<SEC-DOCUMENT>0001171843-25-008148.txt : 20260102
<SEC-HEADER>0001171843-25-008148.hdr.sgml : 20260102
<ACCEPTANCE-DATETIME>20251231200815
ACCESSION NUMBER:		0001171843-25-008148
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260102
DATE AS OF CHANGE:		20251231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rubico Inc.
		CENTRAL INDEX KEY:			0001943421
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289552
		FILM NUMBER:		251618372

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3
		BUSINESS PHONE:		30 2108128180

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Central Tactical Acquisitions Inc.
		DATE OF NAME CHANGE:	20220818
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>f424b3_123125.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333-289552</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT NO. 9</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(TO PROSPECTUS DATED SEPTEMBER 19, 2025)</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>75,000 Common Shares</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Offered by the Selling Shareholders</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RUBICO INC.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This is a supplement (the &#8220;Prospectus Supplement&#8221;)
to the prospectus, dated September 19, 2025 (as supplemented or amended from time to time, the &#8220;Prospectus&#8221;) of Rubico Inc.
(the &#8220;Company&#8221;), which forms a part of the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-289552),
as amended from time to time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This Prospectus Supplement is being filed to update and supplement the information
included in the Prospectus with the information contained in the Company&#8217;s Report on Form 6-K, furnished to the U.S. Securities
and Exchange Commission (the &#8220;Commission&#8221;) on December 31, 2025 (the &#8220;Form 6-K&#8221;). Accordingly, the Form 6-K is
attached to this Prospectus Supplement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Prospectus Supplement should be read in conjunction
with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in
this Prospectus Supplement supersedes the information contained in the Prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Prospectus Supplement is not complete without,
and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>Investing in our securities involves a high degree
of risk. See &#8220;<U>Risk Factors</U>&#8221; beginning on page 8 of the Prospectus for a discussion of information that should be considered
in connection with an investment in our securities.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>Neither the Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>The date of this prospectus supplement is December 31, 2025.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">For the month of December 2025</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Commission File Number: 001-42684</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 24pt; text-align: center"><B>RUBICO INC.</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">(Translation of registrant&#8217;s name into English)</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>20 Iouliou Kaisara Str<BR>
19002 Paiania </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Athens, Greece </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">(Address of principal executive office)</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Form 20-F &#9746; Form 40-F &#9744;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 5pt; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0 0pt 5pt; font-size: 10pt; text-align: center"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>

