transaction Documents or the
      transactions contemplated herein which may be instituted in any New York federal or state court, by the Representative, the directors, officers, partners, employees and agents of the Representative and each affiliate of the Representative, and
      expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said
      agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and
      directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of
      process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by
      the Representative, the directors, officers, partners, employees and agents of the Representative and each respective affiliate of the Representative, in any court of competent jurisdiction in the Republic of the Marshall Islands.&#160; This paragraph
      shall survive any termination of this Agreement, in whole or in part.</div>
    <div><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="color: #000000; font-weight: normal; font-style: normal;">17</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">Section 13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">General Provisions</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements,
      understandings and negotiations with respect to the subject matter hereof.&#160; This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the
      same instrument.&#160; This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.&#160;
      Section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.</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 Company acknowledges that in connection with the offering of the Securities: (i) the Placement Agent&#8217;s responsibility to the Company is solely contractual and
      commercial in nature, (ii) the Placement Agent has acted at arms length, are not agents of, and owe no fiduciary duties to the Company or any other person, (iii) the Placement Agent owes the Company only those duties and obligations set forth in this
      Agreement and (iv) the Placement Agent may have interests that differ from those of the Company.&#160; The Company waives to the fullest extent permitted by applicable law any claims it may have against the Placement Agent arising from any breach or
      alleged breach of fiduciary duty in connection with the offering of the Securities</div>
    <div><br>
    </div>
    <div style="text-align: center;">[<font style="font-style: italic;">The remainder of this page has been intentionally left blank.</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="color: #000000; font-weight: normal; font-style: normal;">18</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>
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    <div style="text-align: justify; text-indent: 36pt;">If the foregoing is in accordance with your understanding of our agreement, please sign below whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in
      accordance with its terms.</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: #000000;" id="z022a49155e4e4ae5ac457befae837dfd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Very truly yours,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Name: Stamatios Tsantanis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Title: Chairman &amp; Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The foregoing Placement Agency Agreement is hereby confirmed and accepted as of the date first above written.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">MAXIM GROUP LLC</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: #000000;" id="z44f046f39ecc450f9a234a4c61702b02" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
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  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">19</font>
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<DOCUMENT>
<TYPE>EX-4.2
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<FILENAME>ny20004194x8_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<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">Exhibit 4.2</div>
    <div><br>
    </div>
    <div>
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    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">United Maritime Corporation</div>
    <div><br>
    </div>
    <div style="text-align: center;">and</div>
    <div><br>
    </div>
    <div style="text-align: center;">American Stock Transfer &amp; Trust Company, LLC, as</div>
    <div style="text-align: center;">Warrant Agent</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><br>
      </div>
    </div>
    <div style="text-align: center;">Warrant Agency Agreement</div>
    <div><br>
    </div>
    <div style="text-align: center;">Dated as of [&#160; &#160; &#160; &#160;&#160; ], 2022</div>
    <div><br>
    </div>
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    <div style="text-align: center;"><u>WARRANT AGENCY AGREEMENT</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">WARRANT AGENCY AGREEMENT, dated as of [&#160; &#160; &#160;&#160; ], 2022 (&#8220;<u>Agreement</u>&#8221;),
      between United Maritime Corporation, a corporation organized under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), and American Stock
      Transfer &amp; Trust Company, LLC, a _______ limited liability company (&#8220;<u>AST</u>&#8221; or the &#8220;<u>Warrant Agent</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: center;">W I T N E S S E T H</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">WHEREAS, pursuant to a registered offering by the Company of (1) [___] Units (the &#8220;<u>Offering</u>&#8221;), with each Unit consisting of either (i) one common share of the Company, par value $0.0001 per share (the &#8220;<u>Common
          Stock</u>&#8221;) or (ii) one pre-funded warrant (collectively, the &#8220;<u>Pre-Funded Warrants</u>&#8221;) to purchase one share of Common Stock and one Class A warrant
      (collectively, the &#8220;<u>Class A Warrants</u>&#8221;, together with the Pre-Funded Warrants, the &#8220;<u>Warrants</u>&#8221;,
      and the shares of Common Stock issuable upon exercise of the Warrants, the &#8220;<u>Warrant Shares</u>&#8221;) to purchase one share of Common Stock at a price of $[___] per
      share; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">WHEREAS, upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on
      Form F-1, as amended (File No. 333-_______) (the &#8220;<u>Registration Statement</u>&#8221;), and the terms and conditions of the Warrant Certificate, the Company wishes to
      issue the Warrants in book entry form entitling the respective holders of the Warrants (the &#8220;<u>Holders</u>,&#8221; which term shall include a Holder&#8217;s transferees,
      successors and assigns and &#8220;Holder&#8221; shall include, if the Warrants are held in &#8220;street name,&#8221; a Participant (as defined below) or a designee appointed by such Participant); and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in
      connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, pursuant to a Transfer Agency Agreement previously entered into between the Company and Warrant Agent, in the Warrant Agent&#8217;s capacity as
      the Company&#8217;s transfer agent, the delivery of the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 1. <u>Certain Definitions</u>. For
      purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) &#8220;<u>Affiliate</u>&#8221; has the meaning ascribed
      to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) &#8220;<u>Business Day</u>&#8221; means any day except
      any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(c) &#8220;<u>Close of Business</u>&#8221; on any given date
      means 5:00 p.m., New York City time, on such date; <u>provided</u>, <u>however</u>,
      that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(d) &#8220;<u>Person</u>&#8221; means an individual,
      corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(e) &#8220;<u>Warrant Certificate</u>&#8221; means a
      certificate in substantially the form attached as <u>Exhibit 1A</u> (as it relates to the Class A Warrants) or <u>Exhibit 1B</u> (as it relates to the Pre-Funded Warrants) hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this
      Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 26.55pt;">All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant
      Certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 2. <u>Appointment of Warrant Agent</u>.
      The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the express terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 3. <u>Global Warrants</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the &#8220;<u>Global Warrants</u>&#8221;), in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede &amp; Co., a nominee of The Depository Trust
      Company (the &#8220;<u>Depositary</u>&#8221;), or as otherwise directed by the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer
      of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution, with respect to a Warrant in its account, a &#8220;<u>Participant</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may
      instruct the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide
      written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(c)&#160; A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant
      Certificate Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder&#8217;s Global Warrants for a separate certificate in the form attached hereto as <u>Exhibit 1A</u> or <u>Exhibit 1B</u>, as the case may be (such separate
      certificate, a &#8220;<u>Definitive Certificate</u>&#8221;), evidencing the same number of Warrants, which request shall be in the form attached hereto as <u>Exhibit 2</u> (a &#8220;<u>Warrant Certificate Request Notice</u>&#8221; and the date of
      delivery of such Warrant Certificate Request Notice by the Holder, the &#8220;<u>Warrant Certificate Request Notice Date</u>&#8221; and the surrender by the Holder to the Warrant
      Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a &#8220;<u>Warrant Exchange</u>&#8221;), the Company and the Warrant
      Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice.&#160; Such Definitive
      Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as <u>Exhibit 1A</u> or <u>Exhibit 1B</u>, as the case may be, and shall be reasonably acceptable in all respects to such Holder.&#160; In connection with a
      Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (&#8220;<u>Warrant Certificate Delivery Date</u>&#8221;).&#160; If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate
      Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as
      defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery
      of such Warrant Certificate, the Holder rescinds such Warrant Exchange.&#160; The Warrant Agent shall have no liability for the Company&#8217;s failure to deliver to the Holders the Warrant Certificate as set forth in this Section 3(c). The Company covenants
      and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate
      shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced
      by the Definitive Certificate.&#160; Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to time be
      amended, the terms of such Definitive Certificate shall control; provided, that, with respect to the rights, immunities, and obligation of the Warrant Agent, this Agreement shall govern and control and the Warrant Agent shall not have any obligation
      to perform, and shall be indemnified by the Company for failure to perform, any acts or duties inconsistent with the Warrant Agent&#8217;s procedures.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 26.55pt;">(d) A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from
      time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the exchange of some or all of such Holder&#8217;s Warrants evidenced by a
      Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of Warrants, which request shall be in the form attached hereto as <u>Exhibit 3</u> (a &#8220;<u>Global Warrants Request Notice</u>&#8221; and the date of delivery of such Global Warrants
      Request Notice by the Holder, the &#8220;<u>Global Warrants Request Notice Date</u>&#8221; and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive
      Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a &#8220;<u>Global Warrants
          Exchange</u>&#8221;), the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request
      Notice, which beneficial interest in such Global Warrants shall be delivered by the Depositary&#8217;s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice.&#160; In connection with a Global
      Warrants Exchange, the Company shall direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the
      Global Warrant Request Notice (&#8220;<u>Global Warrants Delivery Date</u>&#8221;).&#160; If the Company fails for any reason to deliver to the Holder Global Warrants subject to the
      Global Warrants Request Notice by the Global Warrants Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as
      defined in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such
      Global Warrants, the Holder rescinds such Global Warrants Exchange.&#160; The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global
      Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 4. <u>Form of Warrant Certificates</u>.
      The Warrant Certificate, together with the form of election to purchase Common Stock (&#8220;<u>Notice of Exercise</u>&#8221;) and the form of assignment to be printed on the
      reverse thereof, shall be in the form of <u>Exhibit 1A</u> or <u>Exhibit 1B</u>,
      as the case may be, hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 5. <u>Countersignature and Registration</u>.
      The Global Warrant shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature. The Global Warrant shall be countersigned by the Warrant Agent by electronic or facsimile
      signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Global Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent
      and issuance and delivery by the Company, such Global Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrant had not ceased to be such
      officer of the Company; and any Global Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign such Global Warrant, although at the
      date of the execution of this Agreement any such person was not such an officer.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">The Warrant Agent will keep or cause to be kept, at one of its offices designated for such purpose, or at the office of one of its
      agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant, the number of warrants evidenced on the face of each of such Global
      Warrant and the date of each of such Global Warrant.&#160; The Warrant Agent will create a special account for the issuance of Global Warrants.&#160; The Company will keep or cause to be kept at one of its offices designated for such purpose, books for the
      registration and transfer of any Definitive Certificates issued hereunder and the Warrant Agent shall not have any obligation to keep books and records with respect to any Definitive Warrants.&#160; Such Company books shall show the names and addresses of
      the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each such Definitive Certificate.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 14.4pt;">Section 6. <u>Transfer, Split Up, Combination and
          Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates</u>. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of
      Section 6 and subject to applicable law, rules or regulations, or any &#8220;stop transfer&#8221; instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the
      Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like
      number of shares of Common Stock as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing
      delivered to the Warrant Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated for such purpose and, in the case of registration of transfer, shall provide a
      signature guarantee 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;. Any requested transfer of Warrants, whether in
      book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first
      paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent for of all reasonable expenses incidental thereto. The Warrant Agent shall
      not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
      Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in form and amount satisfactory to the
      Warrant Agent (including the posting of a surety bond), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of New York, and reimbursement to the Company and the
      Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant
      Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of
      Warrant Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are, (i) registered under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 14.4pt;">Section 7. <u>Exercise of Warrants; Exercise Price;
          Termination Date</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) The Warrants shall be exercisable commencing on the Issue Date. The Warrants shall cease to be exercisable and shall terminate
      and become void as set forth in the Warrant Certificate.&#160; Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the
      executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the office of the Warrant Agent
      designated for such purpose from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any other provision in
      this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall effect exercises
      by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing
      corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in the Warrant Agent&#8217;s name and that the Warrant Agent may receive
      investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time.&#160; Neither the Company nor the Holders will receive interest on any deposits or Exercise Price.&#160; The
      Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation
      performing similar functions), upon delivery of irrevocable instructions to such holder&#8217;s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant
      Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent
      shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such
      Holder, no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement
      permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder
      by crediting the account of the Holder&#8217;s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant
      Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver
      payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder&#8217;s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent
      will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is
      delivered to the Warrant Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(d) All funds received by AST under this Agreement that are to be distributed or applied by AST in the performance of the services
      hereunder (the &#8220;Funds&#8221;) shall be held by AST as agent for the Company and deposited in one or more bank accounts to be maintained by AST in its name as agent for the Company.&#160; AST shall have no responsibility or liability for any diminution of the
      Funds that may result from any deposit made by AST in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party.&#160; AST may from time to time receive interest, dividends or
      other earnings in connection with such deposits.&#160; AST shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 8. <u>Cancellation and Destruction of Warrant
          Certificates</u>. All Warrant 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 Warrant Agent for
      cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall
      deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall
      deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any
      applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.</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="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 style="text-align: justify; text-indent: 14.4pt;">Section 9. <u>Certain Representations; Reservation and
          Availability of Shares of Common Stock or Cash</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and
      delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and,
      assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in
      accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors&#8217; rights generally or
      by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) As of the date hereof, the authorized capital stock of the Company consists of (i) [<font style="color: #000000;">_______] common</font> shares, of which approximately [<font style="color: #000000;">&#160; &#160; &#160; &#160;&#160; ]</font> shares of Common Stock are
      issued and outstanding as of [&#160; &#160; &#160; &#160; &#160; ], 2022, and [&#160; &#160; &#160; &#160; &#160; &#160; ] shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (ii) [______] shares of preferred stock, par value $0.0001 per share, of which [_________] shares
      are issued and outstanding. There are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of the Company.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares
      of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
      charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental
      charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of the Holder of the Warrant Certificate
      evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being
      payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company&#8217;s reasonable satisfaction that no such tax or governmental charge is due.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 10. <u>Common Stock Record Date</u>. Each
      Person in whose name any certificate for shares of Common Stock is issued (or to whose broker&#8217;s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the
      holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but
      only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; <u>provided</u>,
      <u>however</u>, that if the date of submission of the Notice of Exercise is a date upon which the Common Stock 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 day on which the Common Stock transfer books of the Company are open.</div>
    <div><br>
    </div>
    <br>
    <br>
    <hr style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;" align="left" noshade="noshade">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> NTD: Company to update</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="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 style="text-align: justify; text-indent: 14.4pt;">Section 11. <u>Adjustment of Exercise Price, Number of
          Shares of Common Stock or Number of the Company Warrants</u>. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of
      the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of
      the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant 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 shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares.&#160; All
      Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock
      purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 12. <u>Certification of Adjusted Exercise Price
          or Number of Shares of Common Stock</u>. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a
      certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such
      certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 13. <u>Fractional Shares of Common Stock</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever
      any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded down).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which
      evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section
      2(d)(v) of the Warrant Certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 14. <u>Conditions of the Warrant Agent&#8217;s
          Obligations</u>. The Warrant Agent accepts its obligations herein set forth upon the express terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders
      from time to time of the Warrant Certificates shall be subject:</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="z194cb4d1e068468fbe14419973b776f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">Compensation and Indemnification</font>. The Company agrees promptly to
              pay the Warrant Agent the compensation detailed in mutually agreed upon fee schedule executed on the date hereof for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses
              (including reasonable counsel fees) and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company
              also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated by a court of
              competent jurisdiction to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or
              defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent&#8217;s satisfaction.&#160; The indemnities and compensation
              provided by this paragraph shall survive the resignation or discharge of the Warrant Agent, the expiration of the Warrants or the termination of this Agreement.&#160; Anything in this Agreement to the contrary notwithstanding, in no event shall
              the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not
              foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent&#8217;s aggregate liability to the Company, or any of the Company&#8217;s
              representatives or agents, or any other person or entity under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any
              circumstances, one (1) year&#8217;s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.</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="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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7014237bbeb74e15a13c8103c7ec23a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">Agent for the Company</font>. In acting under this Agreement and in
              connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial
              owners of Warrants.</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="ze4f0f03e92b449feb062f2b6c4c7a291" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">Counsel</font>. The Warrant Agent may consult with counsel satisfactory
              to it, which may include counsel for the Company, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in the absence of bad
              faith in accordance with the advice or opinion of such counsel.</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="z06867739afcc4ea2adcab19e39e78ea1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">Documents</font>. The Warrant Agent shall be protected and shall incur
              no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and
              to have been presented or signed by the proper 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="zf5a2371ec5234047b1fef395649320b5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">Certain Transactions</font>. The Warrant Agent, and its officers,
              directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may
              engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if
              it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.</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="zb20bba93099b4ad198dd7b497052ae2e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">No Liability for Interest</font>. Unless otherwise agreed with the
              Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.</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="za03231c94c8149c1878c2621861034b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">No Liability for Invalidity</font>. The Warrant Agent shall have no
              liability with respect to any invalidity of this Agreement or the Warrant Certificates (except as to the Warrant Agent&#8217;s countersignature thereon).</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="z84812bdc5c3749ceae9fb75e9d71c52a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">No Responsibility for Representations</font>. The Warrant Agent shall
              not be responsible for any of the recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent&#8217;s countersignature thereon), all of which are made solely 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="z5e8e4f7c197e419d82f4d7b60578a44e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">No Implied Obligations</font>. The Warrant Agent shall be obligated to
              perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent
              shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall
              not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by
              the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant
              Certificates or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or
              attempt to initiate any proceedings at law.</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="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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0023e10998914a53931e27c4eceecbbf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top;">
            <div><font style="font-style: italic;">No Notice.</font> The Warrant Agent shall not be required to take
              notice or be deemed to have notice of any event or condition hereunder, including any event or condition that may require action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing of such event or
              condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Warrant Agent must, in order to be effective, be received by the Warrant Agent as specified in Section 19 hereof, and in the
              absence of such notice so delivered, the Warrant Agent may conclusively assume no such event or condition exists.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 15. <u>Purchase or Consolidation or Change of
          Name of Warrant Agent</u>. Any entity into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Warrant Agent or
      any successor Warrant Agent shall be party, or any entity succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this 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 entity would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent
      shall succeed to the agency created by this Agreement&#160; any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such
      Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant
      Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been
      countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
      the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 16. <u>Duties of Warrant Agent</u>. The
      Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any
      fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
      established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in the absence of
      bad faith by it under the provisions of this Agreement in reliance upon such certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence
      or willful misconduct (which gross negligence, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).</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="color: #000000; 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 style="text-align: justify; text-indent: 26.55pt;">(d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
      or in the Warrant Certificate (except its countersignature thereof) by the Company 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: 26.55pt;">(e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and
      delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
      covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of
      Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the
      Warrant Certificates after actual notice of any adjustment of the Exercise Price); 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 to be issued
      pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
      and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the
      Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any
      action taken or suffered to be taken by it in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct (which gross negligence 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: 26.55pt;">(h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the
      Warrants 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 Warrant
      Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
      itself or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, to the Holder or any
      other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which gross negligence 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: 14.4pt;">Section 17. <u>Change of Warrant Agent</u>. The
      Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days&#8217; notice in writing sent to the Company and to each transfer agent of the Common Stock (if known to the Warrant Agent), and to the Holders of the Warrant
      Certificates. In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of
      the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days&#8217; notice in writing, sent to the Warrant Agent or
      successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
      shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
      incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent
      jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the
      Company or by such a court, shall be an entity organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to
      supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the
      same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time
      held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose at the Company&#8217;s expense and without further liability to the Warrant Agent. Not later than the effective date of any such
      appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give
      any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant 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="color: #000000; 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 style="text-align: justify; text-indent: 14.4pt;">Section 18. <u>Issuance of New Warrant Certificates</u>.
      Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any
      adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 19. <u>Notices</u>. Notices or demands
      authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or
      on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with
      Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail
      (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date
      of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following
      addresses (or at such other address for a party as shall be specified by like notice):</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="z9ad477e6a81d4c16835857af3c62fb41" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40.95pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">If to the Company, to</font>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-left: 56.25pt;">United Maritime Corporation</div>
    <div style="margin-left: 56.25pt;">154 Vouliagmenis Avenue</div>
    <div style="margin-left: 56.25pt;">166 74 Glyfada</div>
    <div style="margin-left: 56.25pt;">Greece</div>
    <div style="margin-left: 56.25pt;">Attention: _____________</div>
    <div style="margin-left: 56.25pt;">Email: __________</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="z4fcf75934a43481a8538bf3c9f5667f1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40.95pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">If to the Warrant Agent, to</font>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 22.95pt;">American Stock Transfer &amp; Trust Company, LLC</div>
    <div style="text-indent: 36pt; margin-left: 27pt;">___________</div>
    <div style="text-indent: 36pt; margin-left: 27pt;">___________</div>
    <div style="text-indent: 36pt; margin-left: 27pt;">___________</div>
    <div style="text-indent: 36pt; margin-left: 27pt;">Attention: _________</div>
    <div style="text-indent: 36pt; margin-left: 27pt;">Email: ___________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on
      the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.</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="color: #000000; font-weight: normal; font-style: normal;">12</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: 26.55pt;">(c) If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any
      notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a
      Holder of any Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 20. <u>Supplements and Amendments</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of
      Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such
      addition or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 26.55pt;">(b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a
      majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
      modifying in any manner the rights of the Holders of the Global Warrants; <u>provided</u>, <u>however</u>, that no modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or
      other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; <u>provided</u>&#160;<u>further</u>, <u>however</u>, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent&#8217;s execution of any amendment, the Company shall deliver to the
      Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20. Notwithstanding anything in this Agreement to the contrary, the Warrant Agent shall not be
      required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective
      unless duly executed by the Warrant Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 21. <u>Successors</u>. All covenants and
      provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 22. <u>Benefits of this Agreement</u>.
      Nothing in this Agreement shall be construed to give any entity or person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement.&#160; This Agreement shall be
      for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates. Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any
      provision of this Agreement, the provisions of the Warrant Certificate shall govern and be controlling.</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="color: #000000; font-weight: normal; font-style: normal;">13</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: 14.4pt;">Section 23. <u>Governing Law</u>. This Agreement
      and each Warrant Certificate and Global Warrant issued hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflicts of law principles thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 24. <u>Counterparts</u>. This 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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">Section 25. <u>Captions</u>. The captions of the
      sections of this Agreement have been 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: 14.4pt;">Section 26. <u>Information</u>. The Company
      agrees to promptly provide to the Holders of the Warrants any information it&#160; provides to the holders of the Common Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the
      Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 14.4pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</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: #000000;" id="zbc64f429e33644a4b14f12d30a271806" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>United Maritime Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Name:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Title:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>American Stock Transfer &amp; Trust Company, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Name:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Title:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">14</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>
    </div>
    <div style="text-align: center; font-weight: bold;">Exhibit 1A and Exhibit 1B</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">&#160;Form of Warrant Certificates</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>
    <div style="text-align: center; font-weight: bold;">Exhibit 2</div>
    <div style="text-align: center; font-weight: bold;">&#160;Form of Warrant Certificate Request Notice</div>
    <div><br>
    </div>
    <div style="text-align: center;">WARRANT CERTIFICATE REQUEST NOTICE</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">To: American Stock Transfer &amp; Trust Company, LLC, as Warrant Agent for United Maritime Corporation (the &#8220;Company&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The undersigned Holder of Common Stock Purchase Warrants (&#8220;<u>Warrants</u>&#8221;)
      in the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:</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="zb1d2c70e935e410b8117b88a765e8268" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Name of Holder of Warrants in form of Global Warrants: _____________________________</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="zbf388a54bec04ba9bc3ed2eac397c028" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________</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="z93f7a4e5f3544584be8e9b3621d9db7d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Number of Warrants in name of Holder in form of Global Warrants: ___________________</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="z4ba4deb40206482e9046e919cb10e21a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Number of Warrants for which Warrant Certificate shall be issued: __________________</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="z97b8d51e65104a738f2dbabcf1c8a304" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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            <div>Warrant Certificate shall be delivered to the following address:</div>
          </td>
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    <div><br>
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          <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; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: justify; margin-left: 36pt;">The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant
      Certificate, the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">[SIGNATURE OF HOLDER]</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Name of Investing Entity: ____________________________________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-style: italic;">Signature of Authorized Signatory of
        Investing Entity</font>: ______________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Name of Authorized Signatory: ________________________________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Title of Authorized Signatory: _________________________________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Date: _______________________________________________________________</div>
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    <div style="text-align: center; font-weight: bold;">Exhibit 3</div>
    <div style="text-align: center; font-weight: bold;">&#160;Form of Global Warrant Request Notice</div>
    <div><br>
    </div>
    <div style="text-align: center;">GLOBAL WARRANT REQUEST NOTICE</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">To: American Stock Transfer &amp; Trust Company, LLC, as Warrant Agent for United Maritime Corporation (the &#8220;Company&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The undersigned Holder of Common Stock Purchase Warrants (&#8220;<u>Warrants</u>&#8221;)
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    <div><br>
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        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: auto; vertical-align: top;">
            <div>Name of Holder of Warrants in form of Warrant Certificates: _____________________________</div>
          </td>
        </tr>

    </table>
    <div><br>
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          <td style="width: 36pt;"><br>
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          <td style="width: auto; vertical-align: top;">
            <div>Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates): ________________________________</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Number of Warrants in name of Holder in form of Warrant Certificates: ___________________</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Number of Warrants for which Global Warrant shall be issued: __________________</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any: ___________</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Global Warrant shall be delivered to the following address:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global
      Warrant, the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced by the Global Warrant.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">[SIGNATURE OF HOLDER]</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Name of Investing Entity: ____________________________________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-style: italic;">Signature of Authorized Signatory of
        Investing Entity</font>: ______________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Name of Authorized Signatory: ________________________________________________</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">Title of Authorized Signatory: _________________________________________________</div>
    <div><br>
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    <div style="margin-left: 36pt;">Date: _______________________________________________________________</div>
    <div><br>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>ny20004194x8_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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         Copyright 1995 - 2022 Broadridge -->
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  <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 4.3</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CLASS A COMMON SHARE PURCHASE WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">UNITED MARITIME CORPORATION</div>
    <div><br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd36a7b49ebdc434ba81a7afe99be2424" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 51.08%; vertical-align: top;">
            <div style="text-align: justify;">Warrant Shares: _______</div>
          </td>
          <td style="width: 48.92%; vertical-align: top;">
            <div style="text-align: right;">Issue Date: __________, 2022</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">THIS CLASS A COMMON SHARE PURCHASE WARRANT (the &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _____________ or its assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and subject to the
      limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on _________, 2027 (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe for and
      purchase from United Maritime Corporation, a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), up to ______ Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;).&#160; The purchase price of one Common Share under this Warrant
      shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and The Depository Trust Company or its nominee (&#8220;<u>DTC</u>&#8221;) shall initially
      be the sole registered holder of this Warrant, subject to a Holder&#8217;s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 1.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in
      this Section 1.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
      Person, as such terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Bid Price</font>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on
      a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
      a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
      the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the
      most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221; means the board of directors for the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means&#160; any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to
      remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or
      restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open
      for use by customers on such day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221; means the United States Securities and Exchange Commission.</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>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221; means common shares of the Company, par value $0.0001 per share, and any other class of securities into which such securities may hereafter be
      reclassified or changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Common Share Equivalents</font>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares,
      including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
    <div><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, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
      stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221; means the Securities Purchase Agreement, dated as of _____, 2022 among the Company and certain purchasers signatory thereto, as amended,
      modified or supplemented from time to time in accordance with its terms.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-______).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Subsidiary</font>&#8221; means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include any direct or
      indirect subsidiary of the Company formed or acquired after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Trading Day</font>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Trading Market</font>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE
      American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Transfer Agent</font>&#8221; means American Stock Transfer &amp; Trust Company, LLC, the current transfer agent of the Company with a mailing address of __________, and
      any successor transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">VWAP</font>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a
      Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
      Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as
      applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of
      reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of
      the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><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>
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    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Warrant Agency Agreement</font>&#8221; means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the Warrant Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Warrant Agent</font>&#8221; means the Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Warrants</font>&#8221; means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 2.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><u>Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 68.4pt;">a)&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Exercise of Warrant</u>.&#160; Subject to the provisions of Section 2(e) hereof, exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
      time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of
        Exercise</u>&#8221;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall
      deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No
      ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
      Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
      available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&#160; The Holder and the Company shall maintain records showing
      the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.&#160; The Holder and any assignee, by acceptance of this
      Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
      the amount stated on the face hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC
      (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for
      exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder&#8217;s right to elect to receive a Definitive Certificate pursuant to the terms of the Warrant
      Agency Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary contained herein, a beneficial holder of the Warrant shall have all of the rights and remedies of the &#8220;Holder&#8221; hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">b)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Exercise Price</u>.&#160; The exercise price per Common Share under this Warrant shall be $____, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div><br>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">c)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Cashless Exercise</u>.&#160; If at the time of exercise hereof, there is no effective registration statement registering, or the prospectus contained therein is not available for
      the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled to receive a number of Warrant Shares equal to the
      quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to
      Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b)(68) of Regulation NMS promulgated
      under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the
      principal Trading Market as reported by Bloomberg L.P. (&#8220;<u>Bloomberg</u>&#8221;) as of the time of the Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during &#8220;regular trading hours&#8221; on a Trading Day and is
      delivered within two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of
      such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a
      cashless exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the
      registered characteristics of the Warrant being exercised. The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">d)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Mechanics of Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Delivery of Warrant Shares Upon Exercise</u>.&#160; The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the
      Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then a participant in such system and either
      (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
      certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
      Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless
      exercise) is received by the Company one (1) Trading Day prior to such second Trading Day after the delivery of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of
      Trading Days comprising the Standard Settlement Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is
      received by the Company one (1) Trading Day prior to such number of Trading Days comprising the Standard Settlement Period after the delivery of the Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;). Upon delivery of the Notice
      of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO under the Securities Act, to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of
      delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the
      Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the
      Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per
      Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The
      Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &#8220;Standard Settlement Period&#8221; means the standard settlement period, expressed in a
      number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Delivery of New Warrants Upon Exercise</u>.&#160; If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon
      surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver or cause the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
      by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iii.&#160; &#160; &#160; &#160; &#160; <u>Rescission Rights</u>.&#160; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
      Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iv.&#160; &#160; &#160; &#160; &#160; &#160; <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>.&#160; In addition to any other rights available to the Holder, if the Company
      fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than as a result of failure of the
      Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or
      the Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) provided
      that such price set forth in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased
      exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
      obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or
      deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.&#160; For example, if the Holder purchases Common Shares having a total purchase price of
      $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the
      Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.&#160;
      Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to
      timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">v.&#160; &#160; &#160; &#160; &#160; &#160; <u>No Fractional Shares or Scrip</u>.&#160; No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.&#160; As to any
      fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the next whole share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vi.&#160; &#160; &#160; &#160; &#160;&#160; <u>Charges, Taxes and Expenses</u>.&#160; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense
      in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>,
      <u>however</u>, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and
      the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.&#160; The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and
      all fees to The Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vii.&#160; &#160; &#160; &#160; &#160; <u>Closing of Books</u>.&#160; The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to
      the terms hereof.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">e)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Holder&#8217;s Exercise Limitations</u>.&#160; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant,
      pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting as a group
      together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&#160; For purposes of the foregoing sentence, the number
      of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
      the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
      unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other&#160; Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
      beneficially owned by the Holder or any of its Affiliates or Attribution Parties.&#160; For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
      required to be filed in accordance therewith.&#160;&#160; To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
      Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this Warrant
      is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the
      Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the foregoing determination.&#160;&#160; In addition, a
      determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of
      outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by
      the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&#160; Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in
      writing to the Holder the number of Common Shares then outstanding.&#160; In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
      the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.&#160; The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, upon election by the Holder prior to the issuance
      of any Warrants, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.&#160; The Holder may, upon notice to the Company, increase or decrease the
      Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
      Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company.&#160; The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
      2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
      limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 3.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><u>Certain Adjustments</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">a)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its
      Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common
      Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares any share capital of the Company, then
      in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the
      number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.&#160; Any
      adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
      date in the case of a subdivision, combination or re-classification.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">b)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Subsequent Rights Offerings</u>.&#160; In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Share Equivalents or
      rights to purchase shares, warrants, securities or other property pro rata to all record holders of any class of Common Shares (the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase
      Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without
      limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares
      are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
      Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent
      shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">c)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Pro Rata Distributions</u>.&#160; During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to
      acquire its assets) pro rata to all holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
      reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) except for any recurring cash dividend or to the extent an adjustment was already made pursuant to Section 3(a) (a &#8220;Distribution&#8221;), then the Exercise Price
      shall be decreased, effective immediately after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the Company&#8217;s Board of Directors, in good faith) of any securities or other assets paid on
      each Common Share in respect of such Distribution in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such Distribution.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">d)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or
      consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, other than in the ordinary course of business, effects any sale, lease, license, assignment, transfer,
      conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, except to the extent subject to an adjustment pursuant to Section 3(a), (b) or (c), (iii) any, direct or indirect, purchase offer,
      tender offer or exchange offer by the Company is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
      the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the
      Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
      combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common
      Shares (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
      occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it
      is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately
      prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).&#160; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
      Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
      manner reflecting the relative value of any different components of the Alternate Consideration.&#160; If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
      shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.&#160; Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company
      or any Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the
      applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the
      consummation of such Fundamental Transaction; <u>provided</u>, <u>however</u>, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to
      receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this
      Warrant, that is being offered and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or whether the holders of
      Common Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; <u>provided</u>, <u>further</u>, that if holders of Common Shares of the Company are not offered or paid any
      consideration in such Fundamental Transaction, such holders of Common Shares will be deemed to have received common shares of the Successor Entity (which Entity may be the Company following such Fundamental Transaction).&#160; &#8220;<u>Black Scholes Value</u>&#8221;
      means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221; function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
      risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the 100
      day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price
      per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP
      during the period beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder&#8217;s
      request pursuant to this Section 3(d), (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.&#160; The payment of the
      Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder&#8217;s election (or, if later, on the date of consummation of the Fundamental Transaction). The Company shall cause any successor
      entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entity</u>&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant
      to written agreements in form and substance reasonably satisfactory to and approved by the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants (without unreasonable delay) prior to
      such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
      which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on
      the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to
      such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
      such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants. Upon the occurrence of any such
      Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor
      Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.</div>
    <div><br>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">e)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3,
      the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">f)&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Notice to Holder</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">i.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
      Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">ii.&#160; &#160; &#160; &#160; &#160; &#160;&#160; Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, except for any
      recurring cash dividend (B) the Company shall declare a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of
      any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company (and its Subsidiaries, taken as a whole)
      is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the
      voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall
      appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
      distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or
      (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
      exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
      delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&#160; To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company
      or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
      notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voluntary Adjustment by Company</u>. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 4.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><u>Transfer of Warrant</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">a)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Transferability</u>.&#160; This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its
      designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such
      transfer.&#160; Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
      instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder
      delivers an assignment form to the Company assigning this Warrant in full.&#160; The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">b)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>New Warrants</u>. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon
      presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.&#160; Subject to compliance with
      Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.
      All Warrants issued on transfers or exchanges shall be dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">c)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Warrant Register</u>. The Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined in the Warrant Agency Agreement), the Company) shall
      register this Warrant, upon records to be maintained by the Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate, the Company) for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the name of the record Holder hereof
      from time to time.&#160; The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
      actual notice to the contrary.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 5.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><u>Miscellaneous</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">a)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>.&#160; This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of
      the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221; pursuant to Section 2(c) or to receive
      cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">b)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of an affidavit of loss reasonably satisfactory to the Company
      evidencing the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
      the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such
      cancellation, in lieu of such Warrant or share certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">c)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Saturdays, Sundays, Holidays, etc</u>.&#160; If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading
      Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">d)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Authorized Shares</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide for the issuance of
      the Warrant Shares upon the exercise of any purchase rights under this Warrant.&#160; The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
      Warrant Shares upon the exercise of the purchase rights under this Warrant.&#160; The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
      law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&#160; The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will,
      upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the
      Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Except and to the extent as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares underlying such Warrants), the Company shall
      not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
      to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the
      rights of Holder as set forth in this Warrant against impairment.&#160; Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
      immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and
      (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
      authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">e)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Governing Law</u>.&#160; All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in
      accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">f)&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Jurisdiction; Agent for Process</u>. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this
      Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
      York.&#160; Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any
      transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that, subject to applicable law, such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
      provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution
      of such action or proceeding. In addition to and without limiting the foregoing, the Company has confirms that it has appointed Watson Farley &amp; Williams LLP, with a business address at 250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor, New York, NY 10019, as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any
      suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or state court, by a Holder, the directors, officers, partners, employees and agents of such
      Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such
      appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as
      aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent
      shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify the Holders of such appointment. Notwithstanding the foregoing, nothing in this paragraph
      shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">g)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Restrictions</u>.&#160; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless
      exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">h)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Nonwaiver and Expenses</u>.&#160; No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or
      otherwise prejudice the Holder&#8217;s rights, powers or remedies.&#160; Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to
      the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in
      collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">i)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Notices</u>.&#160; Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall
      be in writing and delivered personally, by facsimile, e-mail or sent by a nationally recognized overnight courier service, addressed to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>If to the Warrant Agent</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">American Stock Transfer &amp; Trust Company, LLC</div>
    <div style="text-align: justify;">[____]</div>
    <div style="text-align: justify;">[____]</div>
    <div style="text-align: justify;">Attention: [____]</div>
    <div style="text-align: justify;">Email address: [____]</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>If to the Company</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">United Maritime Corporation</div>
    <div style="text-align: justify;">c/o 154 Vouliagmenis Avenue</div>
    <div style="text-align: justify;">166 74 Glyfada</div>
    <div style="text-align: justify;">Greece</div>
    <div style="text-align: justify;">Tel: + 30-2130181507</div>
    <div style="text-align: justify;">Email: legal@usea.gr</div>
    <div style="text-align: justify;">Facsimile: +302109638404</div>
    <div style="text-align: justify;">Attn: General Counsel</div>
    <div><br>
    </div>
    <div style="text-align: justify;">or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company
      hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the
      books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or
      e-mail (or e-mail attachment) at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number or e-mail (or e-mail attachment) at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City
      time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. To the
      extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
      6-K.</div>
    <div><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>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">j)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Limitation of Liability</u>.&#160; No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no
      enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or as a shareholder of the Company, whether such liability is asserted by the Company or by
      creditors of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">k)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Remedies</u>.&#160; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its
      rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
      action for specific performance that a remedy at law would be adequate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">l)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Successors and Assigns</u>.&#160; Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding
      upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.&#160; The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
      by the Holder or holder of Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">m)&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Amendment</u>.&#160; Any Warrant held in the form of a Definitive Certificate may be modified or amended or the provisions hereof waived with the written consent of the Company, on
      the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">n)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Severability</u>.&#160; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
      provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
      of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">o)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Headings</u>.&#160; The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">p)&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Warrant Agency Agreement</u>. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement.
      To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling. Any reference to the Company is also deemed to refer to the Warrant
      Agent, unless otherwise specified or the context otherwise requires.</div>
    <div><br>
    </div>
    <div style="text-align: center;">********************</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">(Signature Page Follows)</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>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze020f36e3fab466b9e9e0aa67e2da848" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 50%; vertical-align: bottom;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 50%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.76%; vertical-align: bottom;">
            <div>By:</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div>Name: Stamatios Tsantanis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div>Title: Chairman and Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <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>
    <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">TO:&#160; &#160; &#160; &#160;&#160; UNITED MARITIME CORPORATION</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(1)&#160; &#160; &#160;&#160; The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only required if exercised in full), and tenders herewith
      payment of the exercise price in full, together with all applicable transfer taxes, if any.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(2)&#160; &#160; &#160;&#160; Payment shall take the form of (check applicable box):</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">[&#160; ] in lawful money of the United States; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">[&#160; ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
      number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(3)&#160; &#160; &#160;&#160; Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: justify;">DTC number:</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: justify;">Account name:</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: justify;">Account number:</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: justify;">[SIGNATURE OF HOLDER]</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 25.85%; vertical-align: bottom;">
            <div>Name of Investing Entity:</div>
          </td>
          <td style="width: 74.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.85%; vertical-align: bottom;">
            <div style="font-style: italic;">Signature of Authorized Signatory of Investing Entity:</div>
          </td>
          <td style="width: 74.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.85%; vertical-align: bottom;">
            <div>Name of Authorized Signatory:</div>
          </td>
          <td style="width: 74.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3bd0a80dd1684146a8380f485475c75f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>Title of Authorized Signatory:</div>
          </td>
          <td style="width: 75%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>Date:</div>
          </td>
          <td style="width: 75%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: right; font-weight: bold;">EXHIBIT B</div>
    <div><br>
    </div>
    <div style="text-align: center;">ASSIGNMENT FORM</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">(To assign the foregoing Warrant, execute this form and supply required information.&#160; Do not use this form to purchase shares.)</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">(Please Print)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Address:</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">(Please Print)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Phone Number:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Email Address:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Dated: _______________ __, ______</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Holder&#8217;s Signature: _______________</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Holder&#8217;s Address: _______________</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <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>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>ny20004194x8_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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  <head>
    <title></title>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; 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 4.4<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">PRE-FUNDED COMMON SHARE PURCHASE WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">UNITED MARITIME CORPORATION</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: #000000;" id="zf091dc622a2b4466a3b78e3c0bd609ad" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 45.85%; vertical-align: top;">
            <div>Warrant Shares: _______</div>
          </td>
          <td style="width: 54.15%; vertical-align: top;">
            <div style="text-align: right;">Issue Date:&#160;&#160; ___________, 2022</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">THIS PRE-FUNDED COMMON SHARE PURCHASE WARRANT (this &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _____________, or its assigns (the &#8220;<u>Holder</u>&#8221;), is entitled, upon the terms and subject
      to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the &#8220;<u>Issue Date</u>&#8221;), and until this Warrant is exercised in full (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe
      for and purchase from United Maritime Corporation, a corporation incorporated under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), up to ______ Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;).
      The purchase price of one Common Share under this Warrant shall be equal to the Aggregate Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and The
      Depository Trust Company or its nominee (&#8220;<u>DTC</u>&#8221;) shall initially be the sole registered holder of this Warrant, subject to a Holder&#8217;s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency
      Agreement, in which case this sentence shall not apply.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 1</u>.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
      Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
      York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
      Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
      bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and
      reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed;
      <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or
      restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally are
      open for use by customers on such day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div><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>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.0001 per share, and any other class of securities into which such securities may hereafter be
      reclassified or changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including,
      without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Purchase Agreement</u>&#8221; means the Securities Purchase Agreement, dated as of _____, 2022 among the Company and certain purchasers signatory thereto, as amended, modified or
      supplemented from time to time in accordance with its terms.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-________).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include any direct or indirect
      subsidiary of the Company formed or acquired after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the
      Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means American Stock Transfer &amp; Trust Company, LLC, the current transfer agent of the Company with a mailing address of ____________, and any successor
      transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market,
      the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
      (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
      recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
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    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrant Agency Agreement</u>&#8221; means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the Warrant Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrant Agent</u>&#8221; means the Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and all other Pre-Funded Common Share Purchase Warrants issued by the Company pursuant to the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 2</u>.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Exercise of Warrant</u>. Subject to the provisions of Section 2(e) hereof, exercise of the purchase rights represented by this Warrant may be made, in whole or
      in part, at any time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the
      &#8220;<u>Notice of Exercise</u>&#8221;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder
      shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No
      ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required
      to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
      cancellation within five (5) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
      shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
      Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. <font style="font-weight: bold;">The Holder and any assignee, by acceptance of
        this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be
        less than the amount stated on the face hereof.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry
      form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate
      instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder&#8217;s right to elect to receive a Definitive Certificate pursuant to the
      terms of the Warrant Agency Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary contained herein, a beneficial holder of the Warrant shall have all of the rights and remedies of the &#8220;Holder&#8221; hereunder.</div>
    <div><br>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160; &#160; &#160; &#160; &#160; &#160; <u>Exercise Price</u> The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share (the &#8220;<u>Aggregate Exercise
        Price</u>&#8221;), was pre-funded to the Company on or prior to the Issue Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per Warrant Share) shall be required to be paid by the Holder to any Person to
      effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of the pre-paid Aggregate Exercise Price under any circumstance or for any reason whatsoever, including in the event this Warrant
      shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per Warrant Share under this Warrant shall be $0.0001, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not
      available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled to receive a number of Warrant Shares
      equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div><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: #000000;" id="zad68c3ab406540aeaddb09b315a749f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 5.77%; vertical-align: top;">
            <div>(A) =</div>
          </td>
          <td style="width: 78.85%; vertical-align: top;">
            <div style="text-align: justify;">as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof
              on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the
              federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the
              principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during &#8220;regular trading hours&#8221; on a Trading Day and is delivered
              within two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such
              Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
          </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: #000000;" id="z911570fd4a4c4cd9b7a0a4a0cad1666b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6.67%; vertical-align: top;">&#160;</td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(B) =</div>
          </td>
          <td style="width: 90.83%; vertical-align: top;">
            <div>the Exercise Price of this Warrant, as adjusted hereunder; and</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: #000000;" id="z5af0088abca144a097cdf07d88caeb83" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6.67%; vertical-align: top;">&#160;</td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(X) =</div>
          </td>
          <td style="width: 90.83%; vertical-align: top;">
            <div style="text-align: justify;">the number of Warrant Shares that would be issuable upon exercise of this Warrant in</div>
            <div>&#160;</div>
            <div style="text-align: justify;">accordance with the terms of this Warrant if such exercise were by means of a cash exercise</div>
            <div>&#160;</div>
            <div style="text-align: justify;">rather than a cashless exercise.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall
      take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div><br>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">d)&#160; &#160; &#160; &#160; &#160; &#160; <u>Mechanics of Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">&#160;i.&#160;&#160; <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by
      crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;DWAC&#8221;) if the Company is then a participant in such system and either (A) there is an
      effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate,
      registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the
      date that is the earliest of (i) two (2) Trading Days after the delivery to the Company or the Warrant Agent of the Notice of Exercise provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is
      received by the Company one (1) Trading Day prior to such second Trading Day after the delivery of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days
      comprising the Standard Settlement Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the
      Company one (1) Trading Day prior to such number of Trading Days comprising the Standard Settlement Period after the delivery of the Notice of Exercise (such date, the &#8220;Warrant Share Delivery Date&#8221;).&#160; Upon delivery of the Notice of Exercise, the
      Holder shall be deemed, solely for purposes of Regulation SHO under the Securities Act, to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the
      Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
      Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to
      the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
      $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
      transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.&#160; As used herein, &#8220;Standard Settlement Period&#8221; means the standard settlement period, expressed in a number of Trading Days, on the
      Company&#8217;s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.&#160; Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York
      City time) on the Issue Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Issue Date and
      the Issue Date shall be the Warrant Share Delivery Date for purposes hereunder. Notwithstanding anything to the contrary contained herein, the Company shall not be required to deliver any Common Shares upon a cash exercise of a Warrant unless or
      until the aggregate Exercise Price with respect to such exercise has been delivered to the Company.</div>
    <div><br>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160; &#160;&#160; <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this
      Warrant certificate, at the time of delivery of the Warrant Shares, deliver or cause the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
      which new Warrant shall in all other respects be identical with this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iii.&#160; &#160; <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share
      Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iv.&#160; &#160; <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to
      cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than as a result of failure of the Holder to
      timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
      Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) provided
      that such price set forth in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased
      exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
      obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or
      deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of
      $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the
      Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.
      Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to
      timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">v.&#160; &#160;&#160; <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of
      a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.</div>
    <div><br>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vi.&#160; &#160; <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in
      respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>,
      <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
      and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and
      all fees to The Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vii.&#160;&#160; <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the
      terms hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Holder&#8217;s Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of
      this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons
      acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing
      sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made,
      but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or
      conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
      herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
      required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
      Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this Warrant
      is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the
      Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the foregoing determination. In addition, a
      determination by the Holder as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
      the total number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
      public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the written request of a Holder, the Company shall within one Trading Day confirm
      in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
      the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, upon election by a Holder prior to the issuance of
      any Warrants, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
      Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation shall in no event exceed 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon
      exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) in order to
      correct this paragraph (or any portion hereof), if necessary, which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
      to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
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    <div style="text-indent: 36pt;"><u>Section 3</u>.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Certain Adjustments</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or
      distributions on Common Shares or any other common equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
      outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital
      stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
      denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall
      remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
      immediately after the effective date in the case of a subdivision, combination or re-classification.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Subsequent Rights Offerings</u>. <font style="color: #000000;">In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
        issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Shares (the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to
        acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to
        any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
        the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would
        result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such
        extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</font></div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160; &#160; &#160; &#160; &#160; &#160; <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
      reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (except to the extent an adjustment was already made pursuant to Section 3(a)) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant,
      then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this
      Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date
      as of which the record holders of Common Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in any such Distribution would result in the
      Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and
      the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, other than in the ordinary course of
      business, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license,
      assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, except to the extent subject to an adjustment pursuant to Section 3(a), (b) or (c), (iii) any, direct or
      indirect, purchase offer, tender offer or exchange offer by the Company is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
      holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share
      exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
      agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger, or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50%
      of the outstanding Common Shares (each a &#8220;Fundamental Transaction&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
      prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the
      Company, if it is the surviving corporation, and any additional consideration (the &#8220;Alternate Consideration&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
      immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
      to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
      reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
      Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the
      Company is not the survivor (the &#8220;Successor Entity&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably
      satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
      evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares
      acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of
      capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the
      purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction) and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
      Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity), and
      may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of
      this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;">f)&#160; &#160; &#160; &#160; &#160; &#160; <u>Notice to Holder</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160; &#160; &#160; <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder
      by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160; &#160;&#160; <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, except for any
      recurring cash dividend (B) the Company shall declare a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of
      any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
      or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
      liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the
      Company, at least ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or
      warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
      reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares
      for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
      the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the
      Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the
      event triggering such notice except as may otherwise be expressly set forth herein.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;"><u>Section 4</u>.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Transfer of Warrant</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Transferability</u>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the
      Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
      of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
      instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within five (5) Trading Days of the date on which the Holder
      delivers an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160; &#160; &#160; &#160; &#160; &#160; <u>New Warrants</u>. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other
      Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to
      compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
      with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Warrant Register</u>. The Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined in the Warrant Agency Agreement), the
      Company) shall register this Warrant, upon records to be maintained by the Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate, the Company) for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the name of the record
      Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><u>Section 5</u>.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Miscellaneous</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
      shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221; pursuant to Section 2(c)
      or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160; &#160; &#160; &#160; &#160; &#160; <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the
      loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
      shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
      in lieu of such Warrant or stock certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall
      not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">d)&#160; &#160; &#160; &#160; &#160; &#160; <u>Authorized Shares</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
      for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of
      issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
      represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
      liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Except and to the extent as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares underlying such Warrants),
      the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
      action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or
      appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor
      upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of
      this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
      under this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
      obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and
      enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
      courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
      such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
      provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution
      of such action or proceeding. In addition to and without limiting the foregoing, the Company has confirms that it has appointed Watson Farley &amp; Williams LLP, with a business address at 250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor, New York, NY 10019, as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any
      suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or state court, by a Holder, the directors, officers, partners, employees and agents of such
      Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such
      appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as
      aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent
      shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify the Holders of such appointment. Notwithstanding the foregoing, nothing in this paragraph
      shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
      cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">g)&#160; &#160; &#160; &#160; &#160; &#160; <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
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      with any provision of this Warrant, which has resulted in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217;
      fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">h)&#160; &#160; &#160; &#160; &#160; &#160; <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of
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    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>If to the Warrant Agent</u></div>
    <div><br>
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    <div style="text-align: justify;">American Stock Transfer &amp; Trust Company, LLC</div>
    <div><br>
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    <div style="text-align: justify;">_________</div>
    <div style="text-align: justify;">__________</div>
    <div style="text-align: justify;">Attention: ___________</div>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>If to the Company</u></div>
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    <div>United Maritime Corporation</div>
    <div>154 Vouliagmenis Avenue</div>
    <div>166 74 Glyfada</div>
    <div>Greece</div>
    <div>Tel: + 30-2130181507</div>
    <div style="text-align: justify;">Email: legal@usea.gr</div>
    <div style="text-align: justify;">Facsimile: +302109638404</div>
    <div style="text-align: justify;">Attn: General Counsel</div>
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    <div style="text-align: justify;">or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company
      hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the
      books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or
      e-mail (or e-mail attachment) at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number or e-mail (or e-mail attachment) at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City
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      extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
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    <div> <br>
    </div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">i)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares,
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">j)&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to seek specific
      performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">k)&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Successors and Assigns</u>. Subject to applicable securities laws and the terms hereof, this Warrant and the rights and obligations evidenced hereby shall inure
      to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">m)&#160; &#160; &#160; &#160; &#160; &#160; <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">n)&#160; &#160; &#160; &#160; &#160; &#160; <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Warrant Agency Agreement</u>. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency
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    <div style="text-align: center;">********************</div>
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    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
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    <div>TO: UNITED MARITIME CORPORATION</div>
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    <div style="text-align: justify; text-indent: 72pt;">(1)&#160;&#160; The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only required if exercised in full), and tenders herewith payment
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    <div style="text-indent: 72pt;">(2)&#160;&#160; Payment shall take the form of (check applicable box):</div>
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    <div style="text-align: justify; margin-left: 108pt;">[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
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    <div style="text-align: justify; text-indent: 72pt;">(3)&#160;&#160; Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
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    <div style="text-align: justify;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
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    <div>[SIGNATURE OF HOLDER]</div>
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<DOCUMENT>
<TYPE>EX-5.1
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<FILENAME>ny20004194x8_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
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  <div>
    <div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"> </font>
        <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 5.1</font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <img src="ny20004194_x8img1.jpg"></div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;">United Maritime Corporation</div>
    </div>
    <div>
      <div style="color: #000000;">154 Vouliagmenis Avenue</div>
      <div style="color: #000000;">166 74 Glyfada</div>
      <div style="color: #000000;">Greece</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">July 12, 2022</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Exhibit 5.1 Opinion</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Ladies and Gentlemen:</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify;"><font style="color: #000000;">We have acted as counsel to United Maritime Corporation, a Marshall Islands corporation (the &#8220;</font><font style="font-weight: bold; color: #000000;">Company</font><font style="color: #000000;">&#8221;), in connection with the preparation of the Company&#8217;s Registration Statement on Form F-1 (the &#8220;</font><font style="font-weight: bold; color: #000000;">Registration Statement</font><font style="color: #000000;">&#8221;) filed by the Company
          with the Securities and Exchange Commission with respect to the registration of the issuance and sale of up to </font>5,333,333<font style="color: #000000;"> units (the &#8220;</font><font style="font-weight: bold; color: #000000;">Units</font><font style="color: #000000;">&#8221;) of the Company, each unit consisting of (i) one common share, par value $0.0001 per share (each, a &#8220;</font><font style="font-weight: bold; color: #000000;">Common Share</font><font style="color: #000000;">&#8221;) of the
          Company (collectively, the &#8220;</font><font style="font-weight: bold; color: #000000;">Unit Shares</font><font style="color: #000000;">&#8221;) or one pre-funded warrant to purchase one Common Share at an exercise price equal to $0.0001 per Common Share
          (&#8220;</font><font style="font-weight: bold; color: #000000;">Pre-Funded Warrants,</font><font style="color: #000000;">&#8221; and the Common Shares issuable upon exercise thereof, the &#8220;</font><font style="font-weight: bold; color: #000000;">Pre-Funded
          Warrant Shares</font><font style="color: #000000;">&#8221;) and (ii) one Class A warrant to purchase one Common Share (the &#8220;</font><font style="font-weight: bold; color: #000000;">Class A Warrants,</font><font style="color: #000000;">&#8221; and together
          with the Pre-Funded Warrants, the &#8220;</font><font style="font-weight: bold; color: #000000;">Warrants</font><font style="color: #000000;">,&#8221; and the Common Shares issuable upon exercise thereof the &#8220;</font><font style="font-weight: bold; color: #000000;">Class A Warrant Shares</font><font style="color: #000000;">&#8221;, together with the Pre-Funded Warrant Shares, the &#8220;</font><font style="font-weight: bold; color: #000000;">Warrant Shares</font><font style="color: #000000;">&#8221;).</font></div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">As such counsel, we have examined originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7effc94f57364d8bb678909f4bacf981" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the Registration Statement and the prospectus included therein (as amended and supplemented, the &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;);</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec71eaebf47c4393976219a27d473483" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the form of Class A Warrant to be entered into by the Company;</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" id="z7e0eb759c1234ba7bd1537de5cdb10d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the form of Pre-Funded Warrant to be entered into by the Company;</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" id="z7ed1248d7f924cf39b18197c4f2a9e83" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the Company&#8217;s amended and restated articles of incorporation and amended and restated bylaws (each as amended to date, together, the &#8220;<font style="font-weight: bold;">Articles and Bylaws</font>&#8221;); and</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" id="z5017858ce5374e4db236c2ab6b3f60e5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company as we have deemed relevant and necessary as the basis for the opinions hereafter
                expressed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">In such examination, we have assumed (a) the legal competence or capacity of persons or entities (other than the Company) to complete the execution of documents, (b) the genuineness of all signatures
        and the authenticity of all documents submitted to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection with the rendering
        of the opinions set forth herein are true, correct and complete, and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by us. As to
        matters of fact material to this opinion that have not been independently established, we have relied upon the representations and certificates of officers or representatives of the Company and of public officials, in each case as we have deemed
        relevant and appropriate. We have not independently verified the facts so relied on.</div>
    </div>
    <div>
      <div style="text-align: center;"><br>
        <img src="ny20004194_x8img2.jpg"><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>
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    <div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> Page 2<br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <img src="ny20004194_x8img3.jpg"></div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;">We have assumed that the Company will, at the time of any issuance of Warrant Shares, have a sufficient number of authorized but unissued shares of common stock pursuant to its Articles to so issue
        the relevant number of Warrant Shares. We have also assumed that, at or prior to the time of the delivery of any of the Warrant Shares, there will not have occurred any change in the law or the facts affecting the validity of the Warrant Shares.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">This opinion letter is limited to Marshall Islands law and New York law and is as of the date hereof. We expressly disclaim any responsibility to advise of any development or circumstance of any kind,
        including any change of law or fact that may occur after the date of this opinion letter that might affect the opinion expressed herein.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">Based on the foregoing and having regard to legal considerations which we deem relevant, we are of the opinion that:</div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ab0055906444fd8a954571e6817af3a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">The Units, the Unit Shares, the Warrants and the Warrant Shares have been duly authorized by the Company.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z241d2f851a5e4b36974f1042e610ab6a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">The Unit Shares, when issued, sold and paid for in accordance with the terms of the Articles and Bylaws, the Registration Statement, and Prospectus, will be validly issued, fully paid, and nonassessable.</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" id="ze42571ee85544653a0b3cb9149f977bb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Assuming each of the Warrants is issued and delivered as contemplated in the Prospectus, the relevant Warrant Shares, when issued, delivered and paid for upon the exercise of such Warrants in accordance with their
                respective terms, will be validly issued, fully paid and non-assessable.</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" id="z921f2fec97cb44a58bd35592ea797e35" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">When the Units and Warrants are issued and delivered as contemplated in the Prospectus, the Units and Warrants will constitute valid and legally binding obligations of the Company in accordance with their terms,
                except as the enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other similar laws affecting generally the
                enforceability of creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a
                proceeding in equity or at law, including the application of principles of good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability and conflict with public policy and
                other similar principles, or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">We consent to the filing of this opinion as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement, and the references to our firm in the Prospectus. In
        giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &#8220;<font style="font-weight: bold;">Securities
          Act</font>&#8221;), nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the Securities Act.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">Very truly yours,</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div><u>/s/ Watson Farley &amp; Williams</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>ny20004194x8_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<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"></div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <font style="font-weight: bold;">Exhibit 8.1</font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <img src="ny20004194_x8img1.jpg"></div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;">United Maritime Corporation</div>
    </div>
    <div>
      <div style="color: #000000;">154 Vouliagmenis Avenue</div>
      <div style="color: #000000;">166 74 Glyfada</div>
      <div style="color: #000000;">Greece</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">July 12, 2022</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Exhibit 8.1 Opinion</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">To Whom It May Concern:</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">We have acted as counsel to United Maritime Corporation, a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), in connection with the Company's registration statement
        on Form F-1 (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;), relating to the registration under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;), of units of the
        Company, each unit consisting of (i) one common share, par value $0.0001 per share of the Company or one pre-funded warrant to purchase a common share, and (ii) one Class A warrant to purchase one common share (the &#8220;<font style="font-weight: bold;">Units</font>&#8221;).</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">In rendering this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49a790dd16a34da4b27978683fca7c1f" cellpadding="0" cellspacing="0">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the Registration Statement and the prospectus included therein (the &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;); and</div>
            </td>
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      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d6b70cb437541a8b3cd9be59c280af6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company, as we have deemed relevant and necessary as the basis for the opinions hereafter
                expressed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">In such examination, we have assumed (a) the legal capacity of each natural person, (b) the genuineness of all signatures and the authenticity of all documents submitted to us as originals, (c) the
        conformity to original documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection with the rendering of the opinion set forth herein are true, correct and complete and (e) the
        truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by us.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">As to matters of fact material to this opinion that have not been independently established, we have relied upon the representations and certificates of public officials, directors and officers of the
        Company and others, in each case as we have deemed relevant and appropriate.&#160; We have not independently verified the facts so relied on.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">We have reviewed the discussion set forth in the Prospectus under the caption &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;United States Federal Income Taxation of U.S. Holders.&#8221;&#160;
        Based on the representations, covenants, assumptions, conditions and qualifications described in such section, and taking into account the fact that the discussions set forth in such section do not purport to discuss all possible U.S. federal
        income tax consequences of the ownership and disposition of the Units and the Company&#8217;s common shares, and of the ownership, exercise, lapse and disposition of the pre-funded warrants and Class A warrants, and subject to the qualifications,
        limitations and assumptions set forth herein, we confirm that the discussions set forth in such section, to the extent they constitute summaries of law or legal conclusions, unless otherwise noted, constitute our opinion with respect to the
        material U.S. federal income tax consequences of the ownership and disposition of the Units and the Company&#8217;s common shares, and of the ownership, exercise, lapse and disposition of the pre-funded warrants and Class A warrants, as of the date of
        the Registration Statement, and accurately state our views as to the tax matters discussed therein (except for the representations and statements of fact of the Company included under such caption, as to which we express no opinion). We express no
        opinion as to any U.S. federal income tax consequences other than the opinion set forth above. Except as set forth in the paragraph below concerning Marshall Islands tax considerations, we express no opinion with respect to tax consequences under
        any state, local, or non-U.S. tax law.</div>
      <div><br>
      </div>
      <div style="text-align: center;"><img src="ny20004194_x8img2.jpg"></div>
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      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> Page 2<br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <img src="ny20004194_x8img3.jpg"></div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;">We have reviewed the discussion set forth in the Prospectus under the caption &#8220;Tax Considerations&#8212;Marshall Islands Tax Consequences.&#8221;&#160; Based on the facts as set forth in the Registration Statement and
        the Prospectus, and having regard to legal considerations which we deem relevant, and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the statements in such discussion, to the extent they constitute
        legal conclusions, unless otherwise noted, are the opinion of Watson Farley &amp; Williams LLP with respect to Marshall Islands tax consequences as of the date of the Prospectus (except for the representations and statements of fact of the Company
        included under such caption, as to which we express no opinion).</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">Our opinions and the tax discussion as set forth in the Registration Statement are based on the current provisions of the Internal Revenue Code of 1986, as amended, the Treasury Regulations
        promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used as precedents and case law, and the law of the Republic of the Marshall Islands as in effect on the date hereof, any of which may be changed
        at any time with retroactive effect. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof or
        the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">We consent to the filing of this opinion as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement and to the references to our firm in the Registration
        Statement and the Prospectus.&#160; In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder, nor do we
        admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the Securities Act.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">Very truly yours,</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify;"><font style="color: #000000;"><u>/s/ Watson Farley &amp; Williams LLP</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>8
<FILENAME>ny20004194x8_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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  <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 10.1<br>
    </font></div>
  <font style="font-weight: bold;"> </font>
  <div style="text-align: center;"><font style="font-weight: bold;"> </font><br>
  </div>
  <div style="text-align: center;">SHAREHOLDERS&#8217; RIGHTS AGREEMENT</div>
  <div><br>
  </div>
  <div style="text-align: center;">Between</div>
  <div><br>
  </div>
  <div style="text-align: center;">UNITED MARITIME CORPORATION</div>
  <div><br>
  </div>
  <div style="text-align: center;">and</div>
  <div><br>
  </div>
  <div style="text-align: center;">AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC,</div>
  <div style="text-align: center;">as Rights Agent</div>
  <div><br>
  </div>
  <div style="text-align: center;">Dated as of July 5, 2022</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt;">This Shareholders&#8217; Rights Agreement (this &#8220;<u>Rights Agreement</u>&#8221;) is made and entered into as of July 5, 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;">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 July 5, 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;">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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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  </div>
  <div style="text-align: justify; text-indent: 72pt;">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; <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;">&#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; <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>
  <div><br>
  </div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 72pt;">&#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;">&#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;">&#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;">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; 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; 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>
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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-align: justify; text-indent: 72pt;">(iii)&#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, or cooperating in obtaining, changing or influencing the control of the Company (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="text-align: justify; text-indent: 72pt;">(iv)&#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;">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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 67.5pt;">&#160; 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 style="text-align: justify; text-indent: 72pt;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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-size: 8pt; 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 style="text-align: justify; text-indent: 72pt;">&#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;">&#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;">&#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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <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;">&#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;">&#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;">&#8220;<u>Exchange Ratio</u>&#8221; shall have the meaning set forth in Section 24(a) hereof.</div>
  <div> <br>
  </div>
  <div style="text-align: justify; text-indent: 72pt;">&#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;">&#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;">&#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;">&#8220;<u>Nasdaq</u>&#8221; shall mean the Nasdaq Stock Market LLC.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt;">&#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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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="text-align: justify; text-indent: 72pt;">&#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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr 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;">2.&#160; &#160; &#160; &#160; &#160; <u></u><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="text-align: justify;">3.&#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; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr 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;">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; 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; 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; 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 AND
    TRUST COMPANY, LLC (OR ANY SUCCESSOR RIGHTS AGENT), AS THE RIGHTS AGENT, DATED AS OF JULY 5, 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-size: 8pt; 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 style="text-align: justify;">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; 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; 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; <u>Form of Rights Certificates</u>.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">(a)&#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="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>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(b)&#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; 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="text-align: justify;">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>
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  </div>
  <div style="text-align: justify;">5.&#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; 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; 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; <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; 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>
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    <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;">(b)&#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; <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; 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>
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    <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;">(b)&#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; 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>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(d)&#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; 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; 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>
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  </div>
  <div style="text-align: justify;">8.&#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; <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; 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; 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="text-align: justify; text-indent: 36pt;">(c)&#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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(d)&#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; 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; <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>
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  </div>
  <div style="text-align: justify;">11.&#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; (i)&#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>
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  </div>
  <div style="text-align: justify; text-indent: 72pt;">(ii)&#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;">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 style="text-align: justify; text-indent: 72pt;">(iii)&#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 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.</div>
  <div><br>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(b)&#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="text-align: justify; text-indent: 36pt;">(c)&#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>
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  <div style="text-align: justify; text-indent: 36pt;">(d)&#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; 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; 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; 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>
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  <div style="text-align: justify; text-indent: 36pt;">(h)&#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; 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; 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>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(k)&#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; 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="text-align: justify; text-indent: 36pt;">(m)&#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>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(n)&#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; <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>
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  </div>
  <div style="text-align: justify;">13.&#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; 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; 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="text-align: justify; text-indent: 72pt;">(ii)&#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; 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), then, concurrent with and in each such case: </div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;">(a) &#160; &#160; &#160; &#160;&#160; each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a price equal to the Total Exercise Price applicable immediately
    prior to the occurrence of the Section 13 Event in accordance with the terms of this Rights Agreement, such number of validly authorized and 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>
  <div><br>
  </div>
  <div style="text-indent: 36.3pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant to this Rights Agreement;</div>
  <div><br>
  </div>
  <div style="text-indent: 36.3pt;">(c)&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; the term &#8220;Company&#8221; shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the
    first occurrence of a Section 13 Event;</div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">28</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-indent: 36.3pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; such Principal Party shall take such 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</div>
  <div><br>
  </div>
  <div style="text-indent: 36.3pt;">(e)&#160; &#160; &#160; &#160; &#160; upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall thereupon be
    entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants and other property which such holder would have been entitled to receive had such holder, at
    the time of such transaction, owned the 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.</div>
  <div> <br>
  </div>
  <div style="text-indent: 36.3pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes hereof, the &#8220;earning power&#8221; of the Company and its Subsidiaries shall be determined in good faith by the Company&#8217;s Board of Directors on the basis of the operating earnings of each business
    operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary during three full fiscal years preceding such date,
    during the period such business was operated by the Company or any Subsidiary).</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">(b)&#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; 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="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;">29</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;">(ii)&#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; 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="text-align: justify; text-indent: 72pt;">(i)&#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; 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="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;">30</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 72pt;">(iii)&#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; 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; 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; 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="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;">31</font></div>
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  </div>
  <div style="text-align: justify;">14.&#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; 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="text-align: justify; text-indent: 36pt;">(b)&#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; 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; 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="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;">32</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(e)&#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; <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="text-align: justify; text-indent: 36pt;">(a)&#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="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;">33</font></div>
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  </div>
  <div style="text-align: justify;">16.&#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; 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; 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; 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; <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; <u>The Rights Agent</u>.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">(a)&#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>
  <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;">34</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(b)&#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; <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; 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>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(b)&#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; <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; 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; 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-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(c)&#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; 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; 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; 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="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;">37</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(g)&#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="text-align: justify; text-indent: 36pt;">(h)&#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; 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; 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="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;">38</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(k)&#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; 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; 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; 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; 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="text-align: justify; text-indent: 36pt;">(p)&#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="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;">39</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">(q)&#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="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;">40</font></div>
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  </div>
  <div style="text-align: justify;">21.&#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="text-align: justify;">22.&#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>
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  </div>
  <div style="text-align: justify;">23.&#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; 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; 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="text-align: justify;">24.&#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; 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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">42</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 style="text-align: justify; text-indent: 36pt;">(b)&#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; 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="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;">43</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;">(d)&#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="text-align: justify; text-indent: 36pt;">(e)&#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; 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; <u>Notice of Certain Events</u>.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">(a)&#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; 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="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;">44</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;">26.&#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>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z69d1f54a55e64baa9922ad04215ac3a9" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">United Maritime Corporation</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">154 Vouliagmenis Avenue</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">16674 Glyfada</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">Athens, Greece</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div>Attention: Legal Department</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div>legal@usea.gr</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div>with a copy to:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">Watson Farley &amp; Williams LLP</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">New York, New York 10019</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div>Attention: Will Vogel, Esq.</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div>wvogel@wfw.com</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">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>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zda82bb36aaa343a09f4044eb272673c1" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">American Stock Transfer &amp; Trust Company, LLC</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">6201 15th Avenue</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">Brooklyn, NY 11219</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">Attn: Relationship Management</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">JDonovan@astfinancial.com</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">45</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;">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; <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; <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="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;">46</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;">29.&#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;<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="text-align: justify;">31.&#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; <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="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;">47</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;">33.&#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; <u>Descriptive Headings; Interpretation.</u></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">(a)&#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; 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; <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;">[<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-size: 8pt; font-weight: normal; font-style: normal;">48</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;">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'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z1204e48a32b04d239747517b93e82185" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
          <div>By:</div>
        </td>
        <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>/s/ Stamatios Tsantanis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Name: Stamatios Tsantanis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Title: Chief Executive Officer</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">AMERICAN STOCK TRANSFER &amp; TRUST </div>
          <div style="font-weight: bold;">COMPANY, LLC, as Rights Agent</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
          <div>By:</div>
        </td>
        <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>/s/ Barbara J. Robbins</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Name: Barbara J. Robbins</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Title: Sr. Vice President</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">[Signature Page to Shareholders&#8217; Rights Agreement]</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"> <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-size: 8pt; font-weight: normal; font-style: normal;">49</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>
  <!--PROfilePageNumberReset%Num%1%A-%%-->
  <div style="text-align: right;"><u>Exhibit A</u></div>
  <div><br>
  </div>
  <div style="text-align: center; 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;">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>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.&#160; &#160; &#160; &#160; &#160; 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>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.&#160; &#160; &#160; &#160; &#160; 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;">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>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 1.&#160; &#160; &#160; &#160; &#160;&#160; <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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 2.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Proportional Adjustment</u>.&#160; In the event the
      Company shall at any time after the issuance of any share or shares of Series A Participating Preferred 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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">A-1</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr 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; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 3.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Dividends and Distributions</u>.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)&#160; &#160; &#160; &#160; &#160; 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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)&#160; &#160; &#160; &#160; &#160; 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="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)&#160; &#160; &#160; &#160; &#160; 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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 4.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <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>
  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)&#160; &#160; &#160; &#160;&#160; &#160; 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>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">A-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 style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)&#160;&#160;&#160; &#160; &#160; 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>
  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)&#160; &#160; &#160; &#160; &#160; 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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 5.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Certain Restrictions</u>.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)&#160; &#160; &#160;&#160;&#160; &#160; The Company shall not declare any dividend on, make any
      distribution on, or redeem or purchase or otherwise acquire for consideration any 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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)&#160; &#160; &#160; &#160; &#160; 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>
  </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;">A-3</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)&#160; &#160; &#160; &#160; &#160; The Company shall not permit any subsidiary of the Company to
      purchase or otherwise acquire for consideration any shares of stock of the Company unless the Company could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 6.&#160; &#160; &#160; &#160;&#160; &#160; <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>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 7.&#160; &#160; &#160; &#160;&#160; &#160;&#160; <u>Liquidation, Dissolution or Winding Up</u>.&#160; Upon
      any liquidation, dissolution or winding up of the Company, the holders of shares of Series A Participating Preferred 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>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 8.&#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Consolidation, Merger, etc</u>.&#160; In case the
      Company shall enter into any consolidation, merger, combination or other transaction in which the 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>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 9.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>No Redemption</u>.&#160; The shares of Series A
      Participating Preferred Shares shall not be redeemable.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 10.&#160; &#160; &#160; &#160; &#160;&#160; <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>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 11.&#160; &#160; &#160; &#160;&#160; &#160; <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>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">A-4</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 12.&#160; &#160; &#160;&#160; &#160; <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;">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>
  </div>
  <div style="text-align: center; font-style: italic;">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
  <div><br>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">A-5</font></div>
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  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">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>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">Executed on ____________________________.</div>
  </div>
  <div><br>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
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  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">A-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>
  <!--PROfilePageNumberReset%Num%1%B-%%-->
  <div style="text-align: right; text-indent: 36pt;"><u>Exhibit B</u></div>
  <div><br>
  </div>
  <div style="text-align: center; text-indent: 36pt; font-weight: bold;">FORM OF RIGHTS CERTIFICATE</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Certificate No. R- Rights</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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;">RIGHTS CERTIFICATE</div>
  <div><br>
  </div>
  <div style="text-align: center;">UNITED MARITIME CORPORATION</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36.5pt;">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 style="text-align: justify;"> <br>
  </div>
  <div style="text-align: justify;"> <br>
  </div>
  <div style="text-align: justify;">
    <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000; text-align: left;" align="left" noshade="noshade"></div>
  <div>
    <table class="DSPFListTable" id="ze331673c86c24d31b33180fdc109214c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 9pt;">
            <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;">The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.</div>
          </td>
        </tr>