<P STYLE="margin: 0pt 0 0pt 5pt; font-size: 10pt; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>Mega Yacht Acquisition </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As previously announced, on December 4, 2025, Rubico
Inc. (the &#8220;Company,&#8221; &#8220;we&#8221; or &#8220;our&#8221;) entered into a letter of intent (the &#8220;Newbuilding LOI&#8221;)
for the potential acquisition from Top Ships Inc. (the &#8220;Parent&#8221;) of a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp (the
&#8220;Newbuilding Yacht&#8221;), with expected delivery in the second quarter of 2027. The Company made an advance cash payment of $4.0
million that was credited against the acquisition price of the Newbuilding Yacht A special independent committee composed of independent
members of the Board of Directors negotiated and approved the acquisition of the Newbuilding Yacht under the Newbuilding LOI. On December
31, 2025, the Company entered into a purchase agreement (the &#8220;Newbuilding SPA&#8221;) to purchase Roman Explorer Inc., the company
that will acquire ownership of the Newbuilding Yacht, for a purchase price of $38.0 million payable in installments over a period of 300
days following the Company&#8217;s entry into the Newbuilding SPA. An initial installment payment of $15.5 million was made upon signing
the Newbuilding SPA, with consummation of the purchase and sale of the shares of Roman Explorer Inc. expected to take place no later than
March 31, 2026. Under certain circumstances the Parent can demand the payment of installments in the form of newly-issued Series E Perpetual
Convertible Preferred Shares (the &#8220;Series E Preferred Shares&#8221;). For a description of the Series E Preferred Shares, see the
section of this Report titled &#8220;&#8212;Description of Series E Perpetual Convertible Preferred Shares.&#8221; Further, the form of
Statement of Designation of the Series E Preferred Shares is appended to the Newbuilding SPA, which is filed as an exhibit hereto. Remaining
installments payable to the shipyard as per the relevant newbuilding contract amount to approximately $41.5 million (or &#8364;35.5 million)
payable up to May 2027.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>Supplemental Risk Factors</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">The following should be read in conjunction with the
risk factors previously disclosed in our registration statement on Form 20-F filed with the Commission on June 4, 2025.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><B><I>Delays or defaults by the shipyards in the construction
of any newbuildings could increase our expenses and diminish our net income and cash flows.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">As of the date of this report, we do not have any contracts
for newbuilding vessels. We may enter into contracts for newbuilding vessels in the future. Vessel construction projects are generally
subject to risks of delay that are inherent in any large construction project, which may be caused by 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. Significant delays
could adversely affect our financial position, results of operations and cash flows. Additionally, failure to complete a project on time
may result in the delay of revenue from that vessel, and we may continue to incur costs and expenses related to delayed vessels, such
as supervision expenses.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><B><I>The anticipated delivery of a mega yacht entails
certain risks and uncertainties associated with our entry into ownership of a new class of vessels, and we cannot assure you that we will
complete the delivery of the vessel or manage such risks successfully.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We have entered into a share purchase agreement to acquire
from the Parent a company that has entered into a newbuilding contract for the Newbuilding Yacht with expected delivery in the second
quarter of 2027. However, there can be no assurance that we will complete the delivery of this vessel or successfully identify any similar
opportunities in the future.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Any mega yacht operating in our fleet is expected to
be employed on short-term charters. We expect that management services, including commercial and technical management, for any yacht we
acquire will be provided by CSI.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Our management team and CSI do not have experience in
the mega yacht sector. We believe that the experience of our management and CSI in the ownership and operation of tanker and other vessels
provides relevant expertise and qualifications in the evaluation of mega yacht acquisition opportunities and operation of mega yachts.
However, there can be no assurance that we will successfully manage the risks of operations in a new sector, which could adversely affect
our financial position, results of operations and cash flows.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><B><I>We have in the past and may in the future rely
in part on equity issuances, which will not require shareholder approval, to fund our growth, and such equity issuances could dilute your
ownership interests and may depress the market price of our Common Shares.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">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 or repayment of outstanding
indebtedness, without shareholder approval, in a number of circumstances.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">As part of our business strategy, we have in the past
and may in the future rely in part on issuances of equity, warrants or preferred securities, which may carry voting rights and may be
convertible or exercisable into Common Shares, to fund the growth of our fleet. We may issue such securities in private placements, including
to related parties, or in registered offerings.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Under the Equity Line Purchase Agreement entered into
with B. Riley Principal Capital II, LLC (the &#8220;Selling Shareholder&#8221;) we have the right to sell to the Selling Shareholder,
from time to time during the term of the Equity Line Purchase Agreement, up to $30,000,000 of our Common Shares, subject to certain limitations
and conditions set forth in the Equity Line Purchase Agreement. We have registered under the Securities Act the resale by the Selling
Shareholder of up to 15,500,000 of our Common Shares of which we have sold 480,144 Common Shares to the Selling Shareholder under the
Equity Line Purchase Agreement as of December 10, 2025.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Further, as contemplated by the Newbuilding SPA, Top
Ships Inc. may under certain circumstances demand the payment of installments in the form of Series E Preferred Shares. The Series E Preferred
Shares would, if issued, be convertible into Common Shares. As of the date of this prospectus, there are no Series E Preferred Shares.
For a description of the Series E Preferred Shares, see the section of this prospectus entitled &#8220;Description of Capital Stock&#8212;Description
of Series E Perpetual Convertible Preferred Shares.&#8221; Further, the form of Statement of Designation of the Series E Preferred Shares
is appended to the Newbuilding SPA, which is filed as an exhibit hereto.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Our issuance of additional Common Shares, including
pursuant to the Equity Line Purchase Agreement, or otherwise upon conversion of convertible securities or exercise of warrants, or other
equity securities of equal or senior rank, or with voting rights, may have the following effects:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our existing common shareholders&#8217; proportionate ownership interest in us will decrease;</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount of cash available for dividends payable per Common Share may decrease;</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the relative voting strength of each previously outstanding Common Share may be diminished; and</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the market price of our Common Shares may decline.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><B><I>Issuance of preferred shares, such as our Series
D Preferred Shares, our Series E Preferred Shares and our Series A Participating Preferred Stock, may adversely affect the voting power
of our common shareholders have a dilutive effect on them and have the effect of discouraging, delaying or preventing a merger or acquisition,