    </table>
  </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;">B-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>
  <!--PROfilePageNumberReset%Num%1%B-%%-->
  <div style="text-align: justify; text-indent: 36.5pt;">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;">This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or
    Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such
    holder to purchase.&#160; If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised.</div>
  <div style="text-align: justify; text-indent: 36.5pt;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 36.5pt;">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;">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="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;">B-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 style="text-align: justify; text-indent: 36.5pt;">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;">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;">WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Dated as of __________ ___, _____.</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z48d41283299e43cf978064aa2ba089cc" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">ATTEST:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">UNITED MARITIME CORPORATION</div>
        </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: 25.01%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">By:</div>
        </td>
        <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">Name:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">Name:</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">Title:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div style="text-align: justify;">Title:</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7258138e7621464d945d675f047c74d6" cellpadding="0" cellspacing="0">

      <tr>
        <td colspan="2" style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">Countersigned:</div>
          <div style="text-align: justify;">American Stock Transfer &amp; Trust Company, LLC, as Rights Agent</div>
        </td>
        <td style="width: 50.72%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 24.66%; vertical-align: top;">
          <div style="text-align: justify;">By:</div>
        </td>
        <td style="width: 24.62%; vertical-align: top;">&#160;</td>
        <td style="width: 50.72%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">Authorized Signature</div>
        </td>
        <td style="width: 50.72%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">B-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 style="text-align: center; font-weight: bold;">FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE</div>
  <div style="text-align: center;">FORM OF ASSIGNMENT</div>
  <div style="text-align: center;">(To be executed by the registered holder if such</div>
  <div style="text-align: center;">holder desires to transfer the Rights Certificate.)</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zca0a103c609e4608a4bcdf18de8c4764" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">FOR VALUE RECEIVED</div>
        </td>
        <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">hereby sells, assigns and transfers unto</div>
        </td>
        <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 100%; vertical-align: top;">
          <div style="text-align: center;">(Please print name and address of transferee)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">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>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zb49ebd3a56c346629672d05a9a6b05cf" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 8%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">Dated:</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">__________ ___, _____.</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 42%; vertical-align: top;">
          <div style="text-align: justify;">Signature</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">Signature Guaranteed:</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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;"><u>Certificate</u></div>
  <div><br>
  </div>
  <div style="text-align: justify;">The undersigned hereby certifies by checking the appropriate boxes that:</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)&#160; &#160; &#160; &#160; &#160;this Rights Certificate [ ] is [ ] is not being sold, assigned or transferred by
      or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any Acquiring Person (as such terms are defined in the Rights Agreement); and</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)&#160; &#160; &#160; &#160; &#160; after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ]
      did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate thereof.</font></div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
    </font></div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zd845861952854453be0d0c4d05ae659d" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 8%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">Dated:</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">__________ ___, _____.</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 42%; vertical-align: top;">
          <div style="text-align: justify;">Signature</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify;"> <br>
  </div>
  <div style="text-align: justify;">Signature Guaranteed:</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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-size: 8pt; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">FORM OF ELECTION TO PURCHASE</div>
  <div style="text-align: center;">(To be executed by the registered holder if such holder</div>
  <div style="text-align: center;">desires to exercise Rights represented by the Rights Certificate.)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z38182b153da94764b0ffb086b6c6ee58" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">TO:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify;">UNITED MARITIME CORPORATION</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">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'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z96972c936b31482dbfe5059f913ab79f" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center;">(Please print name and address)</div>
        </td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center;">Please insert social security</div>
          <div style="text-align: center;">or other tax identifying number </div>
        </td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">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'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zb533796055764fc1a6b902e400d29f30" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center;">(Please print name and address)</div>
        </td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center;">Please insert social security</div>
          <div style="text-align: center;">or other tax identifying number </div>
        </td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8692e40cfffe4ade9727795f2ee5d7c5" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 8%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">Dated:</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">__________ ___, _____.</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 42%; vertical-align: top;">
          <div style="text-align: justify;">Signature</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-size: 8pt; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div style="text-align: justify;">Signature Guaranteed:</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36.5pt;">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;"><u>Certificate</u></div>
  <div><br>
  </div>
  <div style="text-align: justify;">The undersigned hereby certifies by checking the appropriate boxes that:</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)&#160; &#160; &#160; &#160;&#160; 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-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)&#160; &#160; &#160; &#160; &#160; after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ]
      did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="ze44a9b0f8d7d460a8e1d550636bf1fba" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 8%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">Dated:</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: justify;">__________ ___, _____.</div>
        </td>
        <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 42%; vertical-align: top;">
          <div style="text-align: justify;">Signature</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;">Signature Guaranteed:</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36.5pt;">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-size: 8pt; font-weight: normal; font-style: normal;">B-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 style="text-align: center;">NOTICE</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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;">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-size: 8pt; font-weight: normal; font-style: normal;">B-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>
  <!--PROfilePageNumberReset%Num%1%C-%%-->
  <div style="text-align: right;"><u>Exhibit C</u></div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">SUMMARY OF RIGHTS</div>
  <div><br>
  </div>
  <div style="text-align: justify;"><u>Introduction</u></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">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;">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;">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; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">The Rights</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Exercise Price</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</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-size: 8pt; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Exercisability</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">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 style="text-align: justify; text-indent: 36pt;">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;">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 style="text-align: justify;"><u>Preferred Share Provisions</u></div>
  <div><br>
  </div>
  <div style="text-align: justify;">Each one one-thousandth of a Preferred Share, if issued, will, among other things:</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">not be redeemable;</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">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>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">C-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 style="text-align: justify; text-indent: 35.45pt;">entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consequences of a Person or Group Becoming an Acquiring Person</u>.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Flip In</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt;">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 style="text-align: justify; text-indent: 35.45pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Flip Over</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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 another entity; (ii) an acquiring entity merges into the
      Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, 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>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 35.45pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Notional Shares</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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 defined
      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>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Redemption</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</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-size: 8pt; font-weight: normal; font-style: normal;">C-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 style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Exchange. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Expiration</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. The Rights expire on the earliest of (i) July 1, 2032; or (ii) the redemption or exchange of the Rights as described above.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Anti-Dilution Provisions</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Amendments</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. 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).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Taxes.</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> 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.</font></div>
  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
    </font></div>
  <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
    </font></div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">C-4</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">
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>9
<FILENAME>ny20004194x8_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<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">Exhibit 10.3</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">RIGHTS OF FIRST REFUSAL AND FIRST OFFER AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">between</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">UNITED MARITIME CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">and</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
    </div>
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    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: right; font-weight: bold;"><u>Page</u></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="zeff0b70f772c4d6ebaca871400032502" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 95.77%; vertical-align: top;">
            <div>ARTICLE I DEFINITIONS</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 1.1 Definitions</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">&#160;</td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 95.77%; vertical-align: top;">
            <div>ARTICLE II RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 2.1 Rights of First Refusal</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 2.2 Procedures</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 2.3 Enforcement.</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">&#160;</td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 95.77%; vertical-align: top;">
            <div>ARTICLE III RIGHTS OF FIRST OFFER</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 3.1 Rights of First Offer</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 3.2 Procedures for Rights of First Offer</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 3.3 Enforcement</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>5<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">&#160;</td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 95.77%; vertical-align: top;">
            <div>ARTICLE IV CHARTERING OPPORTUNITIES</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 4.1 Chartering Opportunities</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 4.2 Procedures for Right of First Refusal on Chartering Opportunities</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 4.3 Enforcement</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">&#160;</td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 95.77%; vertical-align: top;">
            <div>ARTICLE V MISCELLANEOUS</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.1 Certain Covenants</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>6<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.2 Choice of Law</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.3 Notice</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.4 Entire Agreement; Effectiveness</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.5 Termination</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.6 Waiver; Effect of Waiver or Consent</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.7 Amendment or Modification</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.8 Assignment</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.9 Counterparts</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.10 Severability</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.11 Gender, Parts, Articles and Sections</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.12 Further Assurances</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.13 Withholding or Granting of Consent</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.14 Laws and Regulations</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.2%; vertical-align: top;">&#160;</td>
          <td style="width: 92.57%; vertical-align: top;">
            <div>Section 5.15 Negotiation of Rights of the Parties</div>
          </td>
          <td style="width: 4.23%; vertical-align: bottom; text-align: right;">
            <div>8<br>
            </div>
          </td>
        </tr>

    </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
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    <div><br>
    </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 July 5, 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="text-align: center; font-weight: bold;">ARTICLE I</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">DEFINITIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 1.1 <u>Definitions</u>.</div>
    <div><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>
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    <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>
    <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>
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    <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>
    <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="text-align: center; font-weight: bold;">ARTICLE II</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; 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><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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 2.3 <u>Enforcement</u>.</div>
    <div><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 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>
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    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE III</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">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; text-indent: 36pt;">Section 3.2 <u>Procedures for 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;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 id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">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><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><br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">ARTICLE V</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">MISCELLANEOUS</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; 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>
    <div><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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><br>
    </div>
    <div style="text-align: justify; 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 take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any
      applicable law, statute, rule or regulation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; 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>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">[signature page follows]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1934df668c1d4e3190949100d309c7e9" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>&#160;/s/ Stavros Gyftakis</div>
            </div>
          </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: bottom;">
            <div>&#160;Stavros Gyftakis</div>
          </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: bottom;">
            <div>&#160;Chief Financial Officer</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="vertical-align: top;">
            <div>Address for Notice:</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>United Maritime Corporation</div>
            <div>154 Vouliagmenis Avenue</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>166 74 Glyfada, Greece</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Attention: General Counsel</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Attention (email): legal@usea.gr</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">(Signature Page to Rights of First Refusal and First Offer Agreement)</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
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            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>&#160;/s/ Stamatios Tsantanis</div>
            </div>
          </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: bottom;">
            <div>&#160;Stamatios Tsantanis</div>
          </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: bottom;">
            <div>&#160;Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Address for Notice:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Seanergy Martime Holdings Corp.</div>
            <div>154 Vouliagmenis Avenue</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>166 74 Glyfada, Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Attention: General Counsel</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Attention (email): legal@seanergy.gr</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold; font-style: italic;">(Signature Page to Rights of First Refusal and First Offer Agreement)
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>10
<FILENAME>ny20004194x8_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<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">Exhibit 10.4</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CONTRIBUTION AND CONVEYANCE AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This contribution and conveyance agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is entered into as of July 5, 2022 by and between Seanergy Maritime Holdings Corp., a Marshall Islands corporation (&#8220;<font style="font-weight: bold;">Seanergy</font>&#8221;) and United Maritime Corporation, a Marshall Islands corporation (&#8220;<font style="font-weight: bold;">United
        Maritime</font>&#8221;). The foregoing shall be referred to individually as a &#8220;<font style="font-weight: bold;">Party</font>&#8221; and collectively as the &#8220;<font style="font-weight: bold;">Parties</font>.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
        </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="z3876cdba75bd4221adf489441363330a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
        </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="zf8f33d69a9b54a5fa4134106d2538da4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Seanergy owns all of the outstanding shares (the &#8220;<font style="font-weight: bold;">Vessel-Owning Subsidiary Shares</font>&#8221;) of Sea Glorius Shipping Co., a Marshall Islands
                corporation (the &#8220;<font style="font-weight: bold;">Vessel-Owning Subsidiary</font>&#8221;), which
                owns the Capesize drybulk vessel Gloriuship with IMO number 9266944 (the &#8220;<font style="font-weight: bold;">Vessel</font>&#8221;).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each of the following transactions shall occur in accordance with and 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="za4bb1ea735854a319cfcf66988c680be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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 United Maritime (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 1,512,004&#160; 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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>

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    <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify;">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; font-weight: bold;">ARTICLE I</div>
    <div style="text-align: center; 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="z5f634a1a7b7344789d6ea7d57fa750ff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="z9086fd6a260543eb8e5f50560acb61dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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="z23e1a81477cf4a55ad46ec49bfac2b6d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
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    </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="z5edb7b8e05314323a82cc3bf993f71d9" cellpadding="0" cellspacing="0">

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          <td style="width: 35.45pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE II</div>
    <div style="text-align: center; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF SEANERGY; DISCLAIMER</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="zd2001724c4b14c62a03c5d168be3692e" cellpadding="0" cellspacing="0">

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          <td style="width: 35.45pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
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    </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="z6a04e577075242fa9d22076f6f3a39cd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
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          <td style="width: 35.45pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">2</font></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="z2be13d41babc4290b8dc565c2d7e6c5c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
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    </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="z55ca193dbbd44d38b0e5d03df8032a5e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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="zaa185c785f054835b99241be962ae5de" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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-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="z8457708453f7425caea13c4eeb3eb424" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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="zb5f66c64c7294ba0a9e7cf5df3a89876" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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="za78d03f0dbce4b9fad0d8162df34702b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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-family: 'Times New Roman',Times,serif; 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="zf72a3403707440409e5a5d219ab918c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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="zaacf745a03044df28bcfd19db8a7c6dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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 the Republic of
              the Marshall Islands; 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.</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="z7c5cd7694e474543b314013ce5d36273" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; 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="zfa492110c5d847e4b6c6b45308419e6d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">2.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE III</div>
    <div style="text-align: center; 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="z2ecd60f7db124d19b75d2941e56ed4d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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; font-weight: bold;">ARTICLE IV</div>
    <div style="text-align: center; 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;">4.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><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.</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: 35.45pt; vertical-align: top; align: right;">4.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><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.</div>
            </td>
          </tr>

      </table>
    </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-family: 'Times New Roman',Times,serif; 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>
    <div style="text-align: center; font-weight: bold;">ARTICLE V</div>
    <div style="text-align: center; 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="z5b283ae7cf5940e29cef1245c2825f34" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Power of Attorney</u>. Each Party that has conveyed any interests as reflected by this Agreement (collectively, the &#8220;<font style="font-weight: bold;">Conveying Parties</font>&#8221;) hereby constitutes and appoints each of Stamatios Tsantanis, Stavros Gyftakis, Theodora Mitropetrou and Maria Moschopoulou, each of 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 (each an &#8220;<font style="font-weight: bold;">Attorney-in-Fact</font>&#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.</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="z844c5298b091449c82cbdd9698fa7f41" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="zb3ba0ee9e78b4ef89444a8a98be32986" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="z4b02251f2aee41a581539eb30ea49351" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; 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="z1d5df6eaf6ab459187367767f6bb70e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="zfdb2396f5819489fbe011eb902d05e24" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="zc0154523c0aa4ae7b0af401ba925e3fc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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="z3414c09d68594b61be3401d34ab260d6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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>
    <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="z8e06101e7927457ba50b755ca37d0646" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; align: right;">5.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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>

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          <td style="width: 35.45pt; vertical-align: top; align: right;">5.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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>
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          <td style="width: 35.45pt; vertical-align: top; align: right;">5.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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>
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    <div style="text-align: justify;">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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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;">/s/ Stamatios Tsantanis</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
          </td>
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            <div style="text-align: justify;">Stamatios Tsantanis</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;">/s/ Stavros Gyftakis</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">Name:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">Stavros Gyftakis</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>11
<FILENAME>ny20004194x8_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<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">Exhibit 10.5</div>
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    <div style="text-align: center;">Dated July 5, 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: center;">INDEX</div>
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          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CLAUSE</div>
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          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PAGE</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">1</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">INTERPRETATION</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
          </td>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">2</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">SERVICES</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
          </td>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">3</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">FEES AND EXPENSES</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">3</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">RIGHT TO SUB-CONTRACT</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">3<br>
            </div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">ASSIGNMENT</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">4</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">6</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">LIABILITY AND INDEMNITY</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">4</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">7</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">NO JOINT VENTURE</div>
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          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">5<br>
            </div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">8</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">DURATION OF THE AGREEMENT</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">5<br>
            </div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">9</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">NOTICES</div>
          </td>
          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">10</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">APPLICABLE LAW AND JURISDICTION</div>
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          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6<br>
            </div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">11</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">MISCELLANEOUS</div>
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          <td style="width: 22%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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        </tr>

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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;">i</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold;">THIS MASTER MANAGEMENT AGREEMENT</font> (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;), dated as of July 5, 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;">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><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOW THEREFORE THE PARTIES HEREBY AGREE:</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="z20a8220372464d548b84b33e21b35bc3" cellpadding="0" cellspacing="0">

        <tr>
          <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;">INTERPRETATION</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <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>
    <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="zf6e2a2883ebe4bca8b44213c04ea1d44" 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;">SERVICES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <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>
    <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="zd5c36986b43b401dac709d4d471d9b62" 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>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 institutions;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c87331efff248938753585ad71980bf" 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>the establishment and maintenance of an appropriate accounting system (if required) and adequate internal control over financial reporting;</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="z1540ac8b85614065b356a39afa26a173" 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 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>
          </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="z12f957ed0d8847c59846a808e0ac873b" 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>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>
          </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="zf4401e7d044a4b03b231d2e0cc072fae" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
          </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="zcef92f12af48422d95fa5c8f7afb42a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
        </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="zfbebc3bbd007463baa5096cdc77c669b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the provision of services for the sale and purchase 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="z1f1ef59569fb4adeb7abf6e5dd45ea1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
        </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="z6bc5e1059f62433bbabe9cdfd13b036d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
          </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="z8e3e211187844eac9defcabff24bbd79" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the conducting of investor relations functions on behalf of 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="zb136276c0aea4863a3d4fd00daf588b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
          </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="z859c781b745f4d6db5010ab070322e8c" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62d890aff80a4369877f405eaf8a3e70" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfd4c7f698e64f0a8eced2c2c94bf340" 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="z4491971fd70d4f4db80eab0eed30d777" 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="z5455ca09a3f44aed8bee2fe92e2baea1" 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="zae9aaf29fe604c3b9c5a7f5e8d5590e6" 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).&#160;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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zece1231fea6041a2972893e96f52d954" 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&#8217;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 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 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="zeed4bb85283b467e9f673b52a7e04c72" 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="z36db5b5519ff40ea864f23b48cdc2f4d" 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 if any of the following occurs (&#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="z271b8aa0ce244ff3b7b0dd40051cd0de" 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d7e91edeba445ba9c4436530674f603" 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>acts of God, including fire, explosions, unusually or unforeseeably bad weather conditions, epidemic, lightning, earthquake or tsunami;</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="za71f0e1b376d44f5ac65be41f32c8d6f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38e56a46b4224c389570743d315a81c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd48c50ef4eb54bf4af78dacaa177a433" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9cc906fb19074d23807a46ad23c8238a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(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>
    <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-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 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&#160;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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba0f9da648924030a2c06ba0e8fc4b62" 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;">NO JOINT VENTURE</div>
          </td>
        </tr>

    </table>
    <div><br>
    </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="z272e391602354e319f9f522b7b2eafe7" 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 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 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="z6cb80a213e744e2b8e6bfc1c11ee687e" 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@usea.gr / legal@usea.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><br>
    </div>
    <div style="text-align: justify;">Any notice:</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="ze54ed4a8eb324e3993b4909618a76b47" 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>if validly delivered on a Business Day, shall be deemed to have been given when delivered; 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="z18b3945f901d4b7cbf02e25161c3ba1e" 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>if validly transmitted by fax on a Business Day, shall be deemed to have been given on that Business Day.</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="z152fe781a50b40a79d57c3cb8905b229" 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;">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; 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 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 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="z5de31d284b7341ebb6ca97dd8b3fdc67" 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; 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; 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb14cca5c635e4371961803dcbd5acaeb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">[signature page follows]</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>
    <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>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z625707cabee345adac2ca5019d582c78" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">The Manager</div>
            <div style="font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>&#160;/s/ Stamatios Tsantanis</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">
            <div>&#160;Stamatios Tsantanis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">
            <div>&#160;Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>&#160;/s/ Stavros Gyftakis</div>
            </div>
          </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: bottom;">
            <div>&#160;Stavros Gyftakis</div>
          </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: bottom;">
            <div>&#160;Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-style: italic;">[Signature Page to Master Management Agreement]</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: center; font-weight: bold;">Schedule I</div>
    </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: #000000;" id="z63bffa6243854c37abdc326dadc5aa0a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 23.64%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Vessel Name</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
            </div>
          </td>
          <td style="width: 76.36%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">SPVs</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.64%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="margin-left: 9pt; font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="margin-left: 9pt; font-family: 'Times New Roman',Times,serif;">M/V Gloriuship (IMO 9266944)</div>
            <div style="margin-left: 9pt; font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
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          <td style="width: 76.36%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;">Sea Glorius Shipping Co., of the Republic of the Marshall Islands</div>
          </td>
        </tr>

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      <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-10.9
<SEQUENCE>12
<FILENAME>ny20004194x8_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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      <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 10.9<br>
      </div>
      <div><br>
      </div>
      <div>Dated 1 July 2022</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">(originally) US$22,500,000 facility with</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="color: rgb(0, 0, 0);">US$</font>4,950,000<font style="color: rgb(0, 0, 0);"> outstanding</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">SEA GLORIUS SHIPPING CO.</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">as Borrower</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">as Existing Guarantor</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">UNITED MARITIME CORPORATION</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">as Replacement Guarantor</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">KROLL AGENCY SERVICES LIMITED</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">as Facility Agent</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">and</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">KROLL TRUSTEE SERVICES LIMITED</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">as Security Agent</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">DEED OF RELEASE, ACCESSION AND AMENDMENT</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">relating to a facility agreement dated 15 July 2020</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">in respect of the refinancing of certain existing indebtedness</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">secured on m.v. "</font>GLORIUSHIP<font style="color: rgb(0, 0, 0);">"</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: center; color: #000000; font-weight: bold;">Index</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table id="z75861a307d5c4d58b0be0e02090ef141" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="2" rowspan="1" style="font-weight: bold;">Clause</td>
            <td rowspan="1" style="width: 5%;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">1<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Definitions and Interpretation</font></font></td>
            <td style="width: 5%; text-align: right;">1<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">2<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Conditions Precedent</font></font></td>
            <td style="width: 5%; text-align: right;">3<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">3<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Representations</font></font></td>
            <td style="width: 5%; text-align: right;">3<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">4<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Release of Existing Guarantor</font></font></td>
            <td style="width: 5%; text-align: right;">4<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">5<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Agreement and Waiver</font></font></td>
            <td style="width: 5%; text-align: right;">4<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">6<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Accession of Replacement Guarantor</font></font></td>
            <td style="width: 5%; text-align: right;">4<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">7<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Amendments to Facility Agreement
                  and Other Finance Documents</font><br>
              </font></td>
            <td style="width: 5%; text-align: right;">5<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">8<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Further Assurance</font></font></td>
            <td style="width: 5%; text-align: right;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">9<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Costs and Expenses</font></font></td>
            <td style="width: 5%; text-align: right;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">10<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Notices</font></font></td>
            <td style="width: 5%; text-align: right;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">11<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Counterparts</font></font></td>
            <td style="width: 5%; text-align: right;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">12<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Governing Law</font></font></td>
            <td style="width: 5%; text-align: right;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">13<br>
            </td>
            <td style="width: 90%;"><font style="color: #000000;"><font style="color: #000000;">Enforcement</font></font></td>
            <td style="width: 5%; text-align: right;">9<br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Schedules</div>
            </td>
            <td style="width: 5%;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1"><font style="color: #000000;">Schedule 1 Conditions Precedent</font></td>
            <td rowspan="1" style="width: 5%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1">&#160;</td>
            <td rowspan="1" style="width: 5%; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="font-weight: bold;">Execution</td>
            <td rowspan="1" style="width: 5%;"><br>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1"><br>
            </td>
            <td rowspan="1" style="width: 5%; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1"><font style="color: #000000;">Execution Pages</font></td>
            <td rowspan="1" style="width: 5%; text-align: right;">11<br>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <br>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">THIS DEED </font>is made on 1 July 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="z7f266bb19e30447ea15b6bdd3b2ad082" 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 "</font><font style="font-weight: bold; color: #000000;">Borrower</font><font style="color: #000000;">")</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="zebe662ea290143aeb59edeffc8cda92c" 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 "</font><font style="font-weight: bold; color: #000000;">Existing Guarantor</font><font style="color: #000000;">")</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="z75f5ec746e29413581095d9eb0f76b6e" 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 "</font><font style="font-weight: bold; color: #000000;">Replacement Guarantor</font><font style="color: #000000;">")</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="ze485623c69844bb283a31c19432427d1" cellpadding="0" cellspacing="0">

        <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 "<font style="font-weight: bold;">Facility Agent</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="z111d39e0ff3349dcac8b22365ed43038" 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 "<font style="font-weight: bold;">Security Agent</font>")</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="za3739089a8da4ae693c650b18571f5d7" 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>

    </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="zb2911e1e7e184f4ba4a665ad00546b7a" 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="z1ab090fddadc49a5b3481d4a0c928ec2" 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="zb503873f64a446d0a364faf5c29204bb" cellpadding="0" cellspacing="0">

        <tr>
          <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;">"<font style="font-weight: bold;">Amended Facility
        Agreement</font>" 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;">"<font style="font-weight: bold;">Effective Date</font>"
      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;">"<font style="font-weight: bold;">Existing Obligor</font>"
      means the Borrower and the Existing Guarantor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Facility Agreement</font>"
      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>
    <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; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">New Shares Security</font>"
      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;">"<font style="font-weight: bold;">Obligor</font>" means
      the Borrower and the Replacement Guarantor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Party</font>" means a
      party to this Deed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">"<font style="font-weight: bold;">Released Shares
        Security</font>" 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;">"<font style="font-weight: bold;">Shares Transfer</font>"
      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;">"<font style="font-weight: bold;">Spin-Off</font>"
      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="z192f62e0a661450ba2f04566cbb5858a" 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="z720718c10dda4678a5833637a0924a41" cellpadding="0" cellspacing="0">

        <tr>
          <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;">"<font style="font-weight: bold;">Spin-Off Completion
        Date</font>" 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="z83ccac8185fc4263a39a39030664b395" 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="z809552bec4ee4f019b2244102511da2a" 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="za85a196066184664a56b792e3fcd8e1d" 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 "agreed form" 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="zac751d453ad5415b8530dc069269d934" 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>

    </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="z21738d22aa79486a8151522cd5c48fe9" 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>

    </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="z744563db43cc40a7a8662c4b142f097d" cellpadding="0" cellspacing="0">

        <tr>
          <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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea4857485a774a70aa7df5297a9a48f0" cellpadding="0" cellspacing="0">

        <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="zd673c9952bcf45909d0ad6251b507f08" 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>

    </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="z46fda38b9ffc4480b79dc28618016707" 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;">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>
        </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="zb429bef945524ba4abf95e2224d1caa5" 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>
        </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="z4090f25cc21c4eee8201c92cf1bc3b03" 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;">CONDITIONS PRECEDENT</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="zc0570f707dc742a295990255697d0ce4" 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 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="z37ccc24f29e442afb3bd616e98572ca9" 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="z8e388a8414944f1db598fef02f4d1c75" 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="z283ffb9807c0436c9eae351a72b48ca2" 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="zc405b7dd7d904bbcb83c8bcff53b9fba" 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="z39c55cf168a84ba8adfe8ef00e9d28f4" 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="zeab1c2b92bc9464f999dfd6da331775b" 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="z35839b43a13b4a48a33e09c9b5a8a837" 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="z0a0c83e728a14da3a5bc4581a3d25eaa" 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="zf39517305df347148aaf7abcde110b65" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb1d7012538442d7af3c6ab530820adb" 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="z4af74921750b4eebbb1f312de5f524e4" 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="zc9b2b4d87a13485ba1537f64bd278509" 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="ze8d665140449424688a6d205f173bd57" 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="zb977e91698144ceeb8b4b11d8a5283a4" 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="z7294dc55cdc34e4993ba87fc32f02a8b" 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="z94e6cb6ade86471eabf0f12070e5c9cd" 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="zf4b8575c6c9b4268ab8b47958eedcec6" 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="z40a766498b1047c3b91edaa2ebb9b255" 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="z30bfeeea5bea4db6a89099043f5b8d70" 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="z62360f817b7d4ec689c074c42a6a6646" 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="z4eb54c553e3c44c0a912b89af0c30268" 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="z1ac2617f721e480c9ba138140ae519ce" 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="zadc1f0b9d44c4812a107894c9c70e408" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf196da8f837c4fa49e71ed9e3c0ca712" 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="z8d95706bea06466d886b6b4bdd237602" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za620ba53c00a4edab690886f0aa6dcea" 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="zffe488d9f66843eab52567bcb1c00d76" 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="zc564c625f1ce495d95994d3dd5b6b7d5" 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="zcd9ae0d98e1e4402b00a09a39361dccc" 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 "Seanergy Maritime Holdings Corp." shall be deleted entirely and replaced with "United Maritime Corporation";</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="z7c32373e39164480b82feba1e94ad8df" 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="zd8bd9a65fe79454184990c73c6ada87a" 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 "New Shares
              Security";</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="z333218288f494752b4f008eacaba508c" 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="zdcad60fdd507405f8883986af4943efe" 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;">""</font><font style="font-weight: bold; color: #000000;">Deed of Release, Accession and Amendment</font><font style="color: #000000;">" means the deed of
        release, accession and amendment dated </font>1<font style="color: #000000;"> July 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.";</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="z1f54bd8335cf4e77a52179f4e5f17e9e" 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 "Finance Documents" shall be added to include a reference to "the Deed of Release, Accession and
              Amendment";</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="z73eea3770a8b4099a3bd0618de61cb50" 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 "Original Financial Statements" 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="zbbff280d1bff447d9f0466dc1dc12d73" 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;">"The Guarantor is authorised to issue
        2,100,000,000 shares of capital stock in aggregate, consisting of: (a) 2,000,000,000 registered shares of common stock, par value $0.0001, of which approximately 1.5 million shares are issued and outstanding, and (b) 100,000,000 registered shares
        of preferred stock, par value $0.0001, of which 40,000 shares designated as Series B Preferred Stock and 5,000 shares designated as Series C Preferred Stock, are issued and outstanding</font>.<font style="color: #000000;">";</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="zfc4462963b824ab9b33b5fc00d32c11c" 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="z1e2bb09ce0474c37aa903ab0be1c48a9" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19df5ab6a82640d79f33f064ec421502" 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="zf86db7d1a8bf422ab1e43a4d159099ba" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3362b48c324f443087b86649e017cdce" 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="z7d9a804c71b64609b2bf847001e4cac3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.45pt;"><br>
          </td>
          <td style="width: 36.55pt; vertical-align: top; align: right; color: #000000;">"(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;">";</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="zf556dcc68765457b82ebae76247cec4f" 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze73014ef0a934b2cb99d763cc52271a6" 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 style="color: #000000;">the address, fax number and other contact details of the Facility Agent and the Security Agent in part C of schedule 1 (<font style="font-style: italic;">the parties</font>) of the Facility Agreement shall be deleted and replaced with the following:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.15pt; margin-left: 1.3pt; color: #000000;">&#8220;The News Building, Level 6, 3 London Bridge Street, London, England SE1 9SG</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.15pt; margin-left: 1.3pt; color: #000000;">Fax: + 44 207 354 6132</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Attention: Kroll Agency and Trustee Services Limited (deals@ats.kroll.com)&#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="z880f59ead94e4758ace3f96969f89fd1" 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="zd8d994972cdb4a21920c3abfb749fee2" 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="z41359f0c7ac648e38ac888f51a0d9701" 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 "this Agreement" 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="zacba93d34eaf485f9e0873e154909aad" 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="z2e4c8b1da55c472d9a1cdd24a11fdad9" 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="zecb31d63f7a5409195d73d1d502e35a7" 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="z0c80f76dd79a42c3b0ed024b6bf74975" 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="z28b661f10d334e30ad29701f7d023c77" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd51f678acd34d219a467f3fa9995ca6" 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;;</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="zf4d52fe4043c4cdd8d811b824b05abb2" 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="z5258f2361a934fbf8350bd594b7f65b5" 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 "this Deed", "hereunder" 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="z28889b6128504578966f13410668bd44" 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="z7f8ab756945040bea103e2de13259e0d" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4bb8d1169f964f06b043ae25ddf5706a" 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="z8cd56472f4c74bb6a50773897dc73287" 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="zb7fb44e2d00541c28e3ddcb76cc07a0b" 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="zb196dbbbb6b94e5aab6bb014aa1e9607" 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="zadbabcf1b6a34ad5b8c815dd2635e198" 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="z3186c5addfaf45bca6d5276ebca1e854" 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="z1bea1d1e293c41b39552437850f009de" 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="zd7e876c7abc94ff39106d2b29ceb2030" 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="zc1e6618d58f24f0f904e5222de58814c" 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="zc418cda56b014c88afc654ee549db2f0" 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="z1f1ddaa1d8fb4f0aab3b913e266c891e" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f98fc06aafa44e29a530ccbe92d1b6c" 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="ze37dc53f7b3f4fbab0f2b6cf64b66f94" 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="z5753c70041bd431494d2b136354fa45c" 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="z7891ebb4f404456d89b0aed506ca5a2d" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d1d7e658cfe49e399b295dee43d801e" 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="z6d30e72396ed4715a06597f043117682" 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="zff631decbe9f47a683e00509fc1892fc" 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><br>
    </div>
    <div style="text-indent: 35.45pt; color: #000000;">Email: legal@seanergy.gr</div>
    <div><br>
    </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="zea8920a3d7204343a67d81d8a52acc2a" 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="z86a351abe77441b4b5f28306f8174e86" 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 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb67fd793fea04c9fa971f309def64750" 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="z3a5f7fd6e6c34fae944268f932384693" 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="z8b9fd960788e4568b57ebd3cb64fa30a" 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="font-weight: bold;">Dispute</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="z21f7d99bc23146f8be9e03b10c3717de" 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="z56ec1c9f0c4a4cbdb50603f1eb388196" 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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ddcf83e376b4154ad646343725daf5c" 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="zdea90a052c884fd8ba29138f101e11a8" 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="zdd6576568aaa4ba49abc8ed1b5eaccfb" 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="z76043830d9974c6286917b4f1cf1e1f6" 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="zce8b332529f34772bc6dc537bc32b7b7" 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><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>
    <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 1</div>
    <div><br>
    </div>
    <div style="text-align: center; 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="zf69dbf6f24dd4b14aec27f2a799267dd" 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;">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="ze972c227075c45a1843a1340a3379b3b" 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="zd8a65d8f16a04f83b4e2f3202debdb5a" 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="z34799a8dbc984ee887b6abdb123c5ea1" 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="zb423c2363f5541e0bc6ae01e3c474d33" 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="z92a9d59be0084cb4aff546ed32319e53" 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="z6e1ff4eb652e4af096af5d7f32769a9f" 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="z04545e6b03be4a5fb4370ceecc5bc010" 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="za696e53d87824845b7c461fc3f3a4982" 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="zbee23f3f9ec245ffbfa6fcc1a74cd280" 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="zfd91a053bacb42b689d521768b85f77d" 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="z20bd14e011fd451c8ae121cd0a127de8" 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="z163db870686844b3ab88f9356df6b3d3" 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="z9dad92b53e94497581d52ead5ac0b394" 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 "know your customer", FATCA or similar
              identification procedures in relation to the transactions contemplated by this Deed and the New Shares Security.</div>
          </td>
        </tr>