which could adversely affect the market price of our Common Shares.</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Our Amended and Restated Articles of Incorporation currently
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&#8217; approval. Our Board of Directors has issued, and may in the future issue, preferred
shares with voting rights superior to those of the Common Shares, such as the Series D Preferred Shares or the Series A Participating
Preferred Stock, which could have a dilutive effect on our common shareholders. Additionally, as contemplated by the Newbuilding SPA,
we may be required to issue Series E Preferred Shares to the Parent, which would have voting rights superior to those of the Common 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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"><B>Description of Series E Perpetual Convertible
Preferred Shares</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">As contemplated by the Newbuilding
SPA, the Parent may under certain circumstances demand the payment of installments in the form of newly-issued Series E Perpetual Convertible
Preferred Shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">As of the date of this prospectus,
no Series E Preferred Shares are outstanding.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">The Series E Preferred Shares
have the following characteristics:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Conversion</I>.&nbsp;Each
holder of Series E Preferred Shares, at any time and from time to time, has the right, subject to certain conditions, to convert all or
any portion of the Series E Preferred Shares then held by such holder into the Common Shares at the conversion rate then in effect. Each
Series E Preferred Share is convertible into the number of the Issuer&#8217;s Common Shares equal to the quotient of $1,000 plus any accrued
and unpaid dividends divided by the lesser of the following four prices (the &#8220;Series E Conversion Price&#8221;): (i) 120% of the
closing price of our Common Shares on the trading day immediately preceding the first issuance of Series E Preferred Shares, (ii) 80%
of the lowest daily VWAP of the Common Shares over the twenty consecutive trading days expiring on the trading day immediately prior to
the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of any of our then outstanding convertible
shares or warrants, (iv) the lowest issuance price of the Common Shares in any transaction from the date of the issuance the Series E
Preferred Shares onwards, but in no event will the Series E Conversion Price be less than $0.60 (the &#8220;Floor Price&#8221;). The Floor
Price is adjusted (decreased) in case of splits or subdivisions of our outstanding shares and is not adjusted in case of reverse stock
splits or combinations of our outstanding shares. Finally, the Series E Conversion Price is subject to appropriate adjustment in the event
of certain dividends and distributions, stock combinations, reclassifications or similar events affecting the Common Shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Limitations of Conversion.</I>&nbsp;Holders
of the shares of Series E Preferred Shares shall be entitled to convert the Series E Preferred Shares in full, regardless of the beneficial
ownership percentage of the holder after giving effect to such conversion.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Voting</I>. The holders
of Series E Preferred Shares are entitled to the voting power of one thousand (1,000) of our common shares per Series E Preferred Share.
The holders of Series E Preferred Shares and the holders of our common shares shall vote together as one class on all matters submitted
to a vote of our shareholders. The holders of Series E Preferred Shares have no special voting rights and their consent shall not be required
for taking any corporate action.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Distributions</I>.&nbsp;The
holders of Series E Preferred Shares are entitled to receive certain dividends and distributions paid to holders of Common Shares on an
as-converted basis. Upon any liquidation, dissolution or winding up of the Company, the holders of Series E Preferred Shares shall be
entitled to receive the net assets of our Company pari passu with the Common Shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Redemption</I>.&nbsp;We
at our option shall have the right to redeem a portion or all of the outstanding Series E Preferred Shares. We shall pay an amount equal
to one thousand dollars ($1,000) per each Series E Preferred Share (the &#8220;Liquidation Amount&#8221;), plus a redemption premium equal
to fifteen percent (15%) of the Liquidation Amount being redeemed if that redemption takes place up to and including the first anniversary
of the first issuance of Series E Preferred Shares and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption
takes place after the first anniversary of the first issuance of Series E Preferred Shares, plus an amount equal to any accrued and unpaid
dividends on such Series E Preferred Shares (collectively referred to as the &#8220;Redemption Amount&#8221;). In order to make a redemption,
we shall first provide one business day advance written notice to the holders of our intention to make a redemption, or the Redemption
Notice, setting forth the amount it desires to redeem. After receipt of the Redemption Notice, the holders shall have the right to elect
to convert all or any portion of its Series E Preferred Shares. Upon the expiration of the one business day period, we shall deliver to
each holder the Redemption Amount with respect to the amount redeemed after giving effect to conversions effected during the notice period.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">The Series E Preferred Shares
shall not be subject to redemption in cash at the option of the holders thereof under any circumstance.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Dividends.</I>&nbsp;The
holders of outstanding Series E Preferred Shares shall be entitled to receive out of funds legally available for the purpose, semi-annual
dividends payable in cash on the last day of June and December in each year (each such date being referred to herein as a &#8220;Semi
Annual Dividend Payment Date&#8221;), commencing on the first Semi Annual Dividend Payment Date in an amount per share (rounded to the
nearest cent) equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series E Preferred Shares computed
on the basis of a 365-day year and the actual days elapsed.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">Accrued but unpaid dividends
shall bear interest at fifteen percent (15%). Dividends paid on the Series E 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. Our Board of Directors may fix a record date for the determination of holders of Series E 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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><I>Ranking</I>. All shares
of Series E Preferred Shares shall rank pari passu with all classes of our common shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">The description of the Series E Preferred Shares is
subject to and qualified in its entirety by reference to the Newbuilding SPA and Certificate of Designation of the Series E Preferred
Shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On December 31, 2025, the Registrant issued a press release relating to
the acquisition of the Newbuilding Yacht, a copy of which is attached hereto as <FONT><A HREF="#a_001">Exhibit 99.1</A></FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;The Newbuilding SPA is attached hereto as<A HREF="#a_002"> Exhibit 99.2</A>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Certificate of Designation of the Series E Preferred Shares is
attached hereto as <A HREF="#a_003">Exhibit 99.3</A>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 1.3pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 1.3pt 0pt 0; font-size: 10pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="margin: 0pt 1.3pt 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 17.75pt 0pt 0; font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Rubico Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: December 31, 2025</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By: <U>/s/ Nikolaos Papastratis</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nikolaos Papastratis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: right"><STRONG><A NAME="a_001"></A>EXHIBIT 99.1</STRONG></P>

<P STYLE="text-align: center"><STRONG>Rubico Inc. Announces Acquisition of Newbuilding Mega Yacht</STRONG></P>

<P STYLE="text-align: center" />

<P>

<P ALIGN="JUSTIFY">ATHENS, Greece, Dec. 31, 2025 (GLOBE NEWSWIRE) -- <STRONG>Rubico Inc.</STRONG> (Nasdaq: RUBI) (the &#8220;Company&#8221;
or &#8220;Rubico&#8221;), a global provider of shipping transportation services specializing in the ownership of vessels, announced today
that it has entered into a purchase agreement (the &#8220;SPA&#8221;) for the acquisition from Top Ships Inc. of a vessel-owning company
(the &#8220;Owner&#8221;) which is party to a shipbuilding contract for a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected
delivery from the shipyard in the second quarter of 2027 for a purchase price of $38.0 million. Consummation of the purchase and sale
of the Owner&#8217;s shares under the SPA is expected to take place no later than March 31, 2026.</P>

<P ALIGN="JUSTIFY">The Company had previously announced that it had entered into a letter of intent providing an exclusivity period during
which the Company conducted a due diligence process and evaluated the potential transaction. As previously announced, an advance payment
of $4.0 million made pursuant to the letter of intent was credited against the purchase price of the newbuilding mega yacht. A special
independent committee composed of independent members of the Company's board of directors negotiated and approved the acquisition, after
obtaining a fairness opinion from an independent financial advisor.</P>

<P><STRONG>About the Company</STRONG></P>

<P ALIGN="JUSTIFY">Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels.</P>

<P ALIGN="JUSTIFY">The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens,
Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol &#8220;RUBI&#8221;.<BR />Please visit the Company&#8217;s
website at: <U>https://rubicoinc.com/</U></P>

<P><STRONG>For further information please contact:</STRONG><BR />Nikolaos Papastratis<BR />Chief Financial Officer<BR />Rubico Inc.<BR />Tel:
+30 210 812 8107<BR />Email: npapastratis@rubicoinc.com</P>

<P><STRONG>Forward-Looking Statements</STRONG></P>

<P ALIGN="JUSTIFY">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective
information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including
with respect to the yacht acquisition.</P>

<P ALIGN="JUSTIFY">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221;
&#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;
&#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect&#8221; &#8220;pending&#8221; and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management'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. Please see the Company&#8217;s
filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information
set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of this communication.</P> </P>