    </table>
    <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>
    <div style="text-align: center; color: #000000; font-weight: bold;">EXECUTION PAGES</div>
    <br>
    <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="z5a82dc674b1c48758007568f91212d22" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BORROWER</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">by <font style="font-weight: bold;">SEA GLORIUS SHIPPING CO.</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by Stavros Gyftakis</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being Attorney in Fact</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' signature: /s/ Maria Kalothetou</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
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        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' name: Maria Kalothetou</div>
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          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' address: 154 Vouliagmenis Avenue</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1667 Glyfada, Athens Greence</div>
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          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXISTING GUARANTOR</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">by <font style="font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by Stavros Gyftakis</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being Attorney in Fact</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' signature: /s/ Maria Kalothetou</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' name: Maria Kalothetou</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' address: 154 Vouliagmenis Avenue</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1667 Glyfada, Athens Greece</div>
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          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPLACEMENT GUARANTOR</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">by <font style="font-weight: bold;">UNITED MARITIME CORPORATION</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by Stavros Gyftakis</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being Attorney in Fact</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' signature: /s/ Maria Kalothetou</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' name: Maria Kalothetou</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' address: 154 Vouliagmenis Avenue</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16674 Glyfada, Athens Greece</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FACILITY AGENT</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">by <font style="font-weight: bold;">KROLL AGENCY SERVICES LIMITED</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(previously Lucid Agency Services Limited)</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by Maria Ioanna Pantelaki</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being Attorney in Fact</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' signature: /s/ Charikleia Mavromati</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' name: Charikleia Mavromati</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' address: 348 Syngrou Avenue</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;176 74 Kallithea Athens Greece</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITY AGENT</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">by <font style="font-weight: bold;">KROLL TRUSTEE SERVICES LIMITED</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; 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: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">acting by Maria Ioanna Pantelaki</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">being Attorney in Fact</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">in the presence of:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' signature: /s/ Charikleia Mavromati</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' name: Charikleia Mavromati</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Witness' address: 348 Syngrou Avenue</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;176 74 Kallithea Athens Greece</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">)</div>
          </td>
        </tr>

    </table>
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    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>13
<FILENAME>ny20004194x8_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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  <div style="text-align: right; color: rgb(0, 0, 0); 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"></div>
  <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> Exhibit 10.10</div>
  <div><br>
  </div>
  <table id="z064bc464989e41b2816bcf5dd6aed5b0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 60%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 40%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Norwegian Shipbrokers&#8217; Association&#8217;s </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">Memorandum of Agreement for sale and </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">purchase of ships. Adopted by BIMCO in 1956.</div>
          <div style="text-align: center; color: rgb(0, 0, 0);"> <br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">Code-name</div>
          <div style="text-align: center; color: rgb(0, 0, 0);"> <br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SALEFORM 2012</div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">Revised 1966. 1983 and 1986/87, 1993 and 2012.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">MEMORANDUM OF AGREEMENT</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Dated: <font style="font-weight: bold;">11</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> July 2022</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Godam Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake
      Islands, Majuro, Marshall Islands MH 96960, IMO No. 6141169 </font><font style="font-family: 'Times New Roman';">(Name of sellers), hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Parosea Shipping Co., Trust Company Complex, Ajeltake Road, Ajeltake
      Islands, Majuro, Marshall Islands MH 96960 </font><font style="font-family: 'Times New Roman';">(Name of buyers) hereinafter called the &#8220;Buyers&#8221;, have agreed to buy</font></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Name of vessel: <font style="font-weight: bold;">GODAM</font></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">IMO Number: <font style="font-weight: bold;">9297371</font></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Classification Society/Class: <font style="font-weight: bold;">Lloyd&#8217;s Register</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 45pt;">Class Notation: <font style="font-weight: bold;">+100 A1 Double Hull Tanker ESP,Ship Right (SDA,FDA,CM), *IWS, LI, Ice Class 1A FS, +LMC IGS, UMS, CCS, NAV1, IBS, COW (LR), ETA,
      Green Passport, Part Higher Tensile Steel, PL(LR), SBT(LR), SHipRight(BWMP (S), ES +1 (within 0.4L), PCWBT (06/2011), SERS, MCM, SCM)</font></div>
  <div style="text-align: justify; text-indent: -15.75pt; margin-right: 16.45pt; margin-left: 41.7pt; color: rgb(0, 0, 0);"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="margin-left: 45pt;">
    <table id="zc175ae0966cc4cd8a0e0a22f265931ff" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Year of Build: <font style="font-weight: bold;">2006</font></div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="color: rgb(0, 0, 0);">Builder/Yard: <font style="font-weight: bold;">Samsung Heavy Industries Co. Ltd., Korea</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 55%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Flag: <font style="font-weight: bold;">Marshall Islands</font></div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Place of Registration: <font style="font-weight: bold;">Majuro</font></div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">GT/NT: <font style="font-weight: bold;">63,462/ 34,210</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-indent: -20.85pt; margin-left: 41.7pt; color: rgb(0, 0, 0);"> <br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 45pt;">Definitions</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Banking days&#8221; are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8
    (Documentation) and New York &#8211; NY, London &#8211; England, Majuro -Republic of the Marshall Islands and Athens<font style="font-weight: bold;">- Greece </font><strike>(add additional jurisdictions as appropriate)</strike>.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Buyers&#8217; Nominated Flag State&#8221; means <font style="font-weight: bold;">the Republic of the Marshall Islands</font>.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Class&#8221; means the class notation referred to above.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Classification Society&#8221; means the Society referred to above.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit)</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit Holder&#8221; means <font style="font-weight: bold;">Watson Farley &amp; Williams, 5</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece </font>(<font style="font-weight: bold;">Athens office) </font><strike>(state name and location of Deposit Holder) or, if left </strike><strike>&#160;</strike><strike>blank,

      the Sellers&#8217; Bank</strike>, which shall hold and release the Deposit <font style="font-weight: bold;">and the Balance Price and the Charges </font>in accordance with this Agreement <font style="font-weight: bold;">and the relevant escrow
      agreement(s)</font>.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Parties&#8221; means the Sellers and the Buyers.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price)</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="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%2%%%-->
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Account&#8221; means <font style="font-weight: bold;">USD Account No.: 0103542612, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Godam Maritime Limited</font>, (state details of bank account)
    at the Sellers&#8217; Bank.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Bank&#8221; means <font style="font-weight: bold;">Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank, New York,
      USA - SWIFT Code: SCBLUS33 </font>(state name of bank, branch and details) <strike>or, if left blank, the bank notified by the Sellers to the Buyers</strike> for receipt of the balance of the Purchase Price.</div>
  <div><br>
  </div>
  <div>
    <div>
      <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z3038f14ba8054d21b84bc9de2825fe30" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 45pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1.</div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Purchase Price</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Purchase price is <font style="font-weight: bold;">USD 20,250,000 only (United States Dollars Twenty Million Two Hundred Fifty Thousand only) </font>(state currency and amount both in words and
    figures).</div>
  <div><br>
  </div>
  <table id="z84c563fe346141c1b7b759f646d2c847" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Deposit</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of <font style="font-weight: bold;"><strike>% </strike></font><strike>(per cent) or, if left blank,</strike>
    10% (ten per cent), of the Purchase Price (the &#8220;Deposit&#8221;) in an <font style="font-weight: bold;">escrow </font>account <strike>for the parties</strike> with the Deposit Holder within three (3) Banking Days after the date that:</div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zc043cfc1b3404c5eada9753820d2a338" class="DSPFListTable" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 72pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0);">this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <div>
      <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="ze49e45759f6048d19519a8ea028f58a9" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="color: rgb(0, 0, 0);">(ii)</div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);">the Deposit Holder has confirmed in writing to the Parties that the account has been <strike>O</strike><font style="font-weight: bold;">opened</font> and<font style="font-weight: bold;"> is ready to receive
                  funds</font>;</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Deposit shall be <font style="font-weight: bold;">held by the Deposit Holder on behalf of the Parties and only be </font>released in accordance with joint written instructions of the Parties.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>Interest, if any, shall be credited to the Buyers.</strike> Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit
    Holder all necessary documentation to open and maintain the account without delay.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.</div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <div>
          <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z656cc21a32f245449dfcbdc96d3ce49f" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr style="vertical-align: top;">
                <td style="width: 45pt;">&#160;</td>
                <td style="vertical-align: top; width: 27pt;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">3.</font></div>
                </td>
                <td style="vertical-align: top; width: auto;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Payment</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Purchase Price of the Vessel and all other sums payable. </font><font style="font-family: 'Times New Roman';"><strike>O</strike></font><font style="font-family: 'Times New Roman'; font-weight: bold;">on </font><font style="font-family: 'Times New Roman';">delivery </font><font style="font-family: 'Times New Roman'; font-weight: bold;">by the Buyers to the Sellers under this Agreement, shall be paid as follows on delivery </font><font style="font-family: 'Times New Roman';">of the Vessel, but </font><font style="font-family: 'Times New Roman'; font-weight: bold;">in any case </font><font style="font-family: 'Times New Roman';">not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices) <font style="font-weight: bold;">and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol of Delivery and Acceptance duly signed by the Sellers and the Buyers:</font></font></div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <div>
          <div>
            <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z11444018d1ca4dcfb0623a951d317b38" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="text-align: left; color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify; color: rgb(0, 0, 0);">the Deposit shall be released to the Sellers; and</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
  </div>
  <br>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr 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 style="color: rgb(0, 0, 0); font-weight: bold;">
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable" cellpadding="0" cellspacing="0">

                    <tr style="vertical-align: top;">
                      <td style="width: 72pt;">&#160;</td>
                      <td style="vertical-align: top; width: 27pt;">
                        <div style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                      </td>
                      <td style="vertical-align: top; width: auto;">
                        <div style="color: rgb(0, 0, 0); text-align: justify;">The <font style="font-weight: bold;">90% </font>balance of the Purchase Price <font style="font-weight: bold;">(the &#8220;Balance Price&#8221;) </font>and all other sums payable on
                          delivery by the Buyers to the Sellers under this Agreement shall be <strike>paid</strike><font style="font-weight: bold;">released </font>in full free of bank charges to the Sellers&#8217; Account.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;">The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any
    other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the &#8220;Charges&#8221;) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel&#8217;s delivery and the Buyers shall provide a
    swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers&#8217; sole behalf and at Buyers&#8217; sole release instructions. The Deposit shall be released to the
    Sellers in full against and upon the Sellers&#8217; and Buyers&#8217; joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the
    Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers&#8217; and the Buyers&#8217; authorized representatives. Any surplus amount to be immediately released to the
    Buyers&#8217; account.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;">Payment of the Purchase Price shall be settled by the Buyers by:</div>
  <div><br>
  </div>
  <div>
    <div>
      <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zab8b8607863345659933e99acce33d87" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 99pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(i)</div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: justify;">the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the &#8220;Sellers&#8217;
                Debt&#8221;); plus</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <table id="z89ce12f7a5ba49d9aec05aa14ae94394" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 99pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(ii)</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: justify;">paying to the Sellers an amount equal to the Purchase Price less the Sellers&#8217; Debt in cash in accordance with this Clause 3.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <div>
      <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="za3336071e18e406bbb44bf018bc0a1f5" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 45pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">4.</div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Inspection</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *The Buyers have <strike>inspected</strike><font style="font-weight: bold;">waived the inspection </font>and accepted the Vessel&#8217;s classification records. The Buyers <strike>have also inspected
      the Vessel at/in&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>&#160;(state place) on&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>&#160;(state date) and</strike> have accepted the Vessel <font style="font-weight: bold;">and the Vessel&#8217;s classification records</font><strike>following this inspection</strike> and the
    sale is outright and definite, subject only to the terms and conditions of this Agreement.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b) *The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare whether same are accepted or not within</strike>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<strike>(state date/period)</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period).</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for examination by the Buyers.</strike></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr 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 style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman';"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this
        Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the Date/last day of the period stated in Line 59, whichever is the
        earlier.Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned,
        if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.*</strike></font><font style="font-family: 'Times New Roman'; font-style: italic;"><strike>4 (a) and 4(b) are alternatives; delete whichever is
        not applicable. In the absence of deletions, alternative 4(a) shall apply.</strike></font></div>
  <div><br>
  </div>
  <table id="ze85f44cdcd74405db5025470efef403b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Time and place of delivery and notices</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage <strike>at/in</strike>&#160;<font style="font-weight: bold;">worldwide </font>(state
    place/range), in the Sellers&#8217; option. Notice of Readiness shall not be tendered before: <font style="font-weight: bold;">1</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="font-weight: bold;"> August 2022 </font>(date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: <font style="font-weight: bold;">16</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> August 2022</font></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;provide the Buyers with twenty (20), <font style="font-weight: bold;">fifteen (15) days&#8217; approximate
      and </font>ten (10), five (5) <strike>and</strike> three (3)<font style="font-weight: bold;">, two (2) and one (1) </font>days&#8217; <font style="font-weight: bold;">firm </font>notice of the date the Sellers intend to tender Notice of Readiness and
    of the intended place of delivery.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating
    the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217;
    Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217; notification
    shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force and
    effect.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr 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 style="color: rgb(0, 0, 0); margin-left: 72pt;">(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; Default) for the
    Vessel not being ready by the original Cancelling Date.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit<strike> together with interest earned, if any,</strike> shall be released immediately to the
    Buyers whereafter this Agreement shall be null and void.</div>
  <div><br>
  </div>
  <table id="z4a1cbda69ccf4325a6a6b1431a1c7500" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Divers Inspection / Drydocking</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a)*</div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zddb61ced069e47b9a65d0890db7026a7" class="DSPFListTable" cellpadding="0" cellspacing="0">

                    <tr style="vertical-align: top;">
                      <td style="width: 72pt;">&#160;</td>
                      <td style="vertical-align: top; width: 27pt;">
                        <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                      </td>
                      <td style="vertical-align: top; width: auto;">
                        <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the
                            delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at
                            their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by
                            the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the
                            inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost
                            and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent
                            re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb1288d8904cb49bda8e3b50ae58658b4" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless
                repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel&#8217;s underwater parts
                below the deepest loadline, the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification
                Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society&#8217;s attendance.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr 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>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z12bfe93363fe4a13bd5f852f3b0b47a1" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left; color: rgb(0, 0, 0);"><br>
            </div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the
              Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification
              Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable
              independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise.
              Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of
              Readiness prior to such estimate having been established.</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb0b543d865dc4eeda864275a51d6ce29" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is to be drydocked pursuant to Clause 6(a) (ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a
                port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per
                Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of
                fourteen (14) days.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z4391711200544d669accb53a1f1b5c1c" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(b)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>*The Seller shall place the Vessel in drydock at the port of delivery for inspection by the</strike>&#160;<strike>&#160;</strike><strike>Classification Society of the Vessel&#8217;s
                  underwater parts below the deepest load line, the extent</strike>&#160;<strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike>&#160;<strike>propeller, bottom or other underwater parts below the
                  deepest loadline are found broken,</strike>&#160;<strike>&#160;</strike><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike>&#160;<strike>&#160;</strike><strike>Sellers&#8217; cost and expense to the
                  satisfaction of the Classification Society without</strike>&#160;<strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike>&#160;<strike>expenses in connection with putting the Vessel in and taking her
                  out of drydock, including the</strike>&#160;<strike>&#160;</strike><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike>&#160;<strike>and expenses if parts of the tailshaft system are condemned
                  or found defective or broken so as to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z1938ae8ccbda43758896bfaef752336d" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is drydocked pursuant to Clause 6(a) (ii) <strike>or 6(b)</strike> above:</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z4d2d4f83146648d88ec93dbab6385a7b" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such survey
                is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society&#8217;s
                rules for tailshaft survey and consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the
                Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be renewed
                or made good at the Sellers&#8217; costs and expense to the satisfaction of the Classification Society without condition/recommendation.**</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zee7cfd9dadf4411487e586c75f7bb03e" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike>&#160;<strike>The Buyers unless the Classification Society requires such survey
                  to be carried out or if</strike>&#160;<strike>parts of the system are condemned or found defective or broken so as to affect the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses.</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z288032d56dd340ac87fb7e5f866805e6" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society
                surveyor.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zaa05ac9e92094bcab03a2db492658f6a" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iv)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the
                Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do,
                the additional docking time needed to complete the Buyers&#8217; work shall be for the Buyer&#8217;s risk, cost and expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers may upon completion of the Sellers&#8217; work tender
                Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*6(a) and 6(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6(a) shall apply.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
  <table id="zce7c07cdd83346e1abd7876b0716f098" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Spares/bunkers, etc.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board <strike>and on shore</strike>. All spare parts and spare equipment including spare tail-end shaft(s) and/or
    spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers&#8217; property, but spares on order are to be excluded. Forwarding charges, if any, shall be for
    the Buyers&#8217; account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be
    the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s personal
    belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:&#160; &#160; &#160; &#160; <strike>(include list)</strike>&#160;<font style="font-weight: bold;">as per the Annex I enclosed herewith. </font>
    Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: <font style="font-weight: bold;">as per the Annex I enclosed herewith&#160; &#160; &#160;&#160; </font><strike>(include list)</strike>.<font style="font-weight: bold;">&#160;</font>Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums <font style="font-weight: bold;">remaining onboard at
      delivery </font>and pay <strike>either</strike>:</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; <strike>or</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b)</strike>&#160;<strike>* the current net market price (excluding barging expenses) at the port and date of delivery</strike>&#160;<strike>of the Vessel or, if unavailable, at the nearest bunkering
      port.</strike>&#160;<strike>for the quantities taken over.</strike></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-weight: bold;">Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers&#8217; and Sellers&#8217; representatives on board not earlier than 3 (three)
    days and no later than one<font style="color: rgb(0, 0, 0);">(1)</font> <font style="color: rgb(0, 0, 0);">day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be consumed until the
      expected date of delivery, to be mutually agreed by the Parties&#8217; respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board the Vessel shall be
      determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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 style="color: rgb(0, 0, 0); margin-left: 72pt;">Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;Inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement
    shall be the relevant date.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.</div>
  <div><br>
  </div>
  <table id="zb06a0cd7fe2e4c889fe89bd06618adb4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">8.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Documentation</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The place of closing: <font style="font-weight: bold;">Virtual attendance of Parties&#8217; representatives as agreed between the Parties.</font></div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="za4ab706930444ddaa0ff2d14334512d0" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><strike>(a)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;"><font style="font-weight: normal;">In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the</font> </font><strike>following</strike>
                    delivery documents <font style="font-weight: bold;">required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed and
                      shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement</font>:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <div>
          <div>
            <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z38e11d1f5b6149f3adc5f518557c4c35" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(i)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Legal Bill(s) of Sale , in a form recordable in the Buyers&#8217; Nominated Flag State,</strike>&#160;<strike>transferring title of the Vessel and stating that the Vessel is
                          free from all mortgages,</strike>&#160;<strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and</strike>&#160;<strike>&#160;</strike><strike>legalised or apostilled, as required by the Buyers&#8217; Nominated
                          Flag State;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z02561c620dec417990eaac62c5a52b2b" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Sellers to authorise the execution, delivery and performance of
                  this Agreement;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z25c972d523a64331bca05c58da824c09" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Sellers in the performance of this Agreement, duly
                  notarially attested and legalised</strike>&#160;<strike>or apostilled (as appropriate);</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z28be4a3b1ae34011a2b2e08e5f6699ec" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left; color: rgb(0, 0, 0);"><strike>(iv)</strike></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left; color: rgb(0, 0, 0);"><strike>Certificate or Transcript of registry issued by the competent authorities of the flag state</strike>&#160;<strike>&#160;</strike><strike>on the date of delivery evidencing the Sellers&#8217; ownership
                of the Vessel and that the</strike>&#160;<strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike>&#160;<strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as
                possible after delivery of the Vessel;</strike></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z00e00739518b4054b2a46f21aea3fa0d" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(v)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike>&#160;<strike>Certificate issued within three (3) Banking Days prior to delivery
                  confirming that the</strike>&#160;<strike>Vessel is in Class free of condition/recommendation;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="za954e2e3b27a4903b07d9a8675653579" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left; background-color: rgb(255, 255, 255);"><strike><font style="color: rgb(0, 0, 0);">(vi)</font></strike></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike>&#160;<strike>&#160;</strike><strike>deletion appropriate to the Vessel&#8217;s
                  registry at the time of delivery, or, in the event that</strike>&#160;<strike>the registry does not as a matter of practice issue such documentation immediately, a</strike>&#160;<strike>written undertaking by the Sellers to effect deletion from the
                  Vessel&#8217;s registry forthwith</strike>&#160;<strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike>&#160;<strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel
                  has</strike>&#160;<strike>been delivered;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z3f670396c9fe4addb97439054d6381d9" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike>&#160;<strike>&#160;</strike><strike>Vessel ceased to be registered with the Vessel&#8217;s
                  registry, or, in the event that the registry</strike>&#160;<strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike>&#160;<strike>from the Sellers to provide the copy of this certificate promptly
                  upon it being issued</strike>&#160;<strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike>&#160;<strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z148690c3419b47f1a9bf4c69eb52dae2" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(viii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial Invoice for the Vessel;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z64e4e94b8fa04dada16fcc41379275d7" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ix)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z743fdb9516ae4db6911b84533597c38f" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(x)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Sellers&#8217; letter to their satellite communication provider canceling the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s communications contract which is to be
                  sent immediately after delivery of the</strike>&#160;<strike>Vessel;</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z9f8a61b9f723432e921b4c6cc30e0f69" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xi)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Any additional documents as may reasonably be required by the competent authorities of</strike>&#160;<strike>&#160;</strike><strike>the Buyers&#8217; Nominated Flag State for the purpose
                  of registering the Vessel, provided the</strike>&#160;<strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike>&#160;<strike>this Agreement; and</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zbd89455757c4471a97fd1a2110814b6f" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike>&#160;<strike>black listed by any nation or international organization</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb325e7e55c0345c992a45222069679b9" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(b)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>At the time of delivery the Buyers shall provide the Sellers with:</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z3005a08224f44092878b5b2d902a7c4c" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(i)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Buyers to authorise the execution, delivery and performance of
                  this Agreement; and</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z7a653504c4ea4588b235e01dea4f21e7" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 72pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Buyers in the performance of this Agreement, duly
                  notarially attested and legalized</strike>&#160;<strike>or apositilled (as appropriate).</strike></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z9656305462a74346bc23cb992572c187" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized translator or
                certified by a lawyer qualified to practice in the country of the translated language.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zf9cc4c93fd3f41f79dea2d8d25939bde" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(d)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other
                party not later than &#160; &#160; &#160; (state number of days), or if left blank, nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zf3837de627d74c34bb77f59608f6dd4a" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(e)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all
                plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case
                the Buyers have the right to take copies.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z69b281e17bb94f1886d3d717c2a293ae" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(f)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Other technical documentation which may be in the Sellers&#8217; possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers
                may keep the Vessel&#8217;s log books <font style="font-weight: bold;">(to be in place for the last six (6) months) </font>but the Buyers have the right to take copies of same.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z9b86f770d5d44f69b2dfaa3989ab9f07" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(g)</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z8f9582d5b4c34d2fb499c7b2b691bef9" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">9.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Encumbrances</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages <strike>and</strike><font style="font-weight: bold;">,&#160;</font>maritime liens, <font style="font-weight: bold;">taxes, claims </font>or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against
    the Vessel which have been incurred prior to the time of delivery <font style="font-weight: bold;">or arose out of or with respect to events occurred prior to the time of delivery</font>.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z3b27caec4af54a6296ec4eda666bd718" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">10.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Taxes, fees and expenses</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Any taxes, fees and expenses in connection with the purchase and registration under the Buyers&#8217; flag shall be for the Buyers&#8217; account, whereas similar charges in connection with the closing of the
    Sellers&#8217; register shall be for the Sellers&#8217; account.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z90f0cf10360d431e8eb9d32f026e43e8" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">11.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Condition on delivery</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be
    delivered and taken over as she was at the time of inspection, fair wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of average damage
    affecting the Vessel&#8217;s Class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation* by the Classification
    Society or the relevant authorities at the time of delivery.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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 style="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
    Agreement shall be the relevant date.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">&#8220;Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z7e82a333c8824fc5be2b0d47e0abe62b" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">12.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Name/markings</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z6f0396d6fd1f48b6974333cbe828e600" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">13.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; default</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for
    all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be
    released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z5250387e8c8e404ebe45d2c402efb460" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">14.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Sellers&#8217; default</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of
    cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of
    Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give
    Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven
    negligence and whether or not the Buyers cancel this Agreement.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z207297628c0f4fa381d2ac6574d6af72" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">15.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; representatives</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and Expense. <font style="font-weight: bold;">The Buyers shall pay to the Sellers at the time of delivery US$20/day/person <font style="font-weight: bold;">as </font>victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the
      Buyers&#8217; representatives at the time of delivery/closing. </font></div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and
    the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of indemnity prior to their embarkation.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z4e7e73d0b01c4b8c838a7acd2f2e8e99" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">16.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Law and Arbitration</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(a) </font><font style="font-family: 'Times New Roman';">This Agreement shall be governed
      by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement 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 arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) <font style="font-weight: bold;">terms </font>current at
      the time when the arbitration proceedings are commenced.</font></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring
    the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so
    within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration may, without the requirement of
    any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by
    agreement.</div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">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>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>&#160;(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike>&#160;<strike>United States Code and the substantive law (not including the choice of law rules) of
      the State</strike>&#160;<strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike>&#160;<strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto,</strike>&#160;<strike>and
      the third by the two so chosen; their decision or that of any two of them shall be final, and</strike>&#160;<strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike>&#160;<strike>competent jurisdiction. The
      proceedings shall be conducted in accordance with the rules of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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 style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the</strike>&#160;<strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of
      the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</strike><strike>(state place ) and any dispute arising out of or in connection with this
      Agreement shall be referred to arbitration at&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strike> <strike>(state place), subject to the procedures applicable there.</strike></div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*16(a),16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply.</div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="ze02963af7b2848ba914651ce27f6a29f" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">17.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Notices</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div style="margin-left: 72pt;"><br>
    All notices to be provided under this Agreement shall be in writing. </div>
  <div style="margin-left: 72pt;"> <br>
  </div>
  <div style="margin-left: 72pt;">
    <div style="color: rgb(0, 0, 0);">Contact details for recipients of notices are as follows:</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">
      <div style="color: rgb(0, 0, 0);">For the Buyers:</div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="color: rgb(0, 0, 0);">
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;">c/o 154 Vouliagmenis Avenue </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
        </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;">166 74 Glyfada, Athens, Greece </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
        </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;">Attn.: Legal Department </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
        </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;">Facsimile: +30 210 96 38 404</div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
        </div>
        <div style="margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">E-mail: <u>legal@seanergy.gr<br>
            </u></div>
          <div style="color: rgb(0, 0, 0); font-weight: bold;"><u><br>
            </u></div>
          <div style="color: rgb(0, 0, 0); font-weight: normal;">
            <div style="color: rgb(0, 0, 0);">For the Sellers:</div>
            <div style="color: rgb(0, 0, 0);"> <br>
            </div>
            <div style="color: rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">c/o PT Kroll Consulting Indonesia </div>
              <div style="margin-right: 294.4pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
              </div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">World Trade Centre 2, 9th Floor</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
              </div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Jl. Jend. Sudirman Kav. 29 &#8211; 31, Jakarta 12920, Indonesia </div>
                <div style="margin-right: 199.2pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
                </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Attn.: Director</div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
                </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Email: <u>dl.bull.working.group@kroll.com</u></div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z16a70da3d900475f9818effeafcc2c11" class="DSPFListTable" cellpadding="0" cellspacing="0">

        <tr style="vertical-align: top;">
          <td style="width: 45pt;">&#160;</td>
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">18.</font></div>
          </td>
          <td style="vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Entire Agreement</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether
    oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty
    (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made. Nothing in this
    Clause shall limit or exclude any liability for fraud.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
    <div>
      <div>
        <div>
          <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="za2009119d3854b85978c70cdb019132b" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr style="vertical-align: top;">
                <td style="width: 45pt;">&#160;</td>
                <td style="vertical-align: top; width: 27pt;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">19.</font></div>
                </td>
                <td style="vertical-align: top; width: auto;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Confidentiality</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection with
    the processing of this transaction (including but not limited to disclosures to the Parties&#8217; financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the efforts of the
    Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.</div>
  <div><br>
  </div>
  <table id="za3bebf52544443ae9889eae550d7cad2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">20.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Sanction Clause</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the United
    Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury&#8217;s Office of Foreign Asset Control (OFAC) (collectively, &#8220;Sanctions
    Authorities&#8221;), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned (&#8220;Sanctioned Entity&#8221;)
    pursuant to OFAC&#8217;s Specially Designated Nationals List (&#8220;SDN List&#8221;) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates are owned or controlled 50 per
    cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the other
    arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any prior, pending
    or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or (b) the subject of or
    provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with sanctions , anti-terrorism, anti-
    bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any person, entity or country subject to blocking
    or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">The Sellers and Buyers, warrant, represent and undertake on a continuing basis:</div>
  <div><br>
  </div>
  <div>
    <div>
      <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z22a774cb1fa14854b94c15e5c9085ad9" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 90pt;">&#160;</td>
            <td style="vertical-align: top; width: 18pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(a)</div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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>
  <table id="ze9cdfe5229104eb49c020bda8d94d80c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 90pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(b)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table id="z6b90314095954e13bc80b9bc84c749ef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 90pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(c)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or who owns
            or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably request; and</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table id="z92cf4a9e48b2467cbab6839c38da123c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 90pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(d)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers confirm that to the best of the Sellers&#8217; knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any national,or
            international law or regulation.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings contained in
    this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.</div>
  <div><br>
  </div>
  <table id="z6629f26bb5db491aa693a1988a257845" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45pt;"><br>
        </td>
        <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">COVID Clause:</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Notwithstanding Clause 5 above,</div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">(a) should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel
      become impossible due to an official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(b)</font> <font style="font-weight: bold; color: rgb(0, 0, 0);">should the Vessel be recommended or instructed against by a competent authority,
      prohibited, banned or otherwise prevented in any manner from entry to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(c)</font> <font style="font-weight: bold; color: rgb(0, 0, 0);">should the Buyer&#8217;s proposed crew be recommended or instructed against by a
      competent authority or otherwise prevented in any manner from entry into the country / port nominated by the Sellers, as the delivery place or</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(d)</font> <font style="font-weight: bold; color: rgb(0, 0, 0);">should the Sellers&#8217; crew be instructed against by a competent authority or
      otherwise prevented in any manner from disembarking the Vessel at the port nominated by the Sellers as the delivery place or</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(e)</font> <font style="font-weight: bold; color: rgb(0, 0, 0);">if the Vessel is otherwise prevented in any way from becoming ready for delivery
      at the nominated delivery place by any authority of such place in connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in
      Clause 5.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">In case the new delivery date nominated by Sellers is later than the <strike>c</strike>Cancelling <strike>d</strike>Date, Buyers shall accept a delay of the
    delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may mutually agree to
    cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and in such an event the
    Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the Buyers. All other costs to be for
    the Sellers&#8217; account.</div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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 style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the norms/protocols
    issued at the place of delivery causing delay in takeover.</div>
  <div><br>
  </div>
  <table id="zba30d3f847b24cec8074270609b44822" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">For and on behalf of the Sellers</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">For and on behalf of the Buyers</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">&#160;</td>
        <td style="width: 45%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">/s/ Benjamin John Crilly</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">/s/ Stamatios Tsantanis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">&#160;</td>
        <td style="width: 45%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Name: Benjamin John Crilly</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Name: Stamatios Tsantanis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">&#160;</td>
        <td style="width: 45%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 11%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 44%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Title:Director</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Title: Director / President</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
  </div>
  <div>
    <div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 60%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; margin-right: 17.3pt;">Norwegian Shipbrokers&#8217; Association&#8217;s </div>
              <div style="text-align: center; margin-right: 17.3pt;">Memorandum of Agreement for sale and</div>
              <div style="text-align: center; margin-right: 17.3pt;"> purchase of ships. Adopted by BIMCO in 1956.</div>
              <div style="text-align: center; margin-right: 5.6pt;"> <br>
              </div>
              <div style="text-align: center; margin-right: 5.6pt;">Code-name</div>
              <div style="text-align: center; margin-right: 5.6pt;"> <br>
              </div>
              <div style="text-align: center; margin-right: 5.5pt; font-weight: bold;">SALEFORM 2012</div>
              <div style="text-align: center; margin-right: 5.5pt; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; margin-right: 5.8pt;">Revised 1966. 1983 and 1986/87, 1993 and 2012.</div>
            </td>
          </tr>