<P />
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0; text-align: right"><A NAME="a_002"></A><B>Exhibit 99.2</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"><U>SHARE PURCHASE AGREEMENT</U></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">This Share Purchase Agreement (this &quot;<U>Agreement</U>&quot;)
is entered into as of December 31, 2025, by and between Top Ships Inc, a Marshall Islands corporation (the &quot;<U>Seller</U>&quot;),
and Rubico Inc., a Marshall Islands corporation (the &quot;<U>Buyer</U>&quot;). The Seller and the Buyer are sometimes referred to in
this Agreement as a &quot;<U>Party</U>&quot; and collectively as the &quot;<U>Parties</U>.&quot;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">RECITALS</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>the Seller owns five hundred (500) registered
shares, without par value, (the &ldquo;<U>Shares</U>&rdquo;) of ROMAN EXPLORER INC., a Marshall Islands corporation (the &quot;<U>Company</U>&quot;),
representing all of the issued and outstanding shares of the Company;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>the Company has entered into a yacht
building contract (the &ldquo;<U>Newbuilding Contract</U>&rdquo;) with SANLORENZO S.P.A for the newbuilding M/Y Sanlorenzo &quot;1150Exp&quot;
Hull No. 158 (the &ldquo;<U>Vessel</U>&rdquo;) and a refund guarantee (the &ldquo;<U>Refund Guarantee</U>&rdquo; and together with the
Newbuilding Contract, the &ldquo;<U>Pre-delivery Contracts</U>&rdquo; and each a &ldquo;<U>Pre-delivery Contract</U>&rdquo;) has been
issued in favor of the Company for the Contract Price (as defined in the Newbuilding Contract) installments (other than the installment
described under letter (j) of Clause 3.2.1 of the Newbuilding Contract). The Vessel has a length of 60 meters and a gross tonnage of 1,150
tons with 6 guest cabins and is able to accommodate 12 guests and 15 crew;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>the Buyer has indicated to the Seller
its desire to proceed with the acquisition and the Seller desires to sell to the Buyer, and the Buyer desires to purchase from the Seller,
the Shares, representing 100% of the authorized, issued and outstanding shares of the Company, on the terms and conditions herein contained;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, on December 4, 2025, the Seller and the
Buyer entered into a letter of intent relating to the prospective purchase of the Shares whereby the Buyer paid the Seller a refundable
earnest money deposit of $4,000,000 (the &ldquo;<U>Deposit</U>&rdquo;) for a no-shop period until March 31, 2026;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE, </B>in consideration of the respective
representations, warranties and agreements contained herein and for other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the Parties hereby agree as follows:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I<BR>
PURCHASE AND SALE OF THE SHARES; CLOSING</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 1.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase and Sale of the Company</U>. At the Closing (as defined below), subject to the terms and conditions herein contained,
the Seller shall sell, convey, transfer, assign and deliver to the Buyer, and the Buyer shall purchase and acquire from the Seller, the
Shares, together with all rights and interests associated therewith.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><U>Purchase Price</U>. In consideration of the sale,
conveyance, transfer, assignment and delivery of the Shares to the Buyer at Closing, the Buyer hereby agrees to pay to the Seller the
aggregate purchase price of $38,000,000 (the &quot;<U>Purchase Price</U>&quot;), by installment payments (the &ldquo;Installments&rdquo;)
as follows (with the Deposit being credited towards the Purchase Price and the First Installment):</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $19,500,000 (the &ldquo;First Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller no later
than December 31, 2025;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,000,000 (the &ldquo;Second Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller on a date
that is no later than 60 days after the First Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,000,000 (the &ldquo;Third Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller on a date
that is no later than 60 days after the Second Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,000,000 (the &ldquo;Fourth Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller on a date
that is no later than 60 days after the Third Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,000,000 (the &ldquo;Fifth Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller on a date
that is no later than 60 days after the Fourth Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,000,000 (the &ldquo;Sixth Installment&rdquo;) shall be paid to the Seller by wire transfer to the account of the Seller on a date
that is no later than 60 days after the Fifth Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An amount
of $3,500,000 (the &ldquo;Final Installment&rdquo;), including any adjustments as set forth below shall be paid to the Seller by wire
transfer to the account of the Seller on a date that is no later than 60 days after the Sixth Installment;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">In case any portion of the Installments are not settled
by the time they are due (the &ldquo;Late Installments&rdquo;), the Seller can demand that such Late Installments be settled via the issuance
by the Buyer to the Seller within 5 Business Days of such demand of an equivalent dollar amount (the &ldquo;Stated Amount&rdquo;) of Series
E Perpetual Convertible Preferred Shares (the &ldquo;Series E Shares&rdquo;), the rights and privileges of which are described under their
Statement of Designations included in Schedule 3 hereunder. Such Stated Amount will be equal to the aggregate Liquidation Preference (as
defined in such Statement of Designations) of the Series E Shares issued in settlement of such Late Installments.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 1.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All payments shall be made to an account nominated by the Seller to the Buyer separately in writing.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 1.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Buyer or any of its Subsidiaries from the Closing Date onwards raises capital via (i) debt refinancing (only applying to
excess proceeds, being the proceeds from the new debt exceeding the debt amount being refinanced) or (ii) issuance of any equity interests,
then, in each case, no later than ten Business Days after the Parent or such Subsidiary receives the net cash proceeds therefrom the outstanding
Installments shall be prepaid by an amount equal to 100% of the amount of the net cash proceeds from such incurrence or issuance. For
the avoidance of doubt, this Section 1.3 shall only apply where the terms of such related issuances or debt refinancing incurrence allow
for the use of proceeds to be applied to the Installments.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 1.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing</U>. The consummation of the purchase and sale of the Shares (the &quot;<U>Closing</U>&quot;) shall take place at the
offices of Central Mare Inc. 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece, on a date to be mutually agreed upon by the Parties
(the &quot;<U>Closing Date</U>&quot;), but in no event later than March 31, 2026 (the &ldquo;<U>Cancellation Date</U>&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 1.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliverables</U>. On the Closing Date, subject to the terms and conditions herein contained, (i) the Seller shall deliver to
the Buyer (a) the Shares free and clear of any and all charges, claims, conditions, encumbrances, equitable interests, liens, mortgages,
options, pledges, rights of refusal, security interests or restrictions of any kind, including any restrictions on use, voting, transfer,
receipt of income, or exercise of any other attribute of ownership, in each case of any nature whatsoever (collectively, &quot;<U>Liens</U>&quot;)
and not including any restrictions on the resale of the Shares under the Securities Act of 1933, as amended (the &quot;<U>Securities Act</U>&quot;)
or under applicable state securities laws, in certificated form, registered in the name of the Buyer or its designated nominee (or, if
applicable, stock powers duly executed in blank, proper form for transfer), together with any necessary assignment documents in form and
substance included in Section 6.2 and as reasonably requested by the Buyer and an updated stock ledger reflecting the transfer to the
Buyers of the Shares; and (ii) the Buyer shall have paid all Installments due prior to that date to the account nominated by the Seller
as set forth in Section 1.2 hereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II<BR>
REPRESENTATIONS AND WARRANTIES OF THE SELLER</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">The Seller represents and warrants to the Buyer that
the statements in the following sections of this Article II are true and correct as of the date of this Agreement and as of the Closing
Date:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization and Good Standing</U>. The Company is duly organized, validly existing and in good standing under the laws of the
Republic of the Marshall Islands and has all requisite corporate power and authority to own, lease, operate and hold its respective properties
and assets and to conduct its respective business as is now conducted and as currently contemplated to be conducted, and is authorized
to do business in all jurisdictions material to the conduct of its respective business. The Seller has heretofore delivered to the Buyer
complete and correct copies of the Articles of Incorporation, Bylaws or other organizational documents (&quot;<U>Constitutional Documents</U>&quot;)
of the Company, in each case, as currently in effect, together with copies of all minutes of meetings and resolutions of shareholders
and directors of the Company (the &quot;<U>Company Corporate Records</U>&quot;). The Company Corporate Records are accurate in all material
respects and all corporate proceedings and actions reflected therein have been conducted or taken in compliance with all applicable laws
and in compliance with the Company's Constitutional Documents. The Company is not in default under or in violation of its Constitutional
Documents.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority and Enforceability</U>. The Seller has the full legal right<U>&nbsp;</U>and requisite corporate power and authority
and has taken all action necessary in order to execute, deliver and perform fully its obligations under this Agreement and to consummate
the transactions contemplated herein. This Agreement has been duly and validly authorized, executed and delivered by the Seller and constitutes
a valid and binding obligation of the Seller, enforceable against it in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights of creditors generally
and by equitable principles, including those limiting the availability of specific performance, injunctive relief and other equitable
remedies and those providing for equitable defense.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents and Approvals; No Violation</U>. Neither the execution and delivery of this Agreement by the Seller nor the consummation
of the transactions contemplated by this Agreement will (i) conflict with or result in any breach of any provision of the Constitutional
Documents of the Company; (ii) require any consent, approval, authorization or permit of, or filing with or notification to, any national,
federal, regional, state, multi-state, municipal or other governmental authority of any nature, including any court, subdivision, agency,
commission or authority thereof, or any quasi-governmental body exercising any regulatory or taxing authority (any such governmental authority
or body, a &quot;<U>Governmental Body</U>&quot;), other than those that have been made or obtained; (iii) cause the Seller or the Company
to violate or contravene any provision of law, any rule or regulation of any Governmental Body, or any order, writ, judgment, injunction,
decree, determination or award, binding upon or applicable to the Seller or the Company or their respective assets; (iv) result in a default
(or give rise to any right of amendment, termination, cancellation, consent, change of control provisions, acceleration or loss of a material
benefit) under the terms, conditions or provisions of any loan or credit agreement, note, bond, mortgage, indenture, lease, sublease,
license, obligation, commitment, purchase order or other agreement, commitment, instrument, permit, concession, or obligation, written
or oral, including the Pre-delivery Contracts (each, a &quot;<U>Contract</U>&quot;) to which the Seller or the Company or any of their
respective assets may be bound, except in such cases where the requisite waivers or consents have been obtained or are due to be obtained
prior to Closing; or (v) result in the creation of any Lien upon any of the properties or assets of the Seller or the Company under the
terms, conditions or provisions of any Contract, instrument or other obligation to which the Seller or the Company or any of their respective
assets may be bound or affected.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. The Company is authorized to issue five hundred (500) registered shares, without par value. The Shares represent
all of the authorized, issued and outstanding shares of the Company. All of the Shares are duly authorized, validly issued, fully paid
and non-assessable and are owned legally by the Seller. Other than this Agreement, there is no subscription, option, warrant, preemptive
right, call right or other right, agreement or commitment of any nature relating to the voting, issuance, sale, delivery or transfer (including
any right of conversion or exchange or right of first refusal under any outstanding security or other instruments) by the Seller of the
Shares, and there is no obligation on the part of the Seller to grant, extend or enter into any of the foregoing. There are no outstanding
or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the Shares or any other equity
or voting interests in the Company. No claim has been made or, to the knowledge of the Seller, threatened against the Seller or the Company
asserting that any person other than the Seller is the holder of the Shares or any other equity or voting interests in the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership of the Shares</U>. The Seller is the sole legal owner and holder of, and has good, valid and marketable title to,
the Shares to be sold pursuant to this Agreement, free and clear of any Liens. At the Closing, the Seller will transfer, assign and deliver
good and marketable title to the Shares to the Buyer, free and clear of all Liens.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts</U>. The Company is a party to the Pre-delivery Contracts, including the following:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1.25in; font-size: 10pt; text-align: justify; text-indent: -0.25in">-<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Newbuilding Contract with SANLORENZO SPA for the building of the Vessel (as set forth in <U>Schedule A</U>). The Company has
performed all obligations required to be performed by it and is in compliance with all the terms and conditions contained therein. The
Seller has delivered or made available to the Buyer true and complete copies, including all amendments and supplements thereof, of the
Newbuilding Contract.</P>