      </table>
      <div style="margin-left: 5.75pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">MEMORANDUM OF AGREEMENT</div>
      <div style="color: rgb(0, 0, 0); margin-left: 45pt;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#160;Dated: <font style="font-weight: bold;">11</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> July 2022</font></div>
      <div><br>
      </div>
      <div style="margin-right: 16.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&#160;Mandala Maritime Ltd, Trust Company Complex, Ajeltake Road,
          Ajeltake Islands, Majuro, Marshall Islands MH 96960, IMO No. 6141169 </font><font style="font-family: 'Times New Roman';">(Name of sellers), hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</font></div>
      <div><br>
      </div>
      <div style="margin-right: 16.45pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&#160;Bluesea Shipping Co., Trust Company Complex, Ajeltake Road,
          Ajeltake Islands, Majuro, Marshall Islands MH 96960 </font><font style="font-family: 'Times New Roman';">(Name of buyers) hereinafter called the &#8220;Buyers&#8221;, have agreed to buy</font></div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#160;Name of vessel: <font style="font-weight: bold;">MANDALA</font></div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#160;IMO Number: <font style="font-weight: bold;">9297357</font></div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#160;Classification Society/Class: <font style="font-weight: bold;">Lloyd&#8217;s Register</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 16.45pt; color: rgb(0, 0, 0); margin-left: 45pt;">Class Notation: <font style="font-weight: bold;">*100A1 Double Hull Oil Tanker, ESP, ShipRight (SDA, FDA, CM), *IWS, LI, Ice Class 1A FS, *LMC IGS, UMS,
          CCS, NAV1, IBS, COW(LR), ETA, Part Higher Tensile Steel, PL (LR), SBT (LR), ShipRight (BWMP (S), ES+ 1 (within 0.4L), PCWBT (02/06), SERS, SCM)</font></div>
      <div><br>
      </div>
      <div style="margin-left: 45pt;">
        <table style="border-collapse: collapse; width: 90%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Year of Build: <font style="font-weight: bold;">2006</font></div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Builder/Yard: <font style="font-weight: bold;">Samsung Heavy Industries Co. Ltd., Korea</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Flag: <font style="font-weight: bold;">Marshall Islands</font></div>
              </td>
              <td style="width: 28%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Place of Registration: <font style="font-weight: bold;">Majuro</font></div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">GT/NT: <font style="font-weight: bold;">63,462/ 34,210</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0); font-weight: bold;">Definitions</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Banking days&#8221; are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in
        Clause 8 (Documentation) and <font style="font-weight: bold;">New York &#8211; NY, London &#8211; England, Majuro -Republic of the Marshall Islands and Athens<font style="font-weight: bold;">- Greece</font> </font><strike>(add additional jurisdictions as
          appropriate)</strike>.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Buyers&#8217; Nominated Flag State&#8221; means <font style="font-weight: bold;">the Republic of the Marshall Islands</font>.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Class&#8221; means the class notation referred to above.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Classification Society&#8221; means the Society referred to above.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit)</div>
      <div><br>
      </div>
      <div style="margin-right: 16.4pt; margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Deposit Holder&#8221; means <font style="font-weight: bold;">Watson Farley &amp; Williams, 5</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece </font>(<font style="font-weight: bold;">Athens office) </font><font style="font-weight: normal;"><strike>(state

            name and location of Deposit Holder) or, if left</strike>&#160;<strike>&#160;</strike><strike>blank, the Sellers&#8217; Bank</strike></font>, which shall hold and release the Deposit <font style="font-weight: bold;">and the Balance Price and the Charges </font>in

        accordance with this Agreement <font style="font-weight: bold;">and the relevant escrow agreement(s)</font>.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Parties&#8221; means the Sellers and the Buyers.</div>
      <div><br>
      </div>
      <div style="margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price)</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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="margin-right: 16.5pt; margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Sellers&#8217; Account&#8221; means <font style="font-weight: bold;">USD Account No.: 0103448675, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Mandala Maritime Limited</font>,
        (state details of bank account) at the Sellers&#8217; Bank.</div>
      <div><br>
      </div>
      <div style="margin-right: 28.85pt; margin-left: 47.35pt; color: rgb(0, 0, 0);">&#8220;Sellers&#8217; Bank&#8221; means <font style="font-weight: bold;">Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank:
          Standard Chartered Bank, New York, USA - SWIFT Code: SCBLUS33 </font>(state name of bank, branch and details) <strike>or, if left</strike>&#160;<strike>blank, the bank notified by the Sellers to the Buyers</strike> for receipt of the balance of the
        Purchase Price.</div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">1.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Purchase Price</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Purchase price is <font style="font-weight: bold;">USD 20,250,000 only (United States Dollars Twenty Million Two Hundred Fifty Thousand only) </font>(state currency and amount both in words
        and figures).</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">2.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Deposit</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 72pt;">As security for the correct fulfilment of this Agreement the Buyers shall lodge a depos<font style="font-weight: normal;">it of <strike>% </strike></font><strike><font style="font-weight: normal;">(per </font>cent) or, if left blank,</strike> 10% (ten per cent), of the Purchase Price (the &#8220;Deposit&#8221;) in an <font style="font-weight: bold;">escrow </font>account <strike>for the parties</strike> with the Deposit Holder within
        three (3) Banking Days after the date that:</div>
      <div style="margin-left: 83.35pt;"><font style="color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">the Deposit Holder has confirmed in writing to the Parties that the account has been&#160;<strike> <font style="font-weight: normal;">O</font></strike><font style="font-weight: bold;">opened</font> and <font style="font-weight: bold;">is ready to receive funds;</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Deposit shall be <font style="font-weight: bold;">held by the Deposit Holder on behalf of the Parties and only be </font>released in accordance with joint written instructions of the Parties.
        <strike>Interest, if any, shall be credited to the Buyers.</strike> Any fee charged for holding and releasing the Deposit shall&#160;&#160; be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open
        and maintain the account without delay.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">3.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Payment</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Purchase Price of the Vessel and all other sums payable. </font><font style="font-family: 'Times New Roman'; font-weight: normal;"><strike>O</strike></font><font style="font-family: 'Times New Roman'; font-weight: bold;">on </font><font style="font-family: 'Times New Roman';">delivery <font style="font-weight: bold;">by the Buyers to the Sellers under this Agreement, shall be paid as follows on delivery </font>of the Vessel, but <font style="font-weight: bold;">in any case </font>not later than three (3) Banking Days after the date that Notice of
          Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices) <font style="font-weight: bold;">and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the
            Protocol of Delivery and Acceptance duly signed by the Sellers and the Buyers</font>:</font></div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table class="DSPFListTable" id="z731742ef17f24b1d993cd880942e547e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">the Deposit shall be released to the Sellers; and</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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; color: rgb(0, 0, 0); font-weight: bold;">
        <div>
          <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

              <tr style="vertical-align: top;">
                <td style="width: 72pt;">&#160;</td>
                <td style="vertical-align: top; width: 27pt;">
                  <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                </td>
                <td style="vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The <font style="font-weight: bold;">90% </font>balance of the Purchase Price <font style="font-weight: bold;">(the &#8220;Balance Price&#8221;) </font>and all other sums payable
                      on delivery by the Buyers to the Sellers under this Agreement shall be <strike>paid</strike><font style="font-weight: bold;">released </font>in full free of bank charges to the Sellers&#8217; Account.</font></div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;">The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any
        other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the &#8220;Charges&#8221;) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel&#8217;s delivery and the Buyers shall provide a
        swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers&#8217; sole behalf and at Buyers&#8217; sole release instructions. The Deposit shall be released to the
        Sellers in full against and upon the Sellers&#8217; and Buyers&#8217; joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the
        Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers&#8217; and the Buyers&#8217; authorized representatives. Any surplus amount to be immediately released to
        the Buyers&#8217; account.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;">Payment of the Purchase Price shall be settled by the Buyers by:</div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <div>
              <table class="DSPFListTable" id="z88f8176d49a947258fa80ddbd4de9d9a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">(i)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the &#8220;Sellers&#8217; Debt&#8221;); plus</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <div>
              <table class="DSPFListTable" id="z86aef02798494f22b5fa7813c78b890b" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">(ii)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">paying to the Sellers an amount equal to the Purchase Price less the Sellers&#8217; Debt in cash in accordance with this Clause 3.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z4249a453fdef4dd0abc7c49182193c13" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div><font style="font-weight: bold; color: rgb(0, 0, 0);">4.</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div><font style="font-weight: bold; color: rgb(0, 0, 0);">Inspection</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="margin-right: 16.35pt; margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">(a) *The Buyers have <strike>inspected</strike><font style="font-weight: bold;">waived the inspection </font>and accepted the Vessel&#8217;s classification
        records. The Buyers <strike>have also inspected the Vessel at/in<u>&#160; &#160; &#160; </u>(state place) on _____ (state date) and</strike> have<u>&#160;</u>accepted the Vessel <font style="font-weight: bold;">and the Vessel&#8217;s classification records</font><strike>following

          this inspection</strike> and the sale is outright and definite, subject only to the terms and conditions of this Agreement.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;(b) *The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare</strike>&#160;<strike>whether same are accepted or not within (state date/period)</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;The Sellers shall make the Vessel available for inspection at/in (state place/range) within</strike>&#160;<strike>(state date/period).</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;The Buyers shall undertake the inspection without undue delay to the Vessel. Should the</strike>&#160;<strike>Buyers cause undue delay they shall compensate the Sellers for the losses
          thereby incurred.</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for</strike>&#160;<strike>examination by the Buyers.</strike></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this</strike>&#160;<strike>Agreement, provided that the Sellers receive written notice
          of acceptance of the Vessel from</strike>&#160;<strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the</strike>&#160;<strike>Date/last day of the period stated in Line 59, whichever is the earlier.</strike>&#160;<strike>Should

          the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of</strike>&#160;<strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as</strike>&#160;<strike>aforesaid, the Deposit together
          with interest earned, if any, shall be released immediately to the</strike>&#160;<strike>Buyers, whereafter this Agreement shall be null and void.</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman';"><strike>&#160;*</strike></font><font style="font-family: 'Times New Roman'; font-style: italic;"><strike>4
            (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font><font style="font-family: 'Times New Roman';">&#160;<font style="font-style: italic;"><strike>alternative 4(a) shall apply.</strike></font></font></div>
      <div><br>
      </div>
      <div>
        <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="ze442026a129f4465a2298438b475a2fb" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div><font style="font-weight: bold; color: rgb(0, 0, 0);">5.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><font style="font-weight: bold; color: rgb(0, 0, 0);">Time and place of delivery and notices</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage <strike>at/in</strike>&#160;<font style="font-weight: bold;">wordlwide </font>(state

        place/range), in the Sellers&#8217; option. Notice of Readiness shall not be tendered before: <font style="font-weight: bold;">1</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="font-weight: bold;"> August 2022 </font>(date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: <font style="font-weight: bold;">16</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> August 2022</font></div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall provide the Buyers with twenty (20), <font style="font-weight: bold;">fifteen (15) days&#8217;
          approximate and </font>ten (10), five (5) <strike>and</strike> three (3)<font style="font-weight: bold;">, two (2) and one (1) </font>days&#8217; <font style="font-weight: bold;">firm </font>notice of the date the Sellers intend to tender Notice
        of Readiness and of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the
        Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in
        accordance with Clause 14 (Sellers&#8217; Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the
        Sellers&#8217; notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">&#160;If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
        and effect.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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="color: rgb(0, 0, 0); margin-left: 81pt;">(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; Default) for
        the Vessel not being ready by the original Cancelling Date.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit<strike> together with interest earned, if any,</strike> shall be released immediately
        to the Buyers whereafter this Agreement shall be null and void.</div>
      <div><br>
      </div>
      <div>
        <table style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z03b98f0693df47c584c26027fc2b8359" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div><font style="font-weight: bold; color: rgb(0, 0, 0);">6.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><font style="font-weight: bold; color: rgb(0, 0, 0);">Divers Inspection / Drydocking</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a)*</div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table class="DSPFListTable" id="zee519241fb7d403f9dedd297f24f3a8c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery
                        of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost
                        and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The
                        Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the
                        conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the
                        Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may
                        not tender Notice of Readiness prior to completion of the underwater inspection.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1)
                    unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel&#8217;s
                    underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of
                    the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society&#8217;s attendance.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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>
        <div>
          <div style="margin-left: 108pt;">
            <div>
              <div style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">Notwithstanding </font>anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next
                class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the
                satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work
                obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless
                the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The
                Sellers may not tender Notice of Readiness prior to such estimate having been established.</div>
            </div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is to be drydocked pursuant to Clause 6(a) (ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel
                    to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range
                    as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a
                    maximum of fourteen (14) days.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(b)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>*The Seller shall place the Vessel in drydock at the port of delivery for inspection by the</strike>&#160;<strike>&#160;</strike><strike>Classification Society of the Vessel&#8217;s
                      underwater parts below the deepest load line, the extent</strike>&#160;<strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike>&#160;<strike>propeller, bottom or other underwater parts below
                      the deepest loadline are found broken,</strike>&#160;<strike>&#160;</strike><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike>&#160;<strike>&#160;</strike><strike>Sellers&#8217; cost and expense to
                      the satisfaction of the Classification Society without</strike>&#160;<strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike>&#160;<strike>expenses in connection with putting the Vessel in and
                      taking her out of drydock, including the</strike>&#160;<strike>&#160;</strike><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike>&#160;<strike>and expenses if parts of the tailshaft system
                      are condemned or found defective or broken so as to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</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>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is drydocked pursuant to Clause 6(a) (ii) <strike>or 6(b)</strike> above:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                    survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification
                    Society&#8217;s rules for tailshaft survey and consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the
                    inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel&#8217;s class, those
                    parts shall be renewed or made good at the Sellers&#8217; costs and expense to the satisfaction of the Classification Society without condition/recommendation.**</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike>&#160;<strike>The Buyers unless the Classification Society requires such
                      survey to be carried out or if</strike>&#160;<strike>parts of the system are condemned or found defective or broken so as to affect the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and
                      expenses.</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                    Society surveyor.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iv)</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the
                    Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to
                    do, the additional docking time needed to complete the Buyers&#8217; work shall be for the Buyer&#8217;s risk, cost and expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers may upon completion of the Sellers&#8217; work
                    tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-style: italic; text-indent: 0pt; margin-left: 81pt;">*6(a) and 6(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6(a) shall apply.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-style: italic; text-indent: -9pt; margin-left: 81pt;">&#160;&#160; **Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be
        taken into account.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">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>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 54pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">7.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Spares/bunkers, etc.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board <strike>and on shore</strike>. All spare parts and spare equipment including spare tail-end shaft(s)
        and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers&#8217; property, but spares on order are to be excluded. Forwarding charges, if any,
        shall be for the Buyers&#8217; account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the
        replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s,
        officers&#8217; and crew&#8217;s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:&#160; &#160; &#160; <strike>(include list)</strike>&#160;<font style="font-weight: bold;">as per the Annex I
          enclosed herewith</font>. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: <font style="font-weight: bold;">as per the Annex I enclosed herewith&#160; &#160;&#160; </font><strike>(include

          list)</strike>.<font style="font-weight: bold;">&#160;</font>Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and
        expense.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums <font style="font-weight: bold;">remaining onboard at
          delivery </font>and pay <strike>either</strike>:</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">&#160; (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; <strike>or</strike></div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;"><strike>&#160;(b)</strike>&#160;<strike>* the current net market price (excluding barging expenses) at the port and date of delivery</strike>&#160;<strike>of the Vessel or, if unavailable, at the nearest
          bunkering port.</strike>&#160;<strike>for the quantities taken over.</strike></div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">&#160;Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers&#8217; and Sellers&#8217; representatives on board not
        earlier than 3 (three) days and no later than one (1) day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be consumed until the expected date of delivery, to be mutually agreed by the
        Parties&#8217; respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board the Vessel shall be determined by a joint-survey by Buyers and Sellers
        representative basis which the balance money will be released to the Sellers.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</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="color: rgb(0, 0, 0); margin-left: 81pt;">&#160;Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">&#160; &#8220;Inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
        Agreement shall be the relevant date.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0); font-style: italic;">&#160; *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 54pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">8.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Documentation</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">The place of closing: <font style="font-weight: bold;">Virtual attendance of Parties&#8217; representatives as agreed between the Parties.</font></div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table class="DSPFListTable" id="zc885f1e661274528ac013fc0aca1abf6" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><strike>(a)</strike></font></div>
                  </td>
                  <td style="vertical-align: top;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the </font><strike>following</strike> delivery
                        documents <font style="font-weight: bold;">required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed and
                          shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement</font>:</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><strike>(i)</strike></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><strike>Legal Bill(s) of Sale , in a form recordable in the Buyers&#8217; Nominated Flag State,</strike>&#160;<strike>transferring title of the Vessel and stating that the Vessel is free from all
                    mortgages,</strike>&#160;<strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and</strike>&#160;<strike>&#160;</strike><strike>legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State;</strike></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Sellers to authorise the execution, delivery and
                      performance of this Agreement;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Sellers in the performance of this Agreement, duly
                      notarially attested and legalised</strike>&#160;<strike>or apostilled (as appropriate);</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iv)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate or Transcript of registry issued by the competent authorities of the flag state</strike>&#160;<strike>&#160;</strike><strike>on the date of delivery evidencing the
                      Sellers&#8217; ownership of the Vessel and that the</strike>&#160;<strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike>&#160;<strike>such authority to the closing meeting with the original to be sent
                      to the Buyers as soon as</strike>&#160;<strike>possible after delivery of the Vessel;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(v)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike>&#160;<strike>Certificate issued within three (3) Banking Days prior to
                      delivery confirming that the</strike>&#160;<strike>Vessel is in Class free of condition/recommendation;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vi)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike>&#160;<strike>&#160;</strike><strike>deletion appropriate to the Vessel&#8217;s
                      registry at the time of delivery, or, in the event that</strike>&#160;<strike>the registry does not as a matter of practice issue such documentation immediately, a</strike>&#160;<strike>written undertaking by the Sellers to effect deletion from
                      the Vessel&#8217;s registry forthwith</strike>&#160;<strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike>&#160;<strike>latest within four (4) weeks after the Purchase Price has been paid and the
                      Vessel has</strike>&#160;<strike>been delivered;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</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>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike>&#160;<strike>&#160;</strike><strike>Vessel ceased to be registered with the Vessel&#8217;s
                      registry, or, in the event that the registry</strike>&#160;<strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike>&#160;<strike>from the Sellers to provide the copy of this certificate
                      promptly upon it being issued</strike>&#160;<strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike>&#160;<strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s
                      registry;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(viii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial Invoice for the Vessel;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ix)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(x)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Sellers&#8217; letter to their satellite communication provider canceling the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s communications contract which is to
                      be sent immediately after delivery of the</strike>&#160;<strike>Vessel;</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xi)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Any additional documents as may reasonably be required by the competent authorities of</strike>&#160;<strike>&#160;</strike><strike>the Buyers&#8217; Nominated Flag State for the
                      purpose of registering the Vessel, provided the</strike>&#160;<strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike>&#160;<strike>this Agreement; and</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike>&#160;<strike>black listed by any nation or international organization</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(b)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>At the time of delivery the Buyers shall provide the Sellers with:</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(i)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Buyers to authorise the execution, delivery and performance
                      of this Agreement; and</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 99pt;">&#160;</td>
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Buyers in the performance of this Agreement, duly
                      notarially attested and legalized</strike>&#160;<strike>or apositilled (as appropriate).</strike></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                    translator or certified by a lawyer qualified to practice in the country of the translated language.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(d)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the
                    other party not later than &#160; &#160; &#160; &#160; (state number of days), or if left blank, nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</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>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(e)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as
                    all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in
                    which case the Buyers have the right to take copies.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(f)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Other technical documentation which may be in the Sellers&#8217; possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                    Sellers may keep the Vessel&#8217;s log books <font style="font-weight: bold;">(to be in place for the last six (6) months) </font>but the Buyers have the right to take copies of same.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(g)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">9.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Encumbrances</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages <strike>and</strike><font style="font-weight: bold;">,&#160;</font>maritime

        liens, <font style="font-weight: bold;">taxes, claims </font>or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of
        claims made against the Vessel which have been incurred prior to the time of delivery <font style="font-weight: bold;">or arose out of or with respect to events occurred prior to the time of delivery</font>.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">10.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Taxes, fees and expenses</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">Any taxes, fees and expenses in connection with the purchase and registration under the Buyers&#8217; flag shall be for the Buyers&#8217; account, whereas similar charges in connection with the closing of
        the Sellers&#8217; register shall be for the Sellers&#8217; account.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">11.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Condition on delivery</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this
        Agreement she shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without
        condition/recommendation*, free of average damage affecting the Vessel&#8217;s Class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended
        without condition/recommendation* by the Classification Society or the relevant authorities at the time of delivery.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</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="margin-left: 77.65pt; color: rgb(0, 0, 0);">&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
        Agreement shall be the relevant date.</div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0); font-style: italic;">&#8220;Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">12.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Name/markings</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">13.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; default</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for
        their losses and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest
        earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">14.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Sellers&#8217; default</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers
        shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the
        Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them
        immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses
        together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</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>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">15.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; representatives</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole
        risk and Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person <font style="font-weight: bold;">as victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the Buyers&#8217;
          representatives at the time of delivery/closing.</font></div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the
        Vessel. The Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of indemnity prior to their embarkation.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">16.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Law and Arbitration</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(a) </font><font style="font-family: 'Times New Roman';">This
          Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement 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 arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) <font style="font-weight: bold;">terms </font>current at the time when the arbitration proceedings are commenced.</font></div>
      <div><br>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;">The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the
        other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives
        notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration
        may, without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole
        arbitrator had been appointed by agreement.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">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>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike>&#160;<strike>United States Code and the substantive law (not including the
          choice of law rules) of the State</strike>&#160;<strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike>&#160;<strike>referred to three (3) persons at New York, one to be appointed by each of the parties
          hereto,</strike>&#160;<strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and</strike>&#160;<strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike>&#160;<strike>competent

          jurisdiction. The proceedings shall be conducted in accordance with the rules of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 0pt;"><strike> <br>
        </strike></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</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="color: rgb(0, 0, 0); margin-left: 81pt;"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the</strike>&#160;<strike>arbitration shall be conducted in accordance with the Shortened Arbitration
          Procedure of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);"><strike>&#160;</strike><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; (state place ) and any dispute arising out of or in connection
          with this Agreement shall be</strike>&#160;<strike>&#160;</strike><strike>referred to arbitration at</strike>&#160; &#160; &#160; &#160; &#160; &#160; <strike>(state place), subject to the procedures applicable there.</strike></div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0); font-style: italic;">*16(a),16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply.</div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">17.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Notices</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 77.65pt; color: rgb(0, 0, 0);">&#160;All notices to be provided under this Agreement shall be in writing. Contact details for recipients of notices are as follows:</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); margin-left: 81pt;">For the Buyers:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">c/o 154 Vouliagmenis Avenue </div>
      <div style="text-align: justify; margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">166 74 Glyfada, Athens, Greece </div>
      <div style="text-align: justify; margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">Attn.: Legal Department </div>
      <div style="text-align: justify; margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">Facsimile: +30 210 96 38 404</div>
      <div style="text-align: justify; margin-right: 297.35pt; color: rgb(0, 0, 0); font-weight: bold;"><br>
        <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">E-mail: <u>legal@seanergy.gr</u></div>
        <div style="color: rgb(0, 0, 0); font-weight: bold;"><u> <br>
          </u></div>
        <div style="color: rgb(0, 0, 0); font-weight: bold;">
          <div style="color: rgb(0, 0, 0); font-weight: normal; margin-left: 81pt;">For the Sellers:</div>
          <div style="color: rgb(0, 0, 0); font-weight: normal;"> <br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: normal;">
            <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">c/o PT Kroll Consulting Indonesia </div>
            <div style="margin-right: 294.4pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
            </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">World Trade Centre 2, 9th Floor</div>
            <div style="margin-right: 294.4pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
            </div>
          </div>
          <u> </u></div>
        <div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">Jl. Jend. Sudirman Kav. 29 &#8211; 31, Jakarta 12920, Indonesia </div>
          <div style="margin-right: 199.2pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">Attn.: Director</div>
          <div style="margin-right: 199.2pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
          </div>
          <div style="margin-right: 199.2pt; color: rgb(0, 0, 0); font-weight: bold;">
            <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 81pt;">Email:<u>dl.bull.working.group@kroll.com</u></div>
          </div>
        </div>
        <br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 45pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">18.</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Entire Agreement</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 81pt; color: rgb(0, 0, 0); text-indent: 9pt;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); text-indent: 0pt; margin-left: 81pt;">The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous
        agreements whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation,
        assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally
        made. Nothing in this Clause shall limit or exclude any liability for fraud.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Confidentiality</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required
        in connection with the processing of this transaction (including but not limited to disclosures to the Parties&#8217; financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel.
        Despite the efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed
        contract.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">20.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Sanction Clause</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based
        sanctions by the United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury&#8217;s Office of Foreign Asset Control (OFAC)
        (collectively, &#8220;Sanctions Authorities&#8221;), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
        (&#8220;Sanctioned Entity&#8221;) pursuant to OFAC&#8217;s Specially Designated Nationals List (&#8220;SDN List&#8221;) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates are
        owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or
        damages to the other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a)
        involved in any prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and
        regulations or (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance
        with sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
        person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 79.6pt; color: rgb(0, 0, 0); font-weight: bold;">The Sellers and Buyers, warrant, represent and undertake on a continuing basis:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(a)</td>
            <td style="vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(b)</td>
            <td style="vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(c)</td>
            <td style="vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or who
                owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably request; and</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(d)</td>
            <td style="vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers confirm that to the best of the Sellers&#8217; knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                national,or international law or regulation.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and
        undertakings contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COVID Clause:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 79.6pt; color: rgb(0, 0, 0); font-weight: bold;">Notwithstanding Clause 5 above,</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(a)</td>
            <td style="vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an official
                prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(b)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry to a
                    place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID<font style="font-weight: bold;">-</font></font><font style="font-weight: bold;">19) or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(c)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Buyer&#8217;s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into the
                    country / port nominated by the Sellers, as the delivery place or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(d)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Sellers&#8217; crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the port
                    nominated by the Sellers as the delivery place or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(e)</font></div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                    connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; text-indent: 0pt; margin-left: 81pt;">In case the new delivery date nominated by Sellers is later than the <strike>c</strike>Cancelling <strike>d</strike>Date, Buyers shall
        accept a delay of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and
        Sellers may mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid
        clauses and in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and
        the Buyers. All other costs to be for the Sellers&#8217; account.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</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-right: 16.65pt; margin-left: 79.6pt; color: rgb(0, 0, 0); font-weight: bold;">However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying
        with the norms/protocols issued at the place of delivery causing delay in takeover.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">For and on behalf of the Sellers</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">For and on behalf of the Buyers</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">/s/ Benjamin John Crilly</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">/s/ Stamatios Tsantanis</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name: Benjamin John Crilly</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name: Stamatios Tsantanis</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 44%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title: Director</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title: Director / President</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 60%; vertical-align: top; padding-bottom: 2px;">
                  <div style="margin-left: 45pt;">&#160;</div>
                </td>
                <td style="width: 40%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: center; margin-left: 45pt;">Norwegian Shipbrokers&#8217; Association&#8217;s</div>
                  <div style="text-align: center; margin-left: 45pt;"> Memorandum of Agreement for sale and</div>
                  <div style="text-align: center; margin-left: 45pt;"> purchase of ships. Adopted by BIMCO in 1956.</div>
                  <div style="text-align: center; margin-left: 45pt;">Code-name</div>
                  <div style="margin-left: 45pt;">&#160;</div>
                  <div style="text-align: center; font-weight: bold; margin-left: 45pt;">SALEFORM 2012</div>
                  <div style="margin-left: 45pt;">&#160;</div>
                  <div style="text-align: center; margin-left: 45pt;">Revised 1966. 1983 and 1986/87, 1993 and 2012.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold;">MEMORANDUM OF AGREEMENT</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Dated: <font style="font-weight: bold;">11</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> July
              2022</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Thunderbolt Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960, IMO No. 6141169 </font><font style="font-family: 'Times New Roman';">(Name of sellers), hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Minoansea Maritime Co., Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960 </font><font style="font-family: 'Times New Roman';">(Name of buyers) hereinafter called the &#8220;Buyers&#8221;, have agreed to buy</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Name of vessel: <font style="font-weight: bold;">THUNDERBOLT</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">IMO Number: <font style="font-weight: bold;">9388742</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Classification Society/Class: <font style="font-weight: bold;">American Bureau of Shipping</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Class Notation: <font style="font-weight: bold;">+A1, Oil Carrier, ESP, +AMS, +ACCU, VEC, SH, RES, SHCM, POT, ESP, CRC, CPP, RW,RRDA</font></div>
          <div><br>
          </div>
          <div style="margin-left: 45pt;">
            <table style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" align="" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 20%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Year of Build: <font style="font-weight: bold;">2008</font></div>
                  </td>
                  <td colspan="2" style="vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Builder/Yard: <font style="font-weight: bold;">Shanghai Waigaoqiao Shipbuilding Co. Ltd.</font></div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 20%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Flag: <font style="font-weight: bold;">Marshall Islands</font></div>
                  </td>
                  <td style="width: 28%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Place of Registration: <font style="font-weight: bold;">Majuro</font></div>
                  </td>
                  <td style="width: 42%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">GT/NT: <font style="font-weight: bold;">62,863/ 31,919</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both;"><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 45pt;">Definitions</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Banking days&#8221; are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in
            Clause 8 (Documentation) and <font style="font-weight: bold;">New York &#8211; NY, London &#8211; England, Majuro -Republic of the Marshall Islands and Athens<font style="font-weight: bold;">- </font>Greece </font><strike>(add additional jurisdictions
              as appropriate)</strike>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Buyers&#8217; Nominated Flag State&#8221; means <font style="font-weight: bold;">the Republic of the Marshall Islands</font>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Class&#8221; means the class notation referred to above.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Classification Society&#8221; means the Society referred to above.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit)</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit Holder&#8221; means <font style="font-weight: bold;">Watson Farley &amp; Williams, 5</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece </font>(<font style="font-weight: bold;">Athens office) </font><strike>(state name and location of Deposit Holder) or, if left</strike>&#160;<strike>&#160;</strike><strike>blank,

              the Sellers&#8217; Bank</strike>, which shall hold and release the Deposit <font style="font-weight: bold;">and the Balance Price and the Charges </font>in accordance with this Agreement <font style="font-weight: bold;">and the relevant escrow
              agreement(s)</font>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Parties&#8221; means the Sellers and the Buyers.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price)</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Account&#8221; means <font style="font-weight: bold;">USD Account No.: 0102983003, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Thunderbolt Maritime Limited</font>, (state details of
            bank account) at the Sellers&#8217; Bank.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</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="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Bank&#8221; means <font style="font-weight: bold;">Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank,
              New York, USA - SWIFT Code: SCBLUS33 </font>(state name of bank, branch and details) <strike>or, if left</strike>&#160;<strike>blank, the bank notified by the Sellers to the Buyers</strike> for receipt of the balance of the Purchase Price.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">1.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Purchase Price</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><font style="color: rgb(0, 0, 0);"><br>
            </font>The Purchase price is <font style="font-weight: bold;">USD 19,000,000 only (United States Dollars Nineteen Million only) </font>(state currency and amount both in words and figures).</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">2.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Deposit</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <div>
              <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><font style="color: rgb(0, 0, 0);"><br>
                </font>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of <font style="font-weight: bold;"><strike>% </strike></font><strike>(per cent) or, if left blank,</strike> 10% (ten per cent), of the
                Purchase Price (the &#8220;Deposit&#8221;) in an <font style="font-weight: bold;">escrow </font>account <strike>for the parties</strike> with the Deposit Holder within three (3) Banking Days after the date that:</div>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">the Deposit Holder has confirmed in writing to the Parties that the account has been<strike> O</strike><font style="font-weight: bold;">opened</font> and <font style="font-weight: bold;">is ready to receive funds;</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Deposit shall be <font style="font-weight: bold;">held by the Deposit Holder on behalf of the Parties and only be </font>released in accordance with joint written instructions of the
            Parties. <strike>Interest, if any, shall be credited to the Buyers.</strike> Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary
            documentation to open and maintain the account without delay.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">3.</div>
                  </td>
                  <td style="vertical-align: top;">
                    <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Payment</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Purchase Price of the Vessel and all other sums payable. </font><font style="font-family: 'Times New Roman';"><strike>O</strike></font><font style="font-family: 'Times New Roman'; font-weight: bold;">on </font><font style="font-family: 'Times New Roman';">delivery <font style="font-weight: bold;">by the
                Buyers to the Sellers under this Agreement, shall be paid as follows on delivery </font>of the Vessel, but <font style="font-weight: bold;">in any case </font>not later than three (3) Banking Days after the date that Notice of Readiness
              has been given in accordance with Clause 5 (Time and place of delivery and notices) <font style="font-weight: bold;">and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol
                of Delivery and Acceptance duly signed by the Sellers and the Buyers:</font></font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">(i)</div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">the Deposit shall be released to the Sellers; and</div>
                  </td>
                </tr>

            </table>
          </div>
          <br>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</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="color: rgb(0, 0, 0); font-weight: bold;">
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 72pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The <font style="font-weight: bold;">90% </font>balance of the Purchase Price <font style="font-weight: bold;">(the &#8220;Balance Price&#8221;) </font>and all other sums
                          payable on delivery by the Buyers to the Sellers under this Agreement shall be <strike>paid</strike><font style="font-weight: bold;">released </font>in full free of bank charges to the Sellers&#8217; Account.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;"><br>
              The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any other charges and money whatsoever to be paid by the Buyers to the Sellers in
              accordance with this Agreement (the &#8220;Charges&#8221;) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel&#8217;s delivery and the Buyers shall provide a swift copy evidencing such payment and the Deposit Holder will confirm
              the actual receipt of funds. The Balance Price and the Charges to be held on Buyers&#8217; sole behalf and at Buyers&#8217; sole release instructions. The Deposit shall be released to the Sellers in full against and upon the Sellers&#8217; and Buyers&#8217; joint
              written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the Deposit Holder, together with presentation to the Deposit
              Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers&#8217; and the Buyers&#8217; authorized representatives. Any surplus amount to be immediately released to the Buyers&#8217; account.</div>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 99pt;">Payment of the Purchase Price shall be settled by the Buyers by:</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being
                        the &#8220;Sellers&#8217; Debt&#8221;); plus</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">paying to the Sellers an amount equal to the Purchase Price less the Sellers&#8217; Debt in cash in accordance with this Clause 3.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">4.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Inspection</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *The Buyers have <strike>inspected</strike><font style="font-weight: bold;">waived the inspection </font>and accepted the Vessel&#8217;s classification records. The Buyers <strike>have also
              inspected the Vessel at/in<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u>(state place) on<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u>(state date) and</strike> have<u>&#160;</u>accepted the Vessel <font style="font-weight: bold;">and the Vessel&#8217;s classification records</font><strike>following this
              inspection</strike> and the sale is outright and definite, subject only to the terms and conditions of this Agreement.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b) *The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare</strike>&#160;<strike>whether same are accepted or not within&#160; &#160; &#160; (state date/period)</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within</strike>&#160;<strike>(state date/period).</strike></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</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="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the</strike>&#160;<strike>Buyers cause undue delay they shall compensate the Sellers for the losses
              thereby incurred.</strike>&#160;<strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for</strike>&#160;<strike>examination by the Buyers.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this</strike>&#160;<strike>Agreement, provided that the Sellers receive written notice of acceptance
              of the Vessel from</strike>&#160;<strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the</strike>&#160;<strike>Date/last day of the period stated in Line 59, whichever is the earlier.</strike>&#160;<strike>Should
              the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of</strike>&#160;<strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as</strike>&#160;<strike>aforesaid, the Deposit
              together with interest earned, if any, shall be released immediately to the</strike>&#160;<strike>Buyers, whereafter this Agreement shall be null and void.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman';"><strike>*</strike></font><font style="font-family: 'Times New Roman'; font-style: italic;"><strike>4
                (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font><font style="font-family: 'Times New Roman';">&#160;<font style="font-style: italic;"><strike>alternative 4(a) shall apply.</strike></font></font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0); font-weight: bold;">5.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);">Time and place of delivery and notices</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage <strike>at/in</strike>&#160;<font style="font-weight: bold;">worldwide </font>(state
            place/range), in the Sellers&#8217; option. Notice of Readiness shall not be tendered before: <font style="font-weight: bold;">1</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="font-weight: bold;"> August 2022 </font>(date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: <font style="font-weight: bold;">16</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> August 2022</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall provide the Buyers with twenty (20), <font style="font-weight: bold;">fifteen (15) days&#8217; approximate and
            </font>ten (10), five (5) <strike>and</strike> three (3)<font style="font-weight: bold;">, two (2) and one (1) </font>days&#8217; <font style="font-weight: bold;">firm </font>notice of the date the Sellers intend to tender Notice of Readiness and
            of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing
            stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with
            Clause 14 (Sellers&#8217; Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217;
            notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
            and effect.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; Default)
            for the Vessel not being ready by the original Cancelling Date.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</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="color: rgb(0, 0, 0); margin-left: 72pt;">(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit<strike> together with interest earned, if any,</strike> shall be released immediately
            to the Buyers whereafter this Agreement shall be null and void.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">6.</font></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);">Divers Inspection / Drydocking</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a)*</div>
          <div><br>
          </div>
          <div>
            <div>
              <div>
                <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                    <tr style="vertical-align: top;">
                      <td style="width: 72pt;">&#160;</td>
                      <td style="vertical-align: top; width: 27pt;">
                        <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                      </td>
                      <td style="vertical-align: top; width: auto;">
                        <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the
                            delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at
                            their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by
                            the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the
                            inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost
                            and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent
                            re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <br>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div><font style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div>
                      <div>
                        <div>
                          <div>
                            <div>
                              <div>
                                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel&#8217;s
                                    class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification
                                    Society of the Vessel&#8217;s underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) such defects shall be made good by the Sellers at their
                                    cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society&#8217;s attendance.</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 99pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><br>
                    </div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking
                      survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the
                      Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from
                      two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the
                      Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The
                      Sellers may not tender Notice of Readiness prior to such estimate having been established.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is to be drydocked pursuant to Clause 6(a) (ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the
                        Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the
                        delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra
                        steaming, but limited to a maximum of fourteen (14) days.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);"><strike>(b)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);"><strike>*The Seller shall place the Vessel in drydock at the port of delivery for inspection by the</strike></font><strike>&#160;</strike><strike>Classification

                        Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent</strike>&#160;<strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike>&#160;<strike>propeller, bottom or
                        other underwater parts below the deepest loadline are found broken,</strike>&#160;<strike>&#160;</strike><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike>&#160;<strike>&#160;</strike><strike>Sellers&#8217;

                        cost and expense to the satisfaction of the Classification Society without</strike>&#160;<strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike>&#160;<strike>expenses in connection with putting
                        the Vessel in and taking her out of drydock, including the</strike>&#160;<strike>&#160;</strike><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike>&#160;<strike>and expenses if parts of
                        the tailshaft system are condemned or found defective or broken so as</strike>&#160;<strike>&#160;</strike><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.</strike></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
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          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is drydocked pursuant to Clause 6(a) (ii) <strike>or 6(b)</strike> above:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                        survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the
                        Classification Society&#8217;s rules for tailshaft survey and consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the
                        completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the
                        Vessel&#8217;s class, those parts shall be renewed or made good at the Sellers&#8217; costs and expense to the satisfaction of the Classification Society without condition/recommendation.**</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike>&#160;<strike>The Buyers unless the Classification Society requires
                          such survey to be carried out or if</strike>&#160;<strike>parts of the system are condemned or found defective or broken so as to affect the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s class, in which case the Sellers shall pay these
                          costs and expenses.</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                        Society surveyor.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iv)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers&#8217; or
                        the Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the Sellers have completed the work which the Sellers are
                        required to do, the additional docking time needed to complete the Buyers&#8217; work shall be for the Buyer&#8217;s risk, cost and expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers may upon completion of
                        the Sellers&#8217; work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel
                        is in drydock or not.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*6(a) and 6(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6(a) shall apply.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">7.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Spares/bunkers, etc.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board <strike>and on shore</strike>. All spare parts and spare equipment including spare tail-end
            shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers&#8217; property, but spares on order are to be excluded. Forwarding
            charges, if any, shall be for the Buyers&#8217; account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to
            delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers&#8217;
            vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: .......... <strike>(include list)</strike>&#160;<font style="font-weight: bold;">as per the Annex I enclosed herewith</font>. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: <font style="font-weight: bold;">as per
              the Annex I enclosed herewith ..........&#160;&#160; </font><strike>(include list)</strike>.<font style="font-weight: bold;">&#160;</font>Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
            replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums <font style="font-weight: bold;">remaining onboard at delivery </font>and pay <strike>either</strike>:</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; <strike>or</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b)</strike>&#160;<strike>* the current net market price (excluding barging expenses) at the port and date of delivery</strike>&#160;<strike>of the Vessel or, if unavailable, at the nearest
              bunkering port.</strike>&#160;<strike>for the quantities taken over.</strike></div>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: bold; margin-left: 72pt;">Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers&#8217; and Sellers&#8217; representatives on board not earlier than 3
            (three) days and no later than one<font style="color: rgb(0, 0, 0);"> (1)</font> <font style="color: rgb(0, 0, 0);">day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be
              consumed until the expected date of delivery, to be mutually agreed by the Parties&#8217; respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board
              the Vessel shall be determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</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="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;Inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">8.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Documentation</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">The place of closing: <font style="font-weight: bold;">Virtual attendance of Parties&#8217; representatives as agreed between the Parties.</font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt; font-weight: normal;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(a)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;"><font style="font-weight: normal;">In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the</font> </font><strike>following</strike>
                        delivery documents <font style="font-weight: bold;">required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed
                          and shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement</font>:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><strike>(i)</strike></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><strike>Legal Bill(s) of Sale , in a form recordable in the Buyers&#8217; Nominated Flag State,</strike>&#160;<strike>transferring title of the Vessel and stating that the Vessel is free from all
                        mortgages,</strike>&#160;<strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and</strike>&#160;<strike>&#160;</strike><strike>legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State;</strike></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Sellers to authorise the execution, delivery and
                          performance of this Agreement;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Sellers in the performance of this Agreement,
                          duly notarially attested and legalised</strike>&#160;<strike>or apostilled (as appropriate);</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iv)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate or Transcript of registry issued by the competent authorities of the flag state</strike>&#160;<strike>&#160;</strike><strike>on the date of delivery evidencing
                          the Sellers&#8217; ownership of the Vessel and that the</strike>&#160;<strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike>&#160;<strike>such authority to the closing meeting with the original to
                          be sent to the Buyers as soon as</strike>&#160;<strike>possible after delivery of the Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(v)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike>&#160;<strike>Certificate issued within three (3) Banking Days prior to
                          delivery confirming that the</strike>&#160;<strike>Vessel is in Class free of condition/recommendation;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vi)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike>&#160;<strike>&#160;</strike><strike>deletion appropriate to the
                          Vessel&#8217;s registry at the time of delivery, or, in the event that</strike>&#160;<strike>the registry does not as a matter of practice issue such documentation immediately, a</strike>&#160;<strike>written undertaking by the Sellers to effect
                          deletion from the Vessel&#8217;s registry forthwith</strike>&#160;<strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike>&#160;<strike>latest within four (4) weeks after the Purchase Price has
                          been paid and the Vessel has</strike>&#160;<strike>been delivered;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
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          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike>&#160;<strike>&#160;</strike><strike>Vessel ceased to be registered with the
                          Vessel&#8217;s registry, or, in the event that the registry</strike>&#160;<strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike>&#160;<strike>from the Sellers to provide the copy of this
                          certificate promptly upon it being issued</strike>&#160;<strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike>&#160;<strike>the date on which the Vessel shall cease to be registered with the
                          Vessel&#8217;s registry;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(viii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial Invoice for the Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ix)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(x)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Sellers&#8217; letter to their satellite communication provider canceling the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s communications contract which is
                          to be sent immediately after delivery of the Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xi)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Any additional documents as may reasonably be required by the competent authorities of</strike>&#160;<strike>&#160;</strike><strike>the Buyers&#8217; Nominated Flag State for the
                          purpose of registering the Vessel, provided the</strike>&#160;<strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike>&#160;<strike>this Agreement; and</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike>&#160;<strike>black listed by any nation or international
                          organization</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(b)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>At the time of delivery the Buyers shall provide the Sellers with:</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(i)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Buyers to authorise the execution, delivery and
                          performance of this Agreement; and</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Buyers in the performance of this Agreement, duly
                          notarially attested and legalized</strike>&#160;<strike>or apositilled (as appropriate).</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                        translator or certified by a lawyer qualified to practice in the country of the translated language.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(d)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by
                        the other party not later than &#8230;&#8230;&#8230; (state number of days), or if left blank, nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">44</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(e)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well
                        as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain
                        same, in which case the Buyers have the right to take copies.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(f)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Other technical documentation which may be in the Sellers&#8217; possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                        Sellers may keep the Vessel&#8217;s log books <font style="font-weight: bold;">(to be in place for the last six (6) months) </font>but the Buyers have the right to take copies of same.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(g)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the
                        Buyers.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">9.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Encumbrances</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages <strike>and</strike><font style="font-weight: bold;">,&#160;</font>maritime liens, <font style="font-weight: bold;">taxes, claims </font>or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made
            against the Vessel which have been incurred prior to the time of delivery <font style="font-weight: bold;">or arose out of or with respect to events occurred prior to the time of delivery</font>.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">10.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Taxes, fees and expenses</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Any taxes, fees and expenses in connection with the purchase and registration under the Buyers&#8217; flag shall be for the Buyers&#8217; account, whereas similar charges in connection with the closing of
            the Sellers&#8217; register shall be for the Sellers&#8217; account.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">11.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Condition on delivery</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall
            be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of
            average damage affecting the Vessel&#8217;s Class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation*
            by the Classification Society or the relevant authorities at the time of delivery.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">45</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="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">&#8220;Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">12.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Name/markings</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">13.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; default</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses
            and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if
            any, shall be released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">14.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Sellers&#8217; default</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the
            option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and
            new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the
            Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if
            their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">46</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">15.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; representatives</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and
            Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person <font style="font-weight: bold;">as victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the Buyers&#8217;
              representatives at the time of delivery/closing. </font>These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the
            Vessel. The Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of indemnity prior to their embarkation.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">16.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Law and Arbitration</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(a) </font><font style="font-family: 'Times New Roman';">This Agreement shall be
              governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement 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 arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) <font style="font-weight: bold;">terms

              </font>current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in
              writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
              arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring
              the dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on
              both Parties as if the sole arbitrator had been appointed by agreement. 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.</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike>&#160;<strike>United States Code and the substantive law (not including the choice of law
              rules) of the State</strike>&#160;<strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike>&#160;<strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto,</strike>&#160;<strike>and

              the third by the two so chosen; their decision or that of any two of them shall be final, and</strike>&#160;<strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike>&#160;<strike>competent
              jurisdiction. The proceedings shall be conducted in accordance with the rules of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">47</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="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the</strike>&#160;<strike>arbitration shall be conducted in accordance with the Shortened Arbitration
              Procedure of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>&#160;</strike><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of &#8230;&#8230;&#8230;&#8230;&#8230;..</strike>&#160;<strike>(state place ) and any dispute arising out of or in
              connection with this Agreement shall be</strike>&#160;<strike>&#160;</strike><strike>referred to arbitration at</strike> &#8230;&#8230;&#8230;&#8230;&#8230;.. <strike>(state place), subject to the procedures applicable there.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*16(a),16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">17.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Notices</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">All notices to be provided under this Agreement shall be in writing. </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Contact details for recipients of notices are as follows:</div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div style="margin-left: 45pt;">&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For the Buyers:</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">c/o 154 Vouliagmenis Avenue<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 89%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">166 74 Glyfada, Athens, Greece</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Attn.: Legal Department</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Facsimile: +30 210 96 38 404</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">E-mail: <u>legal@seanergy.gr</u></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For the Sellers:</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">c/o PT Kroll Consulting Indonesia <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">World Trade Centre 2, 9th Floor</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Jl. Jend. Sudirman Kav. 29 &#8211; 31, Jakarta 12920, Indonesia <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Attn.: Director</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Email: <u>dl.bull.working.group@kroll.com</u></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">18.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Entire Agreement</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements
            whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance
            or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made.
            Nothing in this Clause shall limit or exclude any liability for fraud.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">48</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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 45pt;">&#160;</td>
                <td style="width: 23.65pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19</td>
                <td style="vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Confidentiality</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection
            with the processing of this transaction (including but not limited to disclosures to the Parties&#8217; financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the
            efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 45pt;">&#160;</td>
                <td style="width: 23.65pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">20</td>
                <td style="vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Sanction Clause</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the
            United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury&#8217;s Office of Foreign Asset Control (OFAC) (collectively,
            &#8220;Sanctions Authorities&#8221;), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
            (&#8220;Sanctioned Entity&#8221;) pursuant to OFAC&#8217;s Specially Designated Nationals List (&#8220;SDN List&#8221;) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates
            are owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the
            other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any
            prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or
            (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with
            sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
            person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">The Sellers and Buyers, warrant, represent and undertake on a continuing basis:</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 99pt;">&#160;</td>
                <td style="width: 27pt; vertical-align: top; font-weight: bold;">(a)</td>
                <td style="vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                    owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                    international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">49</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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 99pt;">&#160;</td>
                <td style="width: 27pt; vertical-align: top; font-weight: bold;">(b)</td>
                <td style="vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 99pt;">&#160;</td>
                <td style="width: 27pt; vertical-align: top; font-weight: bold;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or
                    who owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably
                    request; and</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 99pt;">&#160;</td>
                <td style="width: 27pt; vertical-align: top; font-weight: bold;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers confirm that to the best of the Sellers&#8217; knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                    national,or international law or regulation.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings
            contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 45pt;">&#160;</td>
                <td style="width: 23.65pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">COVID Clause:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Notwithstanding Clause 5 above,</div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;"> <br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(a)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an
                        official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(b)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry
                        to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-</font><font style="font-weight: bold;">19) or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Buyer&#8217;s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into
                        the country / port nominated by the Sellers, as the delivery place or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(d)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Sellers&#8217; crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the
                        port nominated by the Sellers as the delivery place or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(e)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                        connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">In case the new delivery date nominated by Sellers is later than the <strike>c</strike>Cancelling <strike>d</strike>Date, Buyers shall accept a delay
            of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may
            mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and
            in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the
            Buyers. All other costs to be for the Sellers&#8217; account.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">50</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; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the
            norms/protocols issued at the place of delivery causing delay in takeover.</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For and on behalf of the Sellers</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For and on behalf of the Buyers</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">/s/ Benjamin John Crilly</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">/s/ Stamatios Tsantanis</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Name: Benjamin John Crilly</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Name: Stamatios Tsantanis</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Title: Director</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Title: Director / President</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">51</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'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
                  <div style="margin-left: 45pt;">&#160;</div>
                </td>
                <td style="width: 50%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: center; margin-left: 45pt;">Norwegian Shipbrokers&#8217; Association&#8217;s</div>
                  <div style="text-align: center; margin-left: 45pt;">Memorandum of Agreement for sale and </div>
                  <div style="text-align: center; margin-left: 45pt;">purchase of ships. Adopted by BIMCO in 1956.</div>
                  <div style="text-align: center; margin-left: 45pt;">Code-name</div>
                  <div style="margin-left: 45pt;">&#160;</div>
                  <div style="text-align: center; font-weight: bold; margin-left: 45pt;">SALEFORM 2012</div>
                  <div style="margin-left: 45pt;">&#160;</div>
                  <div style="text-align: center; margin-left: 45pt;">Revised 1966. 1983 and 1986/87, 1993 and 2012.</div>
                </td>
              </tr>

          </table>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 45pt;"> <br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold;">MEMORANDUM OF AGREEMENT</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Dated: <font style="font-weight: bold;">11</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> July
              2022</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Timberwolf Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960, IMO No. 6141169 </font><font style="font-family: 'Times New Roman';">(Name of sellers), hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 45pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Epanastasea Maritime Co., Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960 </font><font style="font-family: 'Times New Roman';">(Name of buyers) hereinafter called the &#8220;Buyers&#8221;, have agreed to buy</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Name of vessel: <font style="font-weight: bold;">TIMBERWOLF</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">IMO Number: <font style="font-weight: bold;">9319686</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Classification Society/Class: <font style="font-weight: bold;">Lloyd&#8217;s Register</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">Class Notation: <font style="font-weight: bold;">+100A1 Double Hull Oil Tanker, ESP, ShipRight, (FDA,SDA,CM), *IWS, SPM, LI, +LMC IGS, UMS, Shipright (SCM, MSPS), COW, SBT(LR) ,PL(LR) Part
              higher tensile steel, Shipright (IHM-EU+).</font></div>
          <div><br>
          </div>
          <div style="margin-left: 45pt;">
            <table style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 20%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Year of Build: <font style="font-weight: bold;">2008</font></div>
                  </td>
                  <td colspan="2" style="vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Builder/Yard: <font style="font-weight: bold;">Dalian New Shipbuilding Yard</font></div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 20%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Flag: <font style="font-weight: bold;">Marshall Islands</font></div>
                  </td>
                  <td style="width: 28%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">Place of Registration: <font style="font-weight: bold;">Majuro</font></div>
                  </td>
                  <td style="width: 42%; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">GT/NT: <font style="font-weight: bold;">61,724/ 32,726</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 45pt;">Definitions</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Banking days&#8221; are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in
            Clause 8 (Documentation) and <font style="font-weight: bold;">New York &#8211; NY, London &#8211; England, Majuro -Republic of the Marshall Islands and Athens<font style="font-weight: bold;">- </font>Greece </font><strike>(add additional jurisdictions
              as appropriate)</strike>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Buyers&#8217; Nominated Flag State&#8221; means <font style="font-weight: bold;">the Republic of the Marshall Islands</font>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Class&#8221; means the class notation referred to above.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Classification Society&#8221; means the Society referred to above.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit)</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Deposit Holder&#8221; means <font style="font-weight: bold;">Watson Farley &amp; Williams, 5</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece </font>(<font style="font-weight: bold;">Athens office) </font><strike>(state name and location of Deposit Holder) or, if left</strike>&#160;<strike>&#160;</strike><strike>blank,

              the Sellers&#8217; Bank</strike>, which shall hold and release the Deposit <font style="font-weight: bold;">and the Balance Price and the Charges </font>in accordance with this Agreement <font style="font-weight: bold;">and the relevant escrow
              agreement(s)</font>.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Parties&#8221; means the Sellers and the Buyers.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price)</div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">52</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="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Account&#8221; means <font style="font-weight: bold;">USD Account No.: 0102822174, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Timberwolf Maritime Limited</font>, (state details of
            bank account) at the Sellers&#8217; Bank.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 45pt;">&#8220;Sellers&#8217; Bank&#8221; means <font style="font-weight: bold;">Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank,
              New York, USA - SWIFT Code: SCBLUS33 </font>(state name of bank, branch and details) <strike>or, if left</strike>&#160;<strike>blank, the bank notified by the Sellers to the Buyers</strike> for receipt of the balance of the Purchase Price.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">1.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Purchase Price</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Purchase price is <font style="font-weight: bold;">USD 20,000,000 only (United States Dollars Twenty Million only) </font>(state currency and amount both in words and figures).</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">2.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Deposit</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of <font style="font-weight: bold;"><strike>% </strike></font><strike>(per cent) or, if left blank,</strike>
            10% (ten per cent), of the Purchase Price (the &#8220;Deposit&#8221;) in an <font style="font-weight: bold;">escrow </font>account <strike>for the parties</strike> with the Deposit Holder within three (3) Banking Days after the date that:</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">the Deposit Holder has confirmed in writing to the Parties that the account has been<strike> O</strike><font style="font-weight: bold;">opened</font> and <font style="font-weight: bold;">is ready to receive funds;</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Deposit shall be <font style="font-weight: bold;">held by the Deposit Holder on behalf of the Parties and only be </font>released in accordance with joint written instructions of the
            Parties. <strike>Interest, if any, shall be credited to the Buyers.</strike> Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary
            documentation to open and maintain the account without delay.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt; font-weight: bold;">Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">3.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Payment</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Purchase Price of the Vessel and all other sums payable. </font><font style="font-family: 'Times New Roman';"><strike>O</strike></font><font style="font-family: 'Times New Roman'; font-weight: bold;">on </font><font style="font-family: 'Times New Roman';">delivery <font style="font-weight: bold;">by the
                Buyers to the Sellers under this Agreement, shall be paid as follows on delivery </font>of the Vessel, but <font style="font-weight: bold;">in any case </font>not later than three (3) Banking Days after the date that Notice of Readiness
              has been given in accordance with Clause 5 (Time and place of delivery and notices) <font style="font-weight: bold;">and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol
                of Delivery and Acceptance duly signed by the Sellers and the Buyers:</font></font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">(i)</div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">the Deposit shall be released to the Sellers; and</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The <font style="font-weight: bold;">90% </font>balance of the Purchase Price <font style="font-weight: bold;">(the &#8220;Balance Price&#8221;) </font>and all other sums payable
                        on delivery by the Buyers to the Sellers under this Agreement shall be <strike>paid</strike><font style="font-weight: bold;">released </font>in full free of bank charges to the Sellers&#8217; Account.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">53</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; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and
            any other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the &#8220;Charges&#8221;) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel&#8217;s delivery and the Buyers shall
            provide a swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers&#8217; sole behalf and at Buyers&#8217; sole release instructions. The Deposit shall be
            released to the Sellers in full against and upon the Sellers&#8217; and Buyers&#8217; joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions
            of the Buyers to the Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers&#8217; and the Buyers&#8217; authorized representatives. Any surplus amount to be
            immediately released to the Buyers&#8217; account.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Payment of the Purchase Price shall be settled by the Buyers by:</div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 72pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(i)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the &#8220;Sellers&#8217; Debt&#8221;); plus</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 72pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(ii)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">paying to the Sellers an amount equal to the Purchase Price less the Sellers&#8217; Debt in cash in accordance with this Clause 3.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">4.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Inspection</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *The Buyers have <strike>inspected</strike><font style="font-weight: bold;">waived the inspection </font>and accepted the Vessel&#8217;s classification records. The Buyers <strike>have also
              inspected the Vessel at/in<u>&#160; &#160; &#160;&#160;&#160;&#160;&#160; </u>(state place) on<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u>(state date) and</strike> have<u>&#160;</u>accepted the Vessel <font style="font-weight: bold;">and the Vessel&#8217;s classification records</font><strike>following this
              inspection</strike> and the sale is outright and definite, subject only to the terms and conditions of this Agreement.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b) *The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare</strike>&#160;<strike>whether same are accepted or not within&#160; &#160;&#160; (state date/period)</strike>&#160;<strike>The

              Sellers shall make the Vessel available for inspection at/in (state place/range) within</strike><font style="font-weight: bold;"> ....... </font><strike><font style="font-weight: bold;">(</font>state date/period).</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the</strike>&#160;<strike>Buyers cause undue delay they shall compensate the Sellers for the losses
              thereby incurred.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike>&#160;<strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made
              available for</strike>&#160;<strike>examination by the Buyers.</strike></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">54</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="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this</strike>&#160;<strike>Agreement, provided that the Sellers receive written notice of acceptance
              of the Vessel from</strike>&#160;<strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the</strike>&#160;<strike>Date/last day of the period stated in Line 59, whichever is the earlier.</strike>&#160;<strike>Should
              the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of</strike>&#160;<strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as</strike>&#160;<strike>aforesaid, the Deposit
              together with interest earned, if any, shall be released immediately to the</strike>&#160;<strike>Buyers, whereafter this Agreement shall be null and void.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman';"><strike>*</strike></font><font style="font-family: 'Times New Roman'; font-style: italic;"><strike>4
                (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font><font style="font-family: 'Times New Roman';">&#160;<font style="font-style: italic;"><strike>alternative 4(a) shall apply.</strike></font></font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">5.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Time and place of delivery and notices</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage <strike>at/in</strike>&#160;<font style="font-weight: bold;">worldwide </font>(state
            place/range), in the Sellers&#8217; option. Notice of Readiness shall not be tendered before: <font style="font-weight: bold;">1</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="font-weight: bold;"> August 2022 </font>(date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: <font style="font-weight: bold;">16</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;"> August 2022</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall provide the Buyers with twenty (20), <font style="font-weight: bold;">fifteen (15) days&#8217; approximate and
            </font>ten (10), five (5) <strike>and</strike> three (3)<font style="font-weight: bold;">, two (2) and one (1) </font>days&#8217; <font style="font-weight: bold;">firm </font>notice of the date the Sellers intend to tender Notice of Readiness and
            of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing
            stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with
            Clause 14 (Sellers&#8217; Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217;
            notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
            and effect.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">55</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="color: rgb(0, 0, 0); margin-left: 72pt;">(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; Default)
            for the Vessel not being ready by the original Cancelling Date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit<strike> together with interest earned, if any,</strike> shall be released immediately
            to the Buyers whereafter this Agreement shall be null and void.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">6.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Divers Inspection / Drydocking</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a)*</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery
                        of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost
                        and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The
                        Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the
                        conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the
                        Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may
                        not tender Notice of Readiness prior to completion of the underwater inspection.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1)
                        unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel&#8217;s
                        underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction
                        of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society&#8217;s attendance.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">56</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 99pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><br>
                    </div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers
                        shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification
                        Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable
                        independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree
                        otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not
                        tender Notice of Readiness prior to such estimate having been established.</div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is to be drydocked pursuant to Clause 6(a) (ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the
                        Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the
                        delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra
                        steaming, but limited to a maximum of fourteen (14) days.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(b)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>*The Seller shall place the Vessel in drydock at the port of delivery for inspection by the</strike>&#160;<strike>&#160;</strike><strike>Classification Society of the
                          Vessel&#8217;s underwater parts below the deepest load line, the extent</strike>&#160;<strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike>&#160;<strike>propeller, bottom or other
                          underwater parts below the deepest loadline are found broken,</strike>&#160;<strike>&#160;</strike><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike>&#160;<strike>&#160;</strike><strike>Sellers&#8217;


                          cost and expense to the satisfaction of the Classification Society without</strike>&#160;<strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike>&#160;<strike>expenses in connection with
                          putting the Vessel in and taking her out of drydock, including the</strike>&#160;<strike>&#160;</strike><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike><strike> </strike><strike>and
                          expenses if parts of the tailshaft system are condemned or found defective or broken so as </strike><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">57</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If the Vessel is drydocked pursuant to Clause 6(a) (ii) <strike>or 6(b)</strike> above:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(i)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                        survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the
                        Classification Society&#8217;s rules for tailshaft survey and consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the
                        completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the
                        Vessel&#8217;s class, those parts shall be renewed or made good at the Sellers&#8217; costs and expense to the satisfaction of the Classification Society without condition/recommendation.**</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(ii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike>&#160;<strike>The Buyers unless the Classification Society requires
                          such survey to be carried out or if</strike>&#160;<strike>parts of the system are condemned or found defective or broken so as to affect the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s class, in which case the Sellers shall pay these
                          costs and expenses.</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iii)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                        Society surveyor.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(iv)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers&#8217; or
                        the Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the Sellers have completed the work which the Sellers are
                        required to do, the additional docking time needed to complete the Buyers&#8217; work shall be for the Buyer&#8217;s risk, cost and expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers may upon completion of
                        the Sellers&#8217; work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel
                        is in drydock or not.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*6(a) and 6(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6(a) shall apply.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">58</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">7.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Spares/bunkers, etc.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board <strike>and on shore</strike>. All spare parts and spare equipment including spare tail-end
            shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers&#8217; property, but spares on order are to be excluded. Forwarding
            charges, if any, shall be for the Buyers&#8217; account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to
            delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers&#8217;
            vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: ...........<strike>(include list)</strike>&#160;<font style="font-weight: bold;">as per the Annex I enclosed herewith</font>. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: <font style="font-weight: bold;">as per
              the Annex I enclosed herewith .......... </font><strike>(include list)</strike>.<font style="font-weight: bold;">&#160;</font>Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
            replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums <font style="font-weight: bold;">remaining onboard at delivery </font>and pay <strike>either</strike>:</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; <strike>or</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b)</strike>&#160;<strike>* the current net market price (excluding barging expenses) at the port and date of delivery</strike>&#160;<strike>of the Vessel or, if unavailable, at the nearest
              bunkering port.</strike>&#160;<strike>for the quantities taken over.</strike></div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 72pt; font-weight: bold;">Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers&#8217; and Sellers&#8217; representatives on board not earlier than 3
            (three) days and no later than one<font style="color: rgb(0, 0, 0);"> (1)</font> <font style="color: rgb(0, 0, 0);">day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be
              consumed until the expected date of delivery, to be mutually agreed by the Parties&#8217; respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board
              the Vessel shall be determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.</font></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">59</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="color: rgb(0, 0, 0); margin-left: 72pt;">Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;Inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt; font-weight: bold;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">8.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto; font-weight: bold;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Documentation</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The place of closing: <font style="font-weight: bold;">Virtual attendance of Parties&#8217; representatives as agreed between the Parties.</font></div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt; font-weight: normal;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(a)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;"><font style="font-weight: normal;">In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the</font> </font><strike>following</strike>
                        delivery documents <font style="font-weight: bold;">required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed
                          and shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement</font>:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><strike>(i)</strike></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left; color: rgb(0, 0, 0);"><strike>Legal Bill(s) of Sale , in a form recordable in the Buyers&#8217; Nominated Flag State,</strike>&#160;<strike>transferring title of the Vessel and stating that the Vessel is free from all
                        mortgages,</strike>&#160;<strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and</strike>&#160;<strike>&#160;</strike><strike>legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State;</strike></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Sellers to authorise the execution, delivery and
                          performance of this Agreement;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Sellers in the performance of this Agreement,
                          duly notarially attested and legalised</strike>&#160;<strike>or apostilled (as appropriate);</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(iv)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate or Transcript of registry issued by the competent authorities of the flag state</strike>&#160;<strike>&#160;</strike><strike>on the date of delivery evidencing
                          the Sellers&#8217; ownership of the Vessel and that the</strike>&#160;<strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike>&#160;<strike>such authority to the closing meeting with the original to
                          be sent to the Buyers as soon as</strike>&#160;<strike>possible after delivery of the Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(v)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike>&#160;<strike>Certificate issued within three (3) Banking Days prior to
                          delivery confirming that the</strike>&#160;<strike>Vessel is in Class free of condition/recommendation;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vi)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike>&#160;<strike>&#160;</strike><strike>deletion appropriate to the
                          Vessel&#8217;s registry at the time of delivery, or, in the event that</strike>&#160;<strike>the registry does not as a matter of practice issue such documentation immediately, a</strike>&#160;<strike>written undertaking by the Sellers to effect
                          deletion from the Vessel&#8217;s registry forthwith</strike>&#160;<strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike>&#160;<strike>latest within four (4) weeks after the Purchase Price has
                          been paid and the Vessel has</strike>&#160;<strike>been delivered;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">60</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(vii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike>&#160;<strike>&#160;</strike><strike>Vessel ceased to be registered with the
                          Vessel&#8217;s registry, or, in the event that the registry</strike>&#160;<strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike>&#160;<strike>from the Sellers to provide the copy of this
                          certificate promptly upon it being issued</strike>&#160;<strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike>&#160;<strike>the date on which the Vessel shall cease to be registered with the
                          Vessel&#8217;s registry;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(viii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial Invoice for the Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ix)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(x)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>A copy of the Sellers&#8217; letter to their satellite communication provider canceling the</strike>&#160;<strike>&#160;</strike><strike>Vessel&#8217;s communications contract which is
                          to be sent immediately after delivery of the</strike>&#160;<strike>Vessel;</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xi)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Any additional documents as may reasonably be required by the competent authorities of</strike>&#160;<strike>&#160;</strike><strike>the Buyers&#8217; Nominated Flag State for the
                          purpose of registering the Vessel, provided the</strike>&#160;<strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike>&#160;<strike>this Agreement; and</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(xii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike>&#160;<strike>black listed by any nation or international
                          organization</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(b)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>At the time of delivery the Buyers shall provide the Sellers with:</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(i)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Evidence that all necessary corporate, shareholder and other action has been taken by</strike>&#160;<strike>the Buyers to authorise the execution, delivery and
                          performance of this Agreement; and</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 72pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>(ii)</strike></font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);"><strike>Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike>&#160;<strike>of the Buyers in the performance of this Agreement, duly
                          notarially attested and legalized</strike>&#160;<strike>or apositilled (as appropriate).</strike></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                        translator or certified by a lawyer qualified to practice in the country of the translated language.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(d)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by
                        the other party not later than &#8230;&#8230;&#8230; (state number of days), or if left blank, nine (9) days prior to the Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">61</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(e)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well
                        as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain
                        same, in which case the Buyers have the right to take copies.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(f)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Other technical documentation which may be in the Sellers&#8217; possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                        Sellers may keep the Vessel&#8217;s log books <font style="font-weight: bold;">(to be in place for the last six (6) months) </font>but the Buyers have the right to take copies of same.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">(g)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the
                        Buyers.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">9.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Encumbrances</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages <strike>and</strike><font style="font-weight: bold;">,&#160;</font>maritime liens, <font style="font-weight: bold;">taxes, claims </font>or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made
            against the Vessel which have been incurred prior to the time of delivery <font style="font-weight: bold;">or arose out of or with respect to events occurred prior to the time of delivery</font>.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">10.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Taxes, fees and expenses</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Any taxes, fees and expenses in connection with the purchase and registration under the Buyers&#8217; flag shall be for the Buyers&#8217; account, whereas similar charges in connection with the closing of
            the Sellers&#8217; register shall be for the Sellers&#8217; account.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">11.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Condition on delivery</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall
            be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of
            average damage affecting the Vessel&#8217;s Class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation*
            by the Classification Society or the relevant authorities at the time of delivery.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">62</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="color: rgb(0, 0, 0); margin-left: 72pt;">&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">&#8220;Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">12.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Name/markings</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">13.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; default</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses
            and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if
            any, shall be released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">14.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Sellers&#8217; default</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the
            option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and
            new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the
            Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if
            their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">63</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>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">15.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Buyers&#8217; representatives</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and
            Expense. <font style="font-weight: bold;">The Buyers shall pay to the Sellers at the time of delivery US$20/day/person <font style="font-weight: bold;">as victualing/accommodation fee and the Buyers shall al</font>so pay to the Sellers other
              expenses borne by the Buyers&#8217; representatives at the time of delivery/closing.</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The
            Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of indemnity prior to their embarkation.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">16.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Law and Arbitration</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 72pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(a) </font><font style="font-family: 'Times New Roman';">This Agreement shall be
              governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement 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 arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) <font style="font-weight: bold;">terms