<P STYLE="margin: 0pt 0 0pt 1.25in; font-size: 10pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">The Company has the full legal right and requisite corporate
power and authority and has taken all action necessary in order to execute, deliver and perform fully its obligations under the Pre-Delivery
Contracts and to consummate the transactions contemplated herein. The Pre-delivery Contracts have been duly and validly authorized, executed
and delivered by the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Litigation</U>. There is no action, suit, claim, investigation, litigation, legal, administrative, arbitration or other proceeding
pending against the Seller or the Company, or, to the knowledge of the Seller, threatened against the Seller or the Company, nor is the
Seller or the Company subject to or bound by any outstanding order, judgment, injunction, award or decree of any Governmental Body, relating
to the Seller or the Company or any of their respective properties or assets or which questions the validity of this Agreement or any
of the transactions contemplated hereby or any action taken or to be taken pursuant hereto or which seeks to prohibit, enjoin or otherwise
challenge any of the transactions contemplated hereby.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Unlawful Payments</U>. Neither the Seller nor the Company, nor any director, shareholder, officer, agent, employee or other
person associated with or acting on behalf of the Seller or the Company, as applicable, has: (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; or (iii) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any supplier, customer, licensor, contractor, politician, government employee
or other person.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bank Accounts</U>. Set forth on <U>Schedule B</U> is a complete and accurate list of all bank accounts, with banks maintained
by or on behalf of the Company showing the depository bank and account number.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.10<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Subsidiaries</U>. The Company does not, directly or indirectly, own any stock or other equity interest in any other corporation,
partnership, firm, joint venture, association, joint-stock company, trust, unincorporated organization or other entity.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Personnel</U>. The Company has no employees.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.12<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Full Disclosure</U>. No representation or warranty by the Seller in this Agreement and no statement contained in any document
or other writing furnished or to be furnished to the Buyer pursuant to the provisions hereof, when considered with all other such documents
or writings, contain or will contain any untrue statement of material fact or omits or will omit to state any material fact necessary
in order to make the statements made herein or therein untrue, inaccurate or not misleading. Nothing has been withheld from the material
provided to the Buyer that would render such information untrue or misleading.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adequate Information</U>. The Seller (i) has sufficient knowledge and experience in business, financial and investment matters
so as to be able to evaluate the risks and merits of the sale of the Shares and of protecting its own interests in connection with the
sale of the Shares; (ii) is a sophisticated person with respect to the sale of the Shares; (iii) has adequate information concerning the
business and financial condition, prospects and plans of the Company to make an informed decision regarding the sale of the Shares; and
(iv) has independently and without reliance upon the Buyer, and based on such information as the Seller has deemed appropriate, made its
own analysis and decision to enter into this Agreement. The Seller acknowledges that the Buyer has not given the Seller any investment
advice or opinion on whether the sale of the Shares is prudent or suitable and the Seller is not relying on any representation or warranty
by the Buyer except as expressly set forth in this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No General Solicitation</U>. Neither the Seller nor any nominee thereof has offered any Shares by any means of general solicitation
or advertising (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio; or (ii) any seminar or meeting whose attendees have been invited by general solicitation or advertising.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.15<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Brokers or Finders</U>. No broker or finder has been engaged by the Seller in connection with the transactions contemplated
in this Agreement, and no commission, finder's fees or other similar compensation or remuneration is payable to any person as a result
of the Seller's actions in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated
herein.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 2.16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exemption from Registration</U>. The Shares are being offered and sold pursuant to an exemption from the registration requirements
of the Securities Act.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
REPRESENTATIONS AND WARRANTIES OF THE SELLER REGARDING THE PRE-DELIVERY CONTRACTS</P>