              </font>current at the time when the arbitration proceedings are commenced.</font></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party
            requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice
            that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration may,
            without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole
            arbitrator had been appointed by agreement.</div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">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 style="color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">64</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="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike>&#160;<strike>United States Code and the substantive law (not including the choice of law
              rules) of the State</strike>&#160;<strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike>&#160;<strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto,</strike>&#160;<strike>and

              the third by the two so chosen; their decision or that of any two of them shall be final, and</strike>&#160;<strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike>&#160;<strike>competent
              jurisdiction. The proceedings shall be conducted in accordance with the rules of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike>&#160;<strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000
              the</strike>&#160;<strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the</strike>&#160;<strike>Society of Maritime Arbitrators, Inc.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of &#8230;&#8230;&#8230;&#8230;&#8230;..</strike>&#160;<strike>(state place ) and any dispute arising out of or in connection with this
              Agreement shall be</strike>&#160;<strike>&#160;</strike><strike>referred to arbitration at ..................... (state place), subject to the procedures applicable there.</strike></div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); font-style: italic; margin-left: 72pt;">*16(a),16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply.</div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">17.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Notices</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">&#160;All notices to be provided under this Agreement shall be in writing. Contact details for recipients of notices are as follows:</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For the Buyers:</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">c/o 154 Vouliagmenis Avenue<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">166 74 Glyfada, Athens, Greece</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Attn.: Legal Department</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Facsimile: +30 210 96 38 404</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">E-mail: <u>legal@seanergy.gr</u></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For the Sellers:</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">c/o PT Kroll Consulting Indonesia<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">World Trade Centre 2, 9th Floor</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Jl. Jend. Sudirman Kav. 29 &#8211; 31, Jakarta 12920, Indonesia<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">Attn.: Director</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 89%; vertical-align: top; font-weight: bold;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 11%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 89%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Email: <u>dl.bull.working.group@kroll.com</u></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">18.</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Entire Agreement</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="color: rgb(0, 0, 0); margin-left: 72pt;">The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements
            whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance
            or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made.
            Nothing in this Clause shall limit or exclude any liability for fraud.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">65</font></div>
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          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 45pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">19.</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Confidentiality</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection
            with the processing of this transaction (including but not limited to disclosures to the Parties&#8217; financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the
            efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.</div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 45pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">20.</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Sanction Clause</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the
            United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury&#8217;s Office of Foreign Asset Control (OFAC) (collectively,
            &#8220;Sanctions Authorities&#8221;), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
            (&#8220;Sanctioned Entity&#8221;) pursuant to OFAC&#8217;s Specially Designated Nationals List (&#8220;SDN List&#8221;) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates
            are owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the
            other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any
            prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or
            (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with
            sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
            person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">The Sellers and Buyers, warrant, represent and undertake on a continuing basis:</div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(a)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or
                        indirectly owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant
                        to any national, international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">66</font></div>
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          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(b)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(c)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist,
                        or who owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party
                        reasonably request; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(d)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">the Sellers confirm that to the best of the Sellers&#8217; knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                        national,or international law or regulation.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings
            contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.</div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 45pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">21.</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">COVID Clause:</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Notwithstanding Clause 5 above,</div>
          <div><br>
          </div>
          <div>
            <div>
              <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                  <tr style="vertical-align: top;">
                    <td style="width: 99pt;">&#160;</td>
                    <td style="vertical-align: top; width: 27pt;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(a)</div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an
                        official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(b)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry
                        to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(c)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Buyer&#8217;s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into
                        the country / port nominated by the Sellers, as the delivery place or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(d)</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">should the Sellers&#8217; crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the
                        port nominated by the Sellers as the delivery place or</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <table class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 99pt;">&#160;</td>
                  <td style="vertical-align: top; width: 27pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">(e)</font></div>
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                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold; color: rgb(0, 0, 0);">if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                        connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">In case the new delivery date nominated by Sellers is later than the <strike>c</strike>Cancelling <strike>d</strike>Date, Buyers shall accept a delay
            of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may
            mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and
            in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the
            Buyers. All other costs to be for the Sellers&#8217; account.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">67</font></div>
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          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the
            norms/protocols issued at the place of delivery causing delay in takeover.</div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For and on behalf of the Sellers</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">For and on behalf of the Buyers</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">/s/ Benjamin John Crilly</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">/s/ Stamatios Tsantanis</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Name: Benjamin John Crilly</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Name: Stamatios Tsantanis</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
                <td style="width: 44%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Title: Director</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Title: Director / President</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div> </div>
        </div>
      </div>
    </div>
  </div>
  <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">68</font>
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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>14
<FILENAME>ny20004194x8_ex10-11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 10.11</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SHARE PURCHASE AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This SHARE PURCHASE AGREEMENT (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is dated as of July 8, 2022, and is made and entered into between United Maritime Corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and Seanergy Maritime Holdings Corp. (&#8220;<font style="font-weight: bold;">Buyer</font>&#8221;), and with respect to the following facts:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Company desires to issue and sell to Buyer, and Buyer desires to purchase from the Company, 5,000 of the Company&#8217;s 6.5% Series C Cumulative Convertible Perpetual Preferred Shares, par value
      $0.0001 per share (the &#8220;<font style="font-weight: bold;">Series C Preferred Shares</font>&#8221;), upon the terms and conditions set forth in this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Accordingly, for and in consideration of the premises, the mutual promises, covenants and agreements hereafter set forth, and for other good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, Buyer and the Company, intending to be legally bound, do hereby agree as follows:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE I</div>
    <div style="text-align: center; font-weight: bold;"><u>SALE AND PURCHASE</u></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 1.1</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Sale and Purchase of Shares</u>.</font>&#160;&#160; On and subject to the terms and conditions of this Agreement,
      effective as of the Closing Date, Buyer shall purchase from the Company, and the Company shall issue to Buyer, 5,000 Series C Preferred Shares, par value $0.0001 per share (the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;), of the Company, in
      registered form, for the consideration specified in Section 1.2 and upon the terms and conditions set forth in this Agreement.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 1.2&#160; &#160; &#160; <u>Purchase Price</u>.&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';">The purchase price for the Shares (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Purchase Price</font><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8221;) is $5,000,000, payable in cash. The Company and Buyer each hereby agree that, upon payment of the Purchase Price made to the Company, the Company shall immediately issue the Shares to the Buyer.</font></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 1.3&#160; &#160; &#160; <u>Closing Date; Deliveries</u></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.&#160; The closing is subject to the entry by the Company into memoranda of agreement to purchase the vessels M/T Godam, M/T Mandala, M/T Thunderbolt and M/T Timberwolf, and shall occur by July
        25, 2022, or such other date as the parties hereto may agree to (the &#8220;<font style="font-weight: bold;">Closing Date</font>&#8221;).</font></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE II</div>
    <div style="text-align: center; font-weight: bold;"><u>REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To induce Buyer to enter into and perform its obligations under this Agreement, the Company hereby represents and warrants to Buyer, and covenants with Buyer, as follows:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 2.1</font>&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Authority and Capacity</u>.&#160; </font>The Company has all requisite power, authority and capacity to enter
      into this Agreement.</div>
    <div><br>
    </div>
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      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 2.2</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Binding Agreement</u>.&#160; </font>This Agreement has been duly authorized and validly executed and delivered
      by the Company and constitutes the Company&#8217;s valid and binding agreement, enforceable against the Company in accordance with and subject to its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other
      laws of general applicability relating to or affecting creditors&#8217; rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 2.3</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Valid Issuance</u>.&#160; </font>Each of the Shares to be issued and sold pursuant to this Agreement have been
      duly authorized in accordance with the articles of incorporation of the Company and, when issued and delivered after full payment therefor has been received, will be validly issued, fully paid and non-assessable.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE III</div>
    <div style="text-align: center; font-weight: bold;"><u>REPRESENTATIONS AND WARRANTIES OF BUYER</u></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To induce the Company to enter into and perform their obligations under this Agreement, Buyer represents and warrants to the Company as follows:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 3.1</font>&#160;&#160;&#160; <font style="font-weight: bold;"><u>Authority and Capacity</u>.&#160; </font>Buyer has all requisite power, authority and capacity to enter into
      this Agreement. The execution, delivery and performance of this Agreement by Buyer does not, and the consummation of the transaction contemplated hereby will not, result in a breach of or default under any agreement to which Buyer is a party or by
      which Buyer is bound.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 3.2</font>&#160;&#160;&#160; &#160; <font style="font-weight: bold;"><u>Binding Agreement</u>.&#160; </font>This Agreement has been duly authorized and validly executed and
      delivered by Buyer and constitutes Buyer&#8217;s valid and binding agreement, enforceable against Buyer in accordance with and subject to its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of
      general applicability relating to or affecting creditors&#8217; rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 3.3</font>&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Disclosure</u>. </font>&#160;&#160; Buyer is familiar with the reports and documents filed by the Company with the
      Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 3.4</font>&#160; &#160; &#160; <font style="font-weight: bold;"><u>Investment Representations</u></font>.&#160; Buyer is acquiring the Shares for Buyer&#8217;s own account and is not
      acquiring the Shares with a view to or for sale in connection with any distribution thereof within the meaning of the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;).&#160; Buyer (a) by reason of its
      business and financial experience has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in
      the Shares, (c) either obtained United States counsel or had a full and fair opportunity and the means to obtain United States counsel, (d) is able to bear the economic risk of such investment and is able to afford a complete loss of such investment
      and (e) was provided access to all information regarding the Company and its business as Buyer desired, and was offered the opportunity to ask questions of management of the Company and to receive any documents and information on the Company.&#160; Buyer
      has no present intention of selling or granting any participation in or otherwise distributing the Shares. If Buyer should in the future decide to dispose of any of the Shares, Buyer understands and agrees (a) that it may do so only in compliance
      with the Securities Act and applicable state or other securities laws, as then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities
      Act, and (b) that stop-transfer instructions to that effect may be in effect with respect to the Shares. Buyer further understands and agrees that there is no public trading market for the Shares, that none is expected to develop, and that the Shares
      must be held indefinitely unless and until they are registered under the Securities Act or an exemption from registration is available.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr 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;"><font style="font-weight: bold;">Section 3.5</font>&#160;&#160; &#160; <font style="font-weight: bold;"><u>Restricted Securities</u></font>.&#160; Buyer understands that the Shares may be characterized as &#8220;restricted
      securities&#8221; under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold (i) without registration
      under the Securities Act only in certain limited circumstances or (ii) if such resale is registered under the Securities Act. Buyer understands that any certificates or statements evidencing any Shares may bear a legend relating to the Securities
      Act.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE IV</div>
    <div style="text-align: center; font-weight: bold;"><u>MISCELLANEOUS</u></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 4.1</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Entire Agreement</u>.&#160; </font>This Agreement constitutes the entire understanding and agreement of the
      parties relating to the subject matter hereof and supersedes any and all prior understandings, agreements, negotiations and discussions, both written and oral, between the parties hereto with respect to the subject matter hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 4.2</font>&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Governing Law</u>.&#160; </font>This Agreement shall be construed, interpreted and enforced in accordance
      with, and shall be governed by, the laws of the State of New York without reference to, and regardless of, any applicable choice or conflicts of laws principles.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 4.3</font>&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Counterparts</u>.&#160; </font>This Agreement may be executed in any number of counterparts and by the
      several parties hereto in separate counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. This Agreement may be executed electronically or by PDF.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section 4.4</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Further Assurances</u>.&#160; </font>Each of the parties hereto shall from time to time at the request of any
      other party hereto, and without further consideration, execute and deliver to such other party such further documents, agreements and certificates and take such other action as such other party may reasonably request in order to more effectively
      fulfill the purposes of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: center;">[Signature Page Follows]</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, this Agreement has been signed by the parties hereto as of the date first above written.</div>
    <div><br>
    </div>
    <table id="z5bb6c1a0e171482ea42b802ab5f68bf7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; font-weight: bold;">UNITED MARITIME CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Stavros Gyftakis</font></div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 5%;">
            <div style="text-align: justify;">Name: <br>
            </div>
          </td>
          <td style="vertical-align: top; width: 45%;">Stavros Gyftakis</td>
          <td style="width: 50%; vertical-align: top;">&#160;<br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 5%;">
            <div style="text-align: justify;">Title: <br>
            </div>
          </td>
          <td style="vertical-align: top; width: 45%;">Chief Financial Officer &amp; Director</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; font-weight: bold;">SEANERGY MARITIME HOLDINGS CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">/s/ Stamatios Tsantanis</div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 5%;">
            <div style="text-align: justify;">Name:<br>
            </div>
          </td>
          <td style="vertical-align: top; width: 45%;">Stamatios Tsantanis</td>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 5%;">
            <div style="text-align: justify;">Title: <br>
            </div>
          </td>
          <td style="vertical-align: top; width: 45%;">Chairman, Chief Executive Officer &amp; Director</td>
          <td style="width: 50%; vertical-align: top;">&#160;<br>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>15
<FILENAME>ny20004194x8_ex10-12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 8.4.0.0
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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;">
      <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 10.12</font><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">SECURITIES PURCHASE AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This Securities Purchase Agreement (this &#8220;<u>Agreement</u>&#8221;) is dated as of ______ __, 2022, between United Maritime Corporation, a company incorporated under the laws of the Republic of the Marshall
      Islands (the &#8220;<u>Company</u>&#8221;), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a &#8220;<u>Purchaser</u>&#8221; and collectively the &#8220;<u>Purchasers</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the Company desires to issue
      and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the
      Company and each Purchaser agree as follows:</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE I.</div>
    <div style="text-align: center;">DEFINITIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
        have the meanings set forth in this Section 1.1:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Acquiring Person</u>&#8221; shall have the meaning ascribed to such term in Section 4.5.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Action</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(j).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in
      and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>,
      for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or restrictions or the closure of any
      physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Closing</u>&#8221; means the closing of the purchase and sale of the Securities pursuant to Section 2.1.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Closing Date</u>&#8221; means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the
      Purchasers&#8217; obligations to pay the Subscription Amount and (ii) the Company&#8217;s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date hereof.</div>
    <div 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><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.0001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation,
      any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Units</u>&#8221; means each Common Unit consisting of (a) one Share and (b) a Common Warrant to purchase one Common Warrant Share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Unit Purchase Price</u>&#8221; equals $____ per each Common Unit, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
      of the Common Shares that occur after the date of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Unit Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for the Common Units hereunder as specified below such Purchaser&#8217;s name on the signature page of
      this Agreement and next to the heading &#8220;Common Unit Subscription Amount,&#8221; in United States dollars and in immediately available funds.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Warrants</u>&#8221; means, collectively, the Class A Common Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be
      exercisable immediately and have a term of exercise equal to five (5) years, in the form of <u>Exhibit A</u> attached hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Common Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Common Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Company Counsel</u>&#8221; means Watson Farley &amp; Williams LLP, with offices located at 250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor, New York, New York 10019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Disclosure Time</u>&#8221; means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day,
      9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00
      a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Evaluation Date</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(s).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>FCPA</u>&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>GAAP</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Indebtedness</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(aa).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Intellectual Property Rights</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(p).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Liens</u>&#8221; means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Material Adverse Effect</u>&#8221; shall have the meaning assigned to such term in Section 3.1(b).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Material Permits</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an
      agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Placement Agent</u>&#8221; means Maxim Group LLC.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Placement Agent Counsel</u>&#8221; means Ellenoff Grossman &amp; Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prefunded Units</u>&#8221; means each Prefunded Unit consisting of (a) one Prefunded Warrant to purchase one Prefunded Warrant Share and (b) a Common Warrant to purchase one Common Warrant Share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prefunded Unit Purchase Price</u>&#8221; equals $____ per each Prefunded Unit, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar
      transactions of the Common Shares that occur after the date of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prefunded Unit Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for the Prefunded Units purchased hereunder as specified below such Purchaser&#8217;s name on the
      signature page of this Agreement and next to the heading &#8220;Prefunded Unit Subscription Amount,&#8221; in United States dollars and in immediately available funds.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prefunded Warrant</u>&#8221; means, collectively, the Prefunded Common Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Prefunded
      Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of <u>Exhibit B</u> attached hereto.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prefunded Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Prefunded Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Preliminary Prospectus</u>&#8221; means any preliminary prospectus included in the Registration Statement, as originally filed or as part of any amendment thereto, or filed with the Commission pursuant
      to Rule 424(a) of the rules and regulations of the Commission under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Pricing Prospectus</u>&#8221; means (i) the Preliminary Prospectus relating to the Securities that was included in the Registration Statement immediately prior to [8:30 a.m.] (New York City time) on
      the date hereof and (ii) any free writing prospectus (as defined in the Securities Act) identified on <u>Schedule A</u> hereto, taken together.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Proceeding</u>&#8221; means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced
      or threatened.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prospectus</u>&#8221; means the final prospectus filed for the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Purchaser Party</u>&#8221; shall have the meaning ascribed to such term in Section 4.8.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the effective registration statement with Commission File No. 333-_____ which registers the sale of the Shares, the Warrants and the Warrant Shares to the
      Purchasers, and includes any Rule 462(b) Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Required Approvals</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(e).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rule 462(b) Registration Statement</u>&#8221; means any registration statement prepared by the Company registering additional Securities, which was filed with the Commission on or prior to the date
      hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>SEC Reports</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Securities</u>&#8221; means the Units, Shares, the Warrants and the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Shares</u>&#8221; means the Common Shares issued or issuable to each Purchaser pursuant to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Short Sales</u>&#8221; means all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO under the Exchange Act <font style="color: #000000;">(but shall not be deemed to include </font>locating and/or
      borrowing<font style="color: #000000;"> Common Shares)</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Subscription Amount</u>&#8221; means, as to each Purchaser, the Common Unit Subscription Amount and/or the Prefunded Unit Subscription Amount, as applicable, in accordance with Section 2.1 herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company as disclosed in the SEC Reports, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
      after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the principal Trading Market is open for trading.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital
      Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Transaction Documents</u>&#8221; means this Agreement, the Warrant Agency Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed in
      connection with the transactions contemplated hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means American Stock Transfer &amp; Trust Company, LLC, the current transfer agent of the Company with a mailing address of _________, a phone number of _______ and an email
      address of ________, and any successor transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Units</u>&#8221; means, collectively, the Common Units and the Prefunded Units.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Warrant Agency Agreement</u>&#8221; means the warrant agency agreement dated on or about the Closing Date, between the Company and the Transfer Agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Warrants</u>&#8221; means, collectively, the Common Warrants and the Prefunded Warrants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Common Warrants and the Prefunded Warrants.</div>
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    <div style="text-align: center; font-weight: bold;">ARTICLE II.</div>
    <div style="text-align: center;">PURCHASE AND SALE</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Closing</u>.&#160; On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the
        execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,&#160; agree to purchase, up to an aggregate of $_______ of Common Units as determined pursuant to Section 2.2(a);
        <u>provided</u>, <u>howeve</u>r, that, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser&#8217;s Affiliates, and any Person acting as a group together with such purchaser or any of such
        Purchaser&#8217;s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, in lieu of purchasing Common Units such Purchaser may elect to purchase Prefunded Units at the Prefunded
        Unit Purchase Price in lieu of Common Units.&#160; The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, at the election of the Purchaser at Closing, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the
        issuance of the Securities on the Closing Date.&#160; The determination pursuant to the provisions of the previous sentences of whether any Purchaser&#8217;s beneficial ownership exceeds the Beneficial Ownership Limitation shall be in the sole discretion of
        such Purchaser and the Company shall have no obligation to verify or confirm the accuracy of such determination. Unless otherwise directed by the Placement Agent, each Purchaser&#8217;s Subscription Amount as set forth on the signature page hereto
        executed by such Purchaser shall be made available for &#8220;Delivery Versus Payment&#8221; settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and Common Warrants and/or Prefunded Warrants and Common
        Warrants (as applicable to such Purchaser) as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing.&#160; Upon satisfaction of the covenants and
        conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the Placement Agent Counsel or such other location as the parties shall mutually agree. <u>Each Purchaser acknowledges that, concurrently with the Closing and
          pursuant to the Prospectus, the Company may sell up to $______ of additional Units to purchasers not party to this Agreement, less the aggregate Subscription Amount pursuant to this Agreement, and will issue to such purchasers such Common Shares
          and Common Warrants and/or Prefunded Warrants and Common Warrants in the same form and at the same Common Unit Purchase Price or Prefunded Unit Purchase Price</u>. Unless otherwise directed by the Placement Agent, settlement of the Shares shall
        occur via &#8220;Delivery Versus Payment&#8221; (&#8220;<u>DVP</u>&#8221;)<font style="font-style: italic;">&#160;</font>(i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers&#8217; names and addresses and released by the Transfer Agent directly
        to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the
        Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything to the contrary herein and a Purchaser&#8217;s Subscription Amount set forth on the signature pages attached hereto, the number of Shares purchased by a
        Purchaser (and its Affiliates) hereunder shall not, when aggregated with all other Common Shares owned by such Purchaser (and its Affiliates) at such time, result in such Purchaser beneficially owning (as determined in accordance with Section 13(d)
        of the Exchange Act) in excess of 9.99% of the then issued and outstanding Common Shares outstanding at the Closing (the &#8220;<u>Beneficial Ownership Maximum</u>&#8221;), and such Purchaser&#8217;s Subscription Amount, to the extent it would otherwise exceed the
        Beneficial Ownership Maximum immediately prior to the Closing, shall be conditioned upon the issuance of Shares at the Closing to the other Purchasers signatory hereto. To the extent that a Purchaser&#8217;s beneficial ownership of the Shares would
        otherwise be deemed to exceed the Beneficial Ownership Maximum, such Purchaser&#8217;s Subscription Amount shall automatically be reduced as necessary in order to comply with this paragraph. Notwithstanding the foregoing, with respect to any Notice(s) of
        Exercise (as defined in the Prefunded Warrants) delivered on or prior to 12:00 p.m. (New York City time) on the Closing Date, which may be delivered at any time after the time of execution of the this Agreement, the Company agrees to deliver the
        Prefunded Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share Delivery Date (as defined in the Prefunded Warrants) for purposes hereunder.</font></div>
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    <div><font style="color: #000000;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Deliveries</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">On or prior to the Closing Date (except as indicated below), the Company shall deliver or cause to
        be delivered to each Purchaser the following:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">this Agreement duly executed by the Company;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">a legal opinion of Company Counsel, substantially in the form and substance reasonably acceptable to the Placement Agent;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">subject to the last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company&#8217;s wire instructions, on Company letterhead and executed by the
      Chief Executive Officer and Chief Financial Officer;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis
      via The Depository Trust Company Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) Shares equal to such Purchaser&#8217;s Common Unit Subscription Amount divided by the Common Unit Purchase Price, registered in the name of such Purchaser;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">a Common Warrant registered in the name of such Purchaser to purchase up to a number of Common Shares equal to 100% of such Purchaser&#8217;s Shares plus the Prefunded Warrant
      Shares underlying such Purchaser&#8217;s Prefunded Warrants on the date hereof, with an exercise price equal to $_____, subject to adjustment therein, via The Depository Trust Company Deposit or Withdrawal at Custodian system;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
    </div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">for each Purchaser of Prefunded Warrants pursuant to Section 2.1, a Prefunded Warrant registered in the name of such Purchaser to purchase up to a number of Common Shares
      as set forth in the Prefunded Warrant, with an exercise price equal to $0.0001, subject to adjustment therein via The Depository Trust Company Deposit or Withdrawal at Custodian system; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">the Preliminary Prospectus and Prospectus (which may be delivered in accordance with Rule 172 under the Securities Act).</div>
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    </div>
    <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">this Agreement duly executed by such Purchaser; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">such Purchaser&#8217;s Subscription Amount, which shall be made available for &#8220;Delivery Versus Payment&#8221; settlement with the Company or its designee.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Closing Conditions</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">The obligations of the Company hereunder in connection with the Closing are subject to the following
        conditions being met:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality, in all respects) on the Closing Date of the
      representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects (or, to the extent representations or warranties are qualified by materiality, in
      all respects) as of such date);</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made
      and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects or, to the extent representations or warranties are
      qualified by materiality or Material Adverse Effect, in all respects) as of such date);</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">from the date hereof to the Closing Date, trading in the Common Shares shall not have been suspended by the Commission or the Company&#8217;s principal Trading Market, and, at
      any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or
      on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
      calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE III.</div>
    <div style="text-align: center;">REPRESENTATIONS AND WARRANTIES</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Representations and Warranties of the Company</u>.&#160; The Company hereby makes the following representations and warranties to each
        Purchaser:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Subsidiaries</u>.&#160; The Company owns, directly or indirectly, all of the capital stock or other
        equity interests of each Subsidiary free and clear of any Liens (except for those arising under any credit facility as is disclosed in the Registration Statement, the Preliminary Prospectus and the Prospectus or any related Security Agreement or
        Pledge Agreement). All of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Organization and Qualification</u>.&#160; The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the
      jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.&#160; Neither the Company nor any Subsidiary is in violation nor
      default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.&#160; Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing
      as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
      be, could not reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or
      condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company&#8217;s ability to perform in any material respect on a timely basis its obligations under any Transaction Document
      (any of (i), (ii) or (iii), a &#8220;<u>Material Adverse Effect</u>&#8221;) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.</div>
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    </div>
    <div style="text-align: justify;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authorization; Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other
      Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder.&#160; The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
      the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company&#8217;s shareholders in connection
      herewith or therewith other than in connection with the Required Approvals.&#160; This Agreement and each other Transaction Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when
      delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and
      applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
      or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable Law.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the
      consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&#8217;s or any Subsidiary&#8217;s certificate or articles of incorporation, bylaws or other organizational or
      charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any
      Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments (except as disclosed in the SEC Reports), acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
      facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or
      affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any Applicable Law or other restriction of any court or Governmental Authority to which the Company or a Subsidiary is subject (including federal and
      state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not reasonably be expected to result in a Material
      Adverse Effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Filings, Consents and Approvals</u>.&#160; The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or
      other federal, state, local or other Governmental Authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this
      Agreement, (ii) the filing with the Commission of the Prospectus, (iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby, and (iv) such
      filings as are required to be made under applicable state securities laws (collectively, the &#8220;<u>Required Approvals</u>&#8221;).</div>
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    </div>
    <div style="text-align: justify;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of the Securities; Registration</u>.&#160; The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued,
      fully paid and nonassessable, free and clear of all Liens imposed by the Company.&#160; The Warrant Shares are duly authorized and, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and
      clear of all Liens imposed by the Company.&#160; The Company has reserved from its duly authorized capital stock the maximum number of Common Shares issuable pursuant to this Agreement and the Warrants. The Securities are not and will not be subject to
      the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. All corporate action required to be taken for the authorization, issuance and sale of the Securities has been duly and validly
      taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement and the Prospectus. The Company has prepared and filed the Registration Statement in conformity with the
      requirements of the Securities Act, which became effective on ___________, 2022 (the &#8220;<u>Effective Date</u>&#8221;), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement.&#160; The
      Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Preliminary Prospectus or the Prospectus has been
      issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission.&#160; The Company, if required by the rules and regulations of the Commission, shall file the
      Prospectus with the Commission pursuant to Rule 424(b).&#160; At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto
      conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
      make the statements therein not misleading; and the Pricing Prospectus and the Prospectus and any amendments or supplements thereto, at the time the Pricing Prospectus or the Prospectus, as applicable, or any amendment or supplement thereto was
      issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
      to make the statements therein, in the light of the circumstances under which they were made, not misleading.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Capitalization</u>.&#160; The capitalization of the Company is as disclosed in the SEC reports as of the date thereof.&#160; The Company has not issued any capital stock except as disclosed or contemplated in the
      SEC Reports.&#160; No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.&#160; Except as a result of the purchase and sale of the
      Securities and as disclosed in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or
      exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Common Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is
      or may become bound to issue additional Common Shares or Common Share Equivalents or capital stock of any Subsidiary.&#160; The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Common Shares or other securities
      to any Person (other than the Purchasers). Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price
      of such security or instrument upon an issuance of securities by the Company or any Subsidiary. Except disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or
      similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock
      appreciation rights or &#8220;phantom stock&#8221; plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in
      compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.&#160; The authorized shares of the Company conform in
      all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Prospectus and the Prospectus. The offers and sales of the Company&#8217;s securities were at all relevant times either registered under the
      Securities Act and the applicable state securities or Blue Sky laws or, based in part on the representations and warranties of the purchasers, exempt from such registration requirements.&#160; No further approval or authorization of any shareholder, the
      Board of Directors or others is required for the issuance and sale of the Securities.&#160; Except as disclosed in the SEC Reports, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company&#8217;s capital
      stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s shareholders.</div>
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    <div style="text-align: justify;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>SEC Reports; Financial Statements</u>.&#160; The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange
      Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits
      thereto and documents incorporated by reference therein, together with the Pricing Prospectus and the Prospectus, being collectively referred to herein as the &#8220;<u>SEC Reports</u>&#8221;) on a timely basis or has received a valid extension of such time of
      filing and has filed any such SEC Reports prior to the expiration of any such extension.&#160; As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
      and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
      requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.&#160; Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a
      consistent basis during the periods involved (&#8220;<u>GAAP</u>&#8221;), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and
      fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
      statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Pricing Prospectus, the Prospectus, and the SEC Reports conform in all material respects to the descriptions
      thereof contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Pricing Prospectus, the Prospectus or the SEC Reports
      or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may
      be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Prospectus, the Prospectus or the SEC Reports, or (ii) is material to the Company&#8217;s business, has been duly authorized and validly executed by the Company, is
      in full force and effect in all material respects and is enforceable against the Company and, to the Company&#8217;s knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy,
      insolvency, reorganization or similar laws affecting creditors&#8217; rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. None of such agreements or instruments has been assigned
      by the Company, and neither the Company nor, to the best of the Company&#8217;s knowledge, any other party is in default thereunder and, to the best of the Company&#8217;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or
      both, would constitute a default thereunder. To the best of the Company&#8217;s knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing Applicable Law or order or
      decree of any Governmental Authority or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.</div>
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    <div style="text-align: justify;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Material Changes; Undisclosed Events, Liabilities or Developments</u>.&#160; Since the date of the latest audited financial statements included within the SEC Reports, except as disclosed in the SEC Reports,
      (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
      and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company&#8217;s financial statements pursuant to GAAP or disclosed in filings made with the Commission,
      (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any
      shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans.&#160; The Company does not have pending before the Commission any request
      for confidential treatment of information.&#160; Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
      exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time
      this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Litigation</u>.&#160; There has not been, and to the knowledge of the Company, there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
      the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, Governmental Authority (federal, state, county, local or foreign) (collectively, an &#8220;<u>Action</u>&#8221;).&#160;
      There are no Actions that (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or, (ii) could, if there were an unfavorable decision, reasonably be expected to result in a
      Material Adverse Effect.&#160; Neither the Company nor any Subsidiary, nor to the Company&#8217;s knowledge any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
      securities laws or a claim of breach of fiduciary duty.&#160; There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or
      officer of the Company.&#160; The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</div>
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    <div style="text-align: justify;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Labor Relations</u>.&#160; No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a
      Material Adverse Effect.&#160; None of the Company&#8217;s or its Subsidiaries&#8217; employees is a member of a union that relates to such employee&#8217;s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to
      a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good.&#160; To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to
      be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third
      party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters that would reasonably be expected to have a Material Adverse
      Effect.&#160; The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the
      failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance</u>.&#160; Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would
      result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or
      instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental
      authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection,
      occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to result in a Material Adverse Effect.</div>
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    <div style="text-align: justify;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Environmental Laws</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither the Company nor any of its Subsidiaries is in violation of any applicable international, national, state or local convention, law, regulation, order,
      governmental license, convention, treaty (including those promulgated by the International Maritime Organization) or other requirement relating to pollution or protection of human health or safety (as they relate to exposure to Materials of
      Environmental Concern (as defined below)) or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or protection of natural resources, including without limitation,
      conventions, laws or regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum, petroleum products or other hydrocarbons
      (collectively, &#8220;<u>Materials of Environmental Concern</u>&#8221;), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;<u>Environmental
        Laws</u>&#8221;), nor has the Company or any Subsidiary received any written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the Company or any such Subsidiary is in violation of any
      Environmental Law or governmental license required pursuant to Environmental Law; except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there is no claim, action or cause of action filed with a
      court or Governmental Authority and no investigation, or other action with respect to which the Company or any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup costs, governmental response costs,
      natural resources damages, property damages, personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned,
      leased or operated by the Company or any Subsidiary, now or in the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in the past (collectively, &#8220;<u>Environmental Claim</u>&#8221;), pending or, to the knowledge of
      the Company, threatened against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would not,
      individually or in the aggregate, have a Material Adverse Effect; (c) to the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release,
      emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably would be expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental Law, or form the
      basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except
      as would not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary course of business shall not be deemed, by itself, an action, activity, circumstance or condition set
      forth in this clause (c)); and (d) none of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party and which the Company reasonably believes is likely to result in
      monetary sanctions of US$100,000 or more. The Company has reasonably concluded that any existing compliance and remediation costs and liabilities arising under Environmental Laws and resulting from the business, operations or properties of the
      Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Registration Statement, Pricing Prospectus and the Prospectus. In the
      ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated
      costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any Authorizations, any related constraints on operating activities and
      any potential liabilities to third parties).&#160; No facts or circumstances have come to the Company&#8217;s attention that could result in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect.</div>
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    <div style="text-align: justify;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Law and Permits.</u>&#160; Except as described in the Registration Statement or the Pricing Prospectus or the Prospectus, the Company and each of the Subsidiaries: (i) is and at all times since January 1,
      2019 has been in material compliance with all United States (federal, state and local) and foreign statutes, rules, regulations, codes, treaties, or guidance applicable to the Company or the Subsidiaries (&#8220;<u>Applicable Laws</u>&#8221;); (B) since January
      1, 2019 has not received any notice of adverse finding, warning letter, untitled letter or other correspondence or notice from any Governmental Authority (as defined below) alleging or asserting noncompliance with any Applicable Laws or any licenses,
      certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (&#8220;<u>Authorizations</u>&#8221;); (C) since January 1, 2019 has not received notice of any claim, action, suit,
      proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge
      that any such Governmental Authority or third party intends to assert any such claim, litigation, arbitration, action, suit, investigation or proceeding; (D) since January 1, 2019 has not received notice that any Governmental Authority has taken, is
      taking or intends to take action to limit, suspend, modify or revoke any Authorizations and the Company has no knowledge that any such Governmental Authority is considering such action; and (E) has filed, obtained, maintained or submitted all
      material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records,
      claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission), except in the case of (A) through (E) above, as could not,
      individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. &#8220;<u>Governmental Authority</u>&#8221; means any federal, provincial, state, local, foreign or other governmental, quasi-governmental or administrative agency,
      court or body or any other type of regulatory authority or body, including, without limitation, the Nasdaq Capital Market.&#160; The aggregate of all pending legal or governmental proceedings to which the Company or any Subsidiary is a party or of which
      any of their respective property or assets is the subject which are not described in the Registration Statement, Pricing Prospectus and the Prospectus, including ordinary routine litigation incidental to the business, would not result in a Material
      Adverse Effect.</div>
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    </div>
    <div style="text-align: justify;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Title to Assets</u>.&#160; The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by
      them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens arising under any credit facility or loan agreement to which the Company or any of its Subsidiaries is a party
      or their assets are bound as disclosed in the Registration Statement and the Prospectus, (ii) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by
      the Company and the Subsidiaries and (iii) Liens for the payment of foreign, federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to
      penalties.&#160; Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.</div>
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    <div style="text-align: justify;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Intellectual Property</u>.&#160; The Company and each of its Subsidiaries owns, possesses, or can acquire on reasonable terms, all Intellectual Property (as defined below) necessary for the conduct of their
      respective businesses as now conducted or as described in the Registration Statement, the Pricing Prospectus and the Prospectus to be conducted.&#160; Except as would not result in a Material Adverse Effect, (A) there are no rights of third parties to any
      such Intellectual Property owned by the Company; (B) to the knowledge of the Company, there is no infringement, misappropriation or violation&#160; by third parties of any such Intellectual Property; (C) there is no pending or, to the knowledge of the
      Company, threatened, action, suit, proceeding or claim by others challenging the Company&#8217;s or any Subsidiary&#8217;s rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such
      claim; (D) the Intellectual Property owned by the Company and each of the Subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company, each of the Subsidiaries, has not been adjudged invalid or unenforceable,
      in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware of any facts
      which would form a reasonable basis for any such claim; (E) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or
      otherwise violates any Intellectual Property or other proprietary rights of others, and neither the Company nor any of the Subsidiaries has received any written notice of such claim; and (F) to the Company&#8217;s knowledge, no employee of the Company or
      any of its Subsidiaries is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any
      restrictive covenant to or with a former employer where the basis of such violation relates to such employee&#8217;s employment with the Company or any of its Subsidiaries or actions undertaken by the employee while employed with the Company or any of its
      Subsidiaries.&#160; &#8220;<u>Intellectual Property</u>&#8221; shall mean all patents, patent applications, trade and service marks, trade and service&#160; mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology,
      know-how and other intellectual property.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Insurance</u>.&#160; The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the
      businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount.&#160; Neither the Company nor any Subsidiary has any reason to
      believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transactions With Affiliates and Employees</u>.&#160; Except as disclosed in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of
      the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing
      for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee
      or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i)
      payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.</div>
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    <div style="text-align: justify;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sarbanes-Oxley; Internal Accounting Controls</u>.&#160; The Company and the Subsidiaries are in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are
      effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.&#160; <font style="color: #000000;">The Company and the
        Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii) transactions are recorded as
        necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization, and (iv) the recorded
        accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined
        in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the
        Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&#8217;s rules and forms.</font></div>
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    <div style="text-align: justify;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Fees</u>.&#160; Except for fees payable by the Company to the Placement Agent and as set forth in the Pricing Prospectus or the Prospectus, no brokerage or finder&#8217;s fees or commissions are or will be
      payable by the Company, any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction
      Documents.&#160; The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions
      contemplated by the Transaction Documents.</div>
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    <div style="text-align: justify;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an &#8220;investment company&#8221; within the
      meaning of the Investment Company Act of 1940, as amended.&#160; The Company shall conduct its business in a manner so that it will not become an &#8220;investment company&#8221; subject to registration under the Investment Company Act of 1940, as amended.</div>
    <div><br>
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    <div style="text-align: justify;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Rights</u>.&#160; No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.</div>
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    <div style="text-align: justify;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Listing and Maintenance Requirements</u>.&#160; The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its
      knowledge is likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.&#160; The Company has
      not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of
      such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Shares are currently eligible for electronic
      transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such
      electronic transfer.</div>
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    <div style="text-align: justify;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Disclosure</u>.&#160; Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting
      on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Pricing Prospectus or
      Prospectus.&#160;&#160; The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.&#160; All of the disclosure furnished by or on behalf of the Company to the Purchasers
      regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
      to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The SEC Reports, when they were filed with the Commission, conformed in all material respects to the requirements of the Securities Act
      and the Exchange Act, as applicable, and the applicable rules and regulations, and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to
      make the statements therein (with respect to the SEC Reports incorporated by reference in the Prospectus), in light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference in
      the Prospectus, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made not misleading. The press releases disseminated by the Company during the twelve months preceding the
      date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
      under which they were made and when made, not misleading.&#160; The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
      set forth in Section 3.2 hereof. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set
      forth therein is required to be filed with the Commission.&#160; There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act
      or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which
      have not been described or filed as required.</div>
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    <div style="text-align: justify;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers&#8217; representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its
      or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the
      Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.</div>
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    </div>
    <div style="text-align: justify;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Solvency</u>.&#160; Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities
      hereunder, (i) the fair saleable value of the Company&#8217;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#8217;s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii)
      the Company&#8217;s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted
      by the Company, consolidated and projected capital requirements and capital availability thereof as such matters are described in the Registration Statement, and (iii) the current cash flow of the Company, together with the proceeds the Company would
      receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid.&#160; The Company does not
      intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).&#160; The Company has no knowledge of any facts or circumstances which lead it to
      believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date.&#160; For the purposes of this Agreement, &#8220;<u>Indebtedness</u>&#8221; means (x) any liabilities
      for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether
      or not the same are or should be reflected in the Company&#8217;s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
      business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.&#160; Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Tax Status</u>.&#160; Except for matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made
      or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and
      charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the
      periods to which such returns, reports or declarations apply.&#160; There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for
      any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and
      including the dates of such consolidated financial statements.&#160; The term &#8220;<u>taxes</u>&#8221; mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
      service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and
      any penalties, additions to tax, or additional amounts with respect thereto.&#160; The term &#8220;returns&#8221; means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.&#160; The Company did not qualify as a
      &#8220;passive foreign investment company&#8221; within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year.</div>
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    <div style="text-align: justify;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Foreign Corrupt Practices</u>.&#160; Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any
      Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government
      officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the
      Company is aware) which is in violation of Applicable Law, or (iv) violated in any material respect any provision of FCPA or any foreign equivalent. The Company has taken reasonable steps to ensure that its accounting controls and procedures are
      sufficient to cause the Company to comply in all material respects with the FCPA or any foreign equivalent.</div>
    <div><br>
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    <div style="text-align: justify;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Accountants</u>.&#160; The Company&#8217;s accounting firm is Ernst and Young (Hellas), Certified Auditors Accountants S.A.&#160; To the knowledge and belief of the Company, such accounting firm (i) is an independent
      registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company&#8217;s Annual Report for the fiscal year ending December 31, 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Acknowledgment Regarding Purchasers&#8217; Purchase of Securities</u>.&#160; The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm&#8217;s length purchaser with
      respect to the Transaction Documents and the transactions contemplated thereby.&#160; The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the
      Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is
      merely incidental to the Purchasers&#8217; purchase of the Securities.&#160; The Company further represents to each Purchaser that the Company&#8217;s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent
      evaluation of the transactions contemplated hereby by the Company and its representatives.</div>
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    <div style="text-align: justify;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Acknowledgment Regarding Purchaser&#8217;s Trading Activity</u>.&#160; Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and
        4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the
        Company, or &#8220;derivative&#8221; securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation,
        Short Sales or &#8220;derivative&#8221; transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company&#8217;s publicly-traded securities; (iii) any Purchaser, and counter-parties in
        &#8220;derivative&#8221; transactions to which any such Purchaser is a party, directly or indirectly, presently may have a &#8220;short&#8221; position in the Common Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm&#8217;s
        length counter-party in any &#8220;derivative&#8221; transaction.&#160; </font>The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding,
      including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders&#8217; equity
      interests in the Company at and after the time that the hedging activities are being conducted.&#160; The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Regulation M Compliance</u>.&#160; The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the
      stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii)
      paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement
      of the Securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cybersecurity</u>.&#160; (i)(x) <font style="color: #000000;">To the Company&#8217;s knowledge, t</font>here has been no security breach or other compromise of or relating to any of the Company&#8217;s or any
      Subsidiary&#8217;s information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or
      technology (collectively, &#8220;<u>IT Systems and Data</u>&#8221;) and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other
      compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory
      authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would
      not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material
      confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry
      standards and practices.</div>
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    <div style="text-align: justify;">(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Option Plans</u>. The Company has no outstanding stock options granted under any equity incentive plan or otherwise as compensation to its directors and officers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Office of Foreign Assets Control</u>.&#160; Neither the Company nor any Subsidiary nor, to the Company&#8217;s knowledge, any director, officer, agent, employee or affiliate of the Company&#160; or any Subsidiary is
      currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;<u>OFAC</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>U.S. Real Property Holding Corporation</u>.&#160; The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as
      amended, and the Company shall so certify upon Purchaser&#8217;s request.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(kk)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Bank Holding Company Act</u>.&#160; Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &#8220;<u>BHCA</u>&#8221;) and to regulation by the
      Board of Governors of the Federal Reserve System (the &#8220;<u>Federal Reserve</u>&#8221;).&#160; Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class
      of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.&#160; Neither the Company nor any of its Subsidiaries or Affiliates exercises a
      controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Money Laundering</u>.&#160; The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of
      the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;), and no Action or Proceeding by or before
      any court or Governmental Authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.</div>
    <div><br>
    </div>
    <div>(mm)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Maritime Representations</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">Each of the vessels described in the Registration Statement and the Prospectus as being owned by the Company or any Subsidiary as described therein (&#8220;<u>Owned Vessels</u>&#8221;)
      has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its registration; no other action is necessary to establish and perfect such entity&#8217;s title to and interest in any of the Owned
      Vessels as against any third party; and each Owned Vessel is owned directly by the Company or such Subsidiary free and clear of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the
      Registration Statement and the Prospectus.&#160; Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime
      liens incurred in the ordinary course and those liens arising under credit facilities, each as disclosed in the Registration Statement and the Prospectus.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
    </div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">Except as described in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries is a party to any memorandum of agreement or option
      agreement to purchase any vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">Each of the Owned Vessels is in good standing with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the jurisdiction in
      which it is registered, except where such lien or defect of title or record would not result in a Material Adverse Effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">Each of the Owned Vessels is operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or restrictions imposed,
      published or promulgated by any governmental authority, classification society or insurer applicable to the respective Owned Vessel (collectively, &#8220;<u>Maritime Guidelines</u>&#8221;) and all applicable international, national, state and local conventions,
      laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws), in each case as in effect on the date hereof, except where such failure to be in compliance would not result in a
      Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own or lease, as the case may be, and operate such Owned Vessels under all applicable international, national, state and local conventions, laws, regulations,
      orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&#8217;s flag state, in each case as in effect on the date
      hereof, except where such failure to be so qualified would not result in a Material Adverse Effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px 72pt; text-align: justify; text-indent: 72pt;">Each of the Owned Vessels is classed by a classification society which is a full member of the International Association of Classification Societies and such Owned Vessels
      are in class with valid class and trading certificates, without any overdue recommendations, in each case based on the classification and certification requirements in effect on the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(nn)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Foreign Private Issuer</u>.&#160; The Company is a &#8220;foreign private issuer&#8221; as defined in Rule 405 promulgated under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u>.&#160; The Company has the power to submit, and has legally, validly, effectively and irrevocably submitted, to the jurisdiction of any federal or state court in the State of New York,
      County of New York, and has the power to designate, appoint and empower, and has legally, validly and effectively designated, appointed and empowered, an agent for service of process in any suit or proceeding based on or arising under this Agreement
      in any federal or state court in the State of New York.</div>
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    <div style="text-align: justify;"><font style="color: #000000;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Representations and Warranties of the Purchasers</u>.&#160; Each Purchaser, for itself and for no other Purchaser, hereby represents and
        warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Organization; Authority</u>.&#160; Such Purchaser is either an individual or an entity duly
        incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and
        to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the
        transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.&#160; Each Transaction Document to which
        it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with
        its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws
        relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable Law.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Understandings or Arrangements</u>.&#160; Such Purchaser is acquiring the Securities as principal for
        its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser&#8217;s right to sell the
        Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).&#160; Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160;&#160; <font style="color: #000000;"><u>Reserved</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Experience of Such Purchaser</u>.&#160; Such Purchaser, either alone or together with its
        representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks
        of such investment.&#160; Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review
        the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company
        concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties,
        management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make
        an informed investment decision with respect to the investment.&#160; Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with
        respect to the Securities nor is such information or advice necessary or desired.&#160; Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any
        Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it.&#160; In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its
        Affiliates has acted as a financial advisor or fiduciary to such Purchaser.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: #000000;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Certain Transactions and Confidentiality</u>.&#160; Other than consummating the transactions
        contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the
        Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material pricing terms of the transactions
        contemplated hereunder and ending immediately prior to the execution hereof.&#160; Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
        Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the representation set forth above shall only apply with respect
        to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.&#160; Other than to other Persons party to this Agreement or to such Purchaser&#8217;s representatives,
        including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
        (including the existence and terms of this transaction).&#160; Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or
        borrowing shares in order to effect Short Sales or similar transactions in the future.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser&#8217;s right to rely on the Company&#8217;s representations and warranties contained in
      this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated
      hereby.&#160; Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or
      similar transactions in the future.</div>
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    <div style="text-align: center; font-weight: bold;">ARTICLE IV.</div>
    <div style="text-align: center;">OTHER AGREEMENTS OF THE PARTIES</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Warrant Shares</u>.&#160; If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to
        cover the issuance or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends.&#160; If at any time following the date hereof the
        Registration Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify
        the holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale or resale of the Warrant
        Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws).&#160; The Company shall
        use best efforts to keep a registration statement (including the Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Furnishing of Information</u>.&#160; Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired,
        the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not
        then subject to the reporting requirements of the Exchange Act.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Integration</u>.&#160; The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security
        (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing
        of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Securities Laws Disclosure; Publicity</u>.&#160; The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
        terms of the transactions contemplated hereby, and (b) file a Current Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act.&#160; From and after the issuance of
        such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective
        officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, in connection with the transactions contemplated by the Transaction Documents.&#160; In addition, effective upon the issuance of such press
        release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents,
        employees, Affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate and be of no further force or effect. The Company
        understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and each Purchaser shall consult with each other in issuing any other press releases with
        respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release
        of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the
        disclosing party shall promptly provide the other party with prior notice of such public statement or communication.&#160; Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any
        Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction
        Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b) and
        reasonably cooperate with such Purchaser regarding such disclosure.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Reserved</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Non-Public Information</u>.&#160;&#160; Except with respect to the material terms and conditions of the transactions contemplated by the
        Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that
        constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented in writing to the receipt of such information and agreed in writing with the Company to keep such
        information confidential.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.&#160; To the extent that the Company, any of its Subsidiaries, or any
        of their respective officers, directors, agents, employees or Affiliates<u>&#160;</u>delivers any material, non-public information to a Purchaser without such Purchaser&#8217;s consent, the Company hereby covenants and agrees that such Purchaser shall not
        have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, or a duty to the Company, any of its
        Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, not to trade on the basis of, such material, non-public information, provided that the Purchaser shall
        remain subject to Applicable Law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
        with the delivery of such notice file such notice with the Commission pursuant to a Current Report on Form 6-K.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in
        securities of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Use of Proceeds</u>.&#160; The Company shall use the net proceeds from the sale of the Securities hereunder as disclosed in the Prospectus
        and shall not use such proceeds for the settlement of any outstanding litigation or in violation of FCPA or OFAC regulations.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">4.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Indemnification of Purchasers</u>.&#160;&#160; Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser
        and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who
        controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally
        equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a &#8220;<u>Purchaser Party</u>&#8221;) harmless from any and all losses, liabilities, obligations, claims,
        contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys&#8217; fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to
        (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them
        or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material
        breach of such Purchaser Party&#8217;s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state
        or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).&#160; If any action shall be brought against any Purchaser Party in respect of which
        indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
        Purchaser Party.&#160; Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
        extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the
        reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more
        than one such separate counsel.&#160; The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company&#8217;s prior written consent, which shall not be unreasonably withheld
        or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party&#8217;s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this
        Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are
        incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Reservation of Common Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep
        available at all times, free of preemptive rights, a sufficient number of Common Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">4.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>L</u><u>isting of Common Shares</u>. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or
        quotation of the Common Shares on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares and Warrant Shares on such Trading Market and promptly secure the
        listing of all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares traded on any other Trading Market, it will then include in such application all of the Shares and
        Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible.&#160; The Company will then take all action reasonably necessary
        to continue the listing and trading of its Common Shares on a Trading Market and will comply in all respects with the Company&#8217;s reporting, filing and other obligations under the bylaws or rules of the Trading Market.&#160; The Company agrees to maintain
        the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other
        established clearing corporation in connection with such electronic transfer.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Board Composition and Board Designations; Internal Controls</u>. The Company shall ensure that: (i) the qualifications of the persons
        serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and with the listing requirements of the Trading Market and (ii) if applicable, at least
        one member of the Board of Directors qualifies as a &#8220;financial expert&#8221; as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The Company will maintain a system of internal accounting controls sufficient
        to provide reasonable assurances that: (i) transactions are executed in accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance
        with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at
        reasonable intervals and appropriate action is taken with respect to any differences.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Reserved</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
        neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company&#8217;s securities during the period commencing with the execution of this
        Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4.</font>&#160; <font style="color: #000000;">Each Purchaser, severally
        and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser
        will maintain the confidentiality of the existence and terms of this transaction (other than as disclosed to its legal and other representatives).&#160; N</font>otwithstanding the foregoing and notwithstanding anything contained in this Agreement to the
      contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the
      transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the
      Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser
      shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates, or agent, including, without limitation, the
      Placement Agent, after the issuance of the initial press release as described in Section 4.4.&#160; <font style="color: #000000;">Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate
        portfolio managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the covenant
        set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">4.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise Procedures</u>.&#160; The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to
      exercise the Warrants.&#160; No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants.&#160; Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required,
      nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants.&#160; The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in
      accordance with the terms, conditions and time periods set forth in the Transaction Documents.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Accountants</u>. For a period of three (3) years from the Effective Date, the Company shall continue to retain the Auditor or another nationally recognize
      independent registered public accounting firm with experience in the maritime industry.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.16</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer Agent</u>. For a period of two (2) years from the Closing Date, the Company shall retain the Transfer Agent or a nationally recognized transfer and
      registrar agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.17</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Review of Financial Statements</u>. For a period of three (3) years from the Closing Date or until such earlier time as no Warrants remain outstanding, the Company,
      at its expense, shall cause its regularly engaged independent registered public accountants to review (but not audit) the Company&#8217;s financial information for its semi-annual report covering the six-month period ended June 30.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">4.18</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exchange Act Registration</u>. For a period of three years from the Closing Date, the Company will use its best efforts to maintain the registration of the Common
      Shares under the Exchange Act. The Company will not voluntarily deregister the Common Shares under the Exchange Act without the prior written consent of the Placement Agent.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE V.</div>
    <div style="text-align: center;">MISCELLANEOUS</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Termination</u>.&#160; This Agreement may be terminated by any Purchaser, as to such Purchaser&#8217;s obligations hereunder only and without any
        effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Trading Day following the date hereof; <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Fees and Expenses</u>.&#160; Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
        expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.&#160; The Company shall pay all
        Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in
        connection with the delivery of any Securities to the Purchasers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Entire Agreement</u>.&#160; The Transaction Documents, together with the exhibits and schedules thereto, the Pricing Prospectus and the
        Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
        have been merged into such documents, exhibits and schedules.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Notices</u>.&#160; Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
        writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto at or prior
        to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto
        on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date of mailing, if
        sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.&#160; The address for such notices and communications shall be as set forth on the signature pages attached
        hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the
        Commission pursuant to a Current Report on Form 6-K.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Amendments; Waivers</u>.&#160; No provision of this Agreement may be waived, modified, supplemented or amended except in a written
        instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser)
        or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the
        consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required.&#160; No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
        the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
        Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent
        of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Headings</u>.&#160; The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
        limit or affect any of the provisions hereof.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Successors and Assigns</u>.&#160; This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
        permitted assigns.&#160; The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).&#160; Any Purchaser may assign any or all of its rights under this Agreement
        to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the
        &#8220;Purchasers.&#8221;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>No Third-Party Beneficiaries</u>.&#160; The Placement Agent shall be the third party beneficiary of the representations and warranties of
        the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2.&#160; This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
        of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Governing Law; Venue; Agent for Process</u>. All questions concerning the construction, validity, enforcement and interpretation of the
        Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings
        concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
        partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in
        the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
        Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
        venue for such Proceeding. Each party hereby irrevocably waives personal service of process and, to the extent permitted by law, consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified
        mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
        contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. In addition to and without limiting the foregoing, the Company has appointed Watson Farley &amp; Williams LLP, 250 West 55th
        Street, 31st Floor, New York, New York 10019, as its authorized agent (the &#8220;Authorized Agent&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon the Transaction Documents or the transactions contemplated
        herein which may be instituted in any New York Court, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has
        accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force
        and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the
        Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. This paragraph shall survive any termination of
        this Agreement, in whole or in part. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts to the
        jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div>
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    <div style="text-align: justify;"><font style="color: #000000;">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Survival</u>.&#160; The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Execution</u>.&#160; This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
        and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart.&#160; In the event that any signature is
        delivered by e-mail delivery of a &#8220;.pdf&#8221; format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such &#8220;.pdf&#8221; signature
        page were an original thereof.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
        be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
        shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared
        to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Rescission and Withdrawal Right</u>.&#160; Notwithstanding anything to the contrary contained in (and without limiting any similar
        provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein
        provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; <u>provided</u>,
        <u>however</u>, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Common Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of
        the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser&#8217;s right to acquire such shares pursuant to such Purchaser&#8217;s Warrant (including, issuance of a replacement warrant certificate evidencing such
        restored right).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Replacement of Securities</u>.&#160; If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
        the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
        reasonably satisfactory to the Company of such loss, theft or destruction.&#160; The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with
        the issuance of such replacement Securities.</font></div>
    <div 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><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Remedies</u>.&#160; In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
        each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents.&#160; The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
        contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.16</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Payment Set Aside</u>.&#160; To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
        Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
        aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common
        law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
        enforcement or setoff had not occurred.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.17</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Independent Nature of Purchasers&#8217; Obligations and Rights</u>.&#160; The obligations of each Purchaser under any Transaction Document are
        several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document.&#160; Nothing contained
        herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a
        presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.&#160; Each Purchaser shall be entitled to independently protect and enforce
        its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such
        purpose.&#160; Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents.&#160; For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
        communicate with the Company through the Placement Agent Counsel.&#160; The Placement Agent Counsel does not represent any of the Purchasers and only represents the Placement Agent.&#160; The Company has elected to provide all Purchasers with the same terms
        and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.&#160; It is expressly understood and agreed that each provision contained in this Agreement and in each other
        Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.</font></div>
    <div 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><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.18</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Liquidated Damages</u>.&#160; The Company&#8217;s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
        Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial
        liquidated damages or other amounts are due and payable shall have been canceled.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.19</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><font style="color: #000000;"><u>Saturdays, Sundays, Holidays, etc.</u></font>If the last or appointed day for the taking of any action
        or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.20</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
        the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
        thereto. In addition, each and every reference to share prices and Common Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of
        the Common Shares that occur after the date of this Agreement. All references herein to matters disclosed within filings made by the Company with the Commission shall be construed to include documents incorporated by reference into such filings.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">5.21</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u>.&#160; <u>IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY
            PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">(Signature Pages Follow)</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><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.</div>
    <div><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: #000000;" id="zfa07f1043479462aab9c76eb00a584a2" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 55%; vertical-align: top;">
            <div style="font-weight: bold;">UNITED MARITIME CORPORATION</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div><u>Address for Notice:</u></div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>Attention:</div>
            <div>Email:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: top;">
            <div>By:_________________________________________</div>
            <div>&#160;&#160;&#160;&#160;&#160;Name: Stamatios Tsantanis</div>
            <div>&#160;&#160;&#160;&#160;&#160;Title: Chairman &amp; Chief Executive Officer</div>
            <div>With a copy to (which shall not constitute notice):</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: top;">
            <div>&#160;</div>
            <div>Watson Farley &amp; Williams LLP</div>
            <div>250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor, New York, NY 10019</div>
            <div>Attention:</div>
            <div>Email:</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
      <br>
    </div>
    <div style="text-align: center;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
    <div style="text-align: center;">SIGNATURE PAGE FOR PURCHASER FOLLOWS]</div>
    <div><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>
    <div><br>
    </div>
    <div style="text-align: center;">[PURCHASER SIGNATURE PAGES TO USEA SECURITIES PURCHASE AGREEMENT]</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Purchaser: ________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Signature of Authorized Signatory of Purchaser</font>: _________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Authorized Signatory: _______________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Title of Authorized Signatory: ________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Email Address of Authorized Signatory: _________________________________________</div>
    <div><br>
    </div>
    <div>Address for Notice to Purchaser:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>Address for Delivery of Securities to Purchaser (if not same as address for notice):</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>DWAC for Delivery of Shares:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>Common Unit Subscription Amount: $_________________</div>
    <div><br>
    </div>
    <div>Common Units: _________________</div>
    <div><br>
    </div>
    <div>Shares: _________________</div>
    <div><br>
    </div>
    <div>Common Warrant Shares: _________________&#160; Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
    <div><br>
    </div>
    <div>Prefunded Unit Subscription Amount: $_________________</div>
    <div><br>
    </div>
    <div>Prefunded Units: _________________</div>
    <div><br>
    </div>
    <div>Prefunded Warrant Shares: ___________&#160;&#160; Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
    <div><br>
    </div>
    <div>Common Warrant Shares: __________________&#160; Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
    <div><br>
    </div>
    <div>EIN Number: ____________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#9744;&#160; Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the
      Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above)
      that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the
      above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.</div>
    <div><br>
    </div>
    <div style="text-align: center;">[SIGNATURE PAGES CONTINUE]</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><br>
    </div>
    <div style="text-align: center;">Schedule A</div>
    <div><br>
    </div>
    <div><br>
    </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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>16
<FILENAME>ny20004194x8_ex21-1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 8.4.0.0
         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; 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 21.1</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Significant Subsidiaries of United Maritime Corporation</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: #000000;" id="zd893ea2b1fc0436989223a5590f52e60" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 49.99%; 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: center; color: #000000; font-weight: bold;">Subsidiary</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000; font-weight: bold;">Country of Incorporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; 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: center; color: #000000;">Bluesea Shipping Co.</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; 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: center; color: #000000;">Epanastasea Maritime Co.</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Minoansea Maritime Co.</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Parosea Shipping Co.</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; 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: center; color: #000000;">Sea Glorius Shipping Co.</div>
          </td>
          <td style="width: 50.01%; 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: center; color: #000000;">Marshall Islands</div>
          </td>
        </tr>

    </table>
    <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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>17
<FILENAME>ny20004194x8_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 8.4.0.0
         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 style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.1</font><br>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: right;">
      <div>&#160;<br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold; font-size: 11pt;">Consent of Independent Registered Public Accounting Firm</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify;">We consent to the reference to our firm under the caption &#8220;Experts&#8221; 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 F-1) and related Prospectus of United Maritime Corporation for the registration of Units consisting of Common Shares or Pre-Funded Warrants to Purchase Common Shares and Class A Warrants to Purchase Common Shares.</div>
        <div>&#160;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Athens, Greece</div>
      <div>&#160;</div>
      <div style="text-align: justify;">July 12, 2022</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <font style="font-weight: bold;"> </font></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>18
<FILENAME>ny20004194x8_ex107.htm
<DESCRIPTION>FILING FEES TABLE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 8.4.0.0
         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; 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 107</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CALCULATION OF FILING FEE TABLES</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; color: #000000;">Form F-1</div>
      <div style="text-align: center; color: #000000;">(Form Type)</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">United Maritime Corporation</div>
      <div style="text-align: center; color: #000000;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div style="text-align: center; color: #000000;"><u>Table 1: Newly Registered Securities</u></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="z7c69757e8701474497562f95a77c684b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 8.28%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Security</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Type</div>
          </td>
          <td style="width: 24.08%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Security</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Class</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Title</div>
          </td>
          <td style="width: 11.68%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Fee</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Calculation</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Rule</div>
          </td>
          <td style="width: 10.07%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Amount</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Registered</div>
          </td>
          <td style="width: 11.19%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Proposed</div>
            <div style="color: #000000; font-weight: bold;">Maximum</div>
            <div style="color: #000000; font-weight: bold;">Offering</div>
            <div style="color: #000000; font-weight: bold;">Price Per</div>
            <div style="color: #000000; font-weight: bold;">Unit</div>
          </td>
          <td style="width: 10.87%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Maximum</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Aggregate</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Offering</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Price</div>
          </td>
          <td style="width: 12.46%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Fee</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Rate</div>
          </td>
          <td style="width: 11.37%; vertical-align: bottom; 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; color: #000000; font-weight: bold;">Amount of</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Registration</div>
            <div style="text-align: justify; color: #000000; font-weight: bold;">Fee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.28%; vertical-align: middle; 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; color: #000000;">Equity</div>
          </td>
          <td style="width: 24.08%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">Common shares, par value $0.0001 per share <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></div>
          </td>
          <td style="width: 11.68%; vertical-align: middle; 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; color: #000000;">Rule 457(o)</div>
          </td>
          <td style="width: 10.07%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; 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; color: #000000;">$40,000,000</div>
          </td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">$92.70 per</div>
            <div style="color: #000000;">$1,000,000</div>
          </td>
          <td style="width: 11.37%; vertical-align: middle; 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; color: #000000;">$3,708</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.28%; vertical-align: middle; 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; color: #000000;">Equity</div>
          </td>
          <td style="width: 24.08%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">Class A Warrants to purchase common shares <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 11.68%; vertical-align: middle; 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; color: #000000;">Other</div>
          </td>
          <td style="width: 10.07%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">&#160;$92.70 per</div>
            <div style="color: #000000;">$1,000,000</div>
          </td>
          <td style="width: 11.37%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8.28%; vertical-align: middle; 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; color: #000000;">Equity</div>
          </td>
          <td style="width: 24.08%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">Pre-funded warrants to purchase common shares <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)(4)(5)</sup></div>
          </td>
          <td style="width: 11.68%; vertical-align: middle; 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; color: #000000;">Other</div>
          </td>
          <td style="width: 10.07%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">$92.70 per</div>
            <div style="color: #000000;">$1,000,000</div>
          </td>
          <td style="width: 11.37%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8.28%; vertical-align: middle; 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; color: #000000;">Equity</div>
          </td>
          <td style="width: 24.08%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">Common shares, par value $0.0001 per share, underlying Class A Warrants <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(6)</sup></div>
          </td>
          <td style="width: 11.68%; vertical-align: middle; 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; color: #000000;">Other</div>
          </td>
          <td style="width: 10.07%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; 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; color: #000000;">$48,000,000</div>
          </td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">$92.70 per</div>
            <div style="color: #000000;">$1,000,000</div>
          </td>
          <td style="width: 11.37%; vertical-align: middle; 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; color: #000000;">$4,449.60</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.28%; vertical-align: middle; 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; color: #000000;">Equity</div>
          </td>
          <td style="width: 24.08%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">Common shares, par value $0.0001 per share, underlying pre-funded warrants <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(4)(5)</sup></div>
          </td>
          <td style="width: 11.68%; vertical-align: middle; 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; color: #000000;">Other</div>
          </td>
          <td style="width: 10.07%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">$92.70 per</div>
            <div style="color: #000000;">$1,000,000</div>
          </td>
          <td style="width: 11.37%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td colspan="4" style="width: 54.12%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: #000000; font-weight: bold;">Total Offering Amounts/Net Fee Due</div>
          </td>
          <td style="width: 11.19%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.87%; vertical-align: middle; 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; color: #000000;">$88,000,000</div>
          </td>
          <td style="width: 12.46%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.37%; vertical-align: middle; 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; color: #000000;">$8,157.60</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <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><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91e4cb65e6074634a0fa8f9c0092c51a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) of the Securities Act of 1933, as amended (the &#8220;Securities
              Act&#8221;). Pursuant to Rule 416, there are also being registered such indeterminable additional securities as may be issued to prevent dilution as a result of stock splits, stock dividends or similar transactions.</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="z0d40bad0105641c89fff34e0b0b27774" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Including related preferred stock purchase rights.&#160; Preferred stock purchase rights are not currently separable from the common shares and are not
              currently exercisable. The value attributable to the preferred stock purchase rights, if any, will be reflected in the market price of the common 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="zb2c19550ed31467eae34d12cc93a3047" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">In accordance with Rule 457(i) under the Securities Act, no separate registration fee is required with respect to the warrants registered hereby.</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="za94d3791e77d4bc8803a9f39ed1b3cc3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The proposed maximum aggregate offering price of the common shares proposed
                to be sold in the offering will be reduced on a dollar-for-dollar basis based on the offering price of any pre-funded warrants offered and sold in the offering, and as such the proposed maximum offering price of the common shares and
                pre-funded warrants (including the common shares issuable upon exercise of the pre-funded warrants) if any, is $</font>40,000,000<font style="color: #000000;">.</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="z3e71cf5eedc24d0bb044f1beacc065c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The registrant may issue pre-funded warrants to purchase common shares in the offering. The purchase price of each pre-funded warrant will equal the
              price per share at which shares of common shares are being sold to the public in this offering, minus $0.0001, which constitutes the pre-funded portion of the exercise price, and the remaining unpaid exercise price of the pre-funded warrant
              will equal $0.0001 per share (subject to adjustment as provided for therein).</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="z26a3ed5ff7224f52a02e6c4b515d6374" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Based on an assumed per-share exercise price for the Class A Warrants of 120% of the public offering price per unit in this offering.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