<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Seller represents and warrants to the Buyer that
as of the date hereof and at the Closing Date:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 3.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Pre-Delivery Contracts</U>. The Company shall hold the legal title to, and own the entire beneficial interest in each
Pre-delivery Contract.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 3.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Liens</U>. The Company is, and will continue to be free of all Liens.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 3.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance of Pre-delivery Contracts</U>. The Company shall:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>observe and perform all its obligations and meet all its liabilities under or in connection with each Pre-delivery Contract;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use all reasonable endeavours to ensure performance and observance by the other parties of their obligations and liabilities under
each Pre-delivery Contract; and</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>take any action, or refrain from taking any action, which the Buyer may specify in connection with any breach, or possible future
breach, of a Pre-delivery Contract by the Company or any other party or with any other matter which arises or may later arise out of or
in connection with a Pre-delivery Contract.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV<BR>
REPRESENTATIONS AND WARRANTIES OF THE BUYER</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The Buyer represents and warrants to the Seller that
the statements in the following sections of this Article IV are true and correct as of the date of this Agreement and as of the Closing
Date:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization, Good Standing</U>. The Buyer is duly organized, validly existing and in good standing under the laws of the Republic
of the Marshall Islands, and has all corporate power and authority to own, lease, operate and hold its properties and assets and to conduct
its business as is now conducted and as currently contemplated to be conducted, and is authorized to do business in all jurisdictions
material to the conduct of its business.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority and Enforceability</U>. The Buyer has the full legal right and requisite corporate power and authority and has taken
all action necessary in order to execute, deliver and perform fully its obligations under this Agreement and to consummate the transactions
contemplated herein. This Agreement has been duly and validly authorized, executed and delivered by the Buyer and constitutes the valid
and binding obligation of the Buyer, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights of creditors generally and by equitable
principles, including those limiting the availability of specific performance, injunctive relief and other equitable remedies and those
providing for equitable defense.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents and Approvals; No Violation</U>. Neither the execution and delivery of this Agreement by the Buyer nor the consummation
of the transactions contemplated by this Agreement will (i) conflict with or result in any breach of any provision of the Buyer's Constitutional
Documents; (ii) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Body, other
than those that have been made or obtained; (iii) cause the Buyer to violate or contravene any provision of law, any rule or regulation
of any Governmental Body, or any order, writ, judgment, injunction, decree, determination or award, binding upon or applicable to the
Buyer or its assets; (iv) result in a default (or give rise to any right of amendment, termination, cancellation, consent, acceleration
or loss of a material benefit) under the terms, conditions or provisions of any Contract to which the Buyer or any of its assets may be
bound, except in such cases where the requisite waivers or consents have been or will be obtained; or (v) result in the creation of any
Lien upon any of the properties or assets of the Buyer under the terms, conditions or provisions of any Contract, instrument or other
obligation to which the Buyer or any of its assets may be bound or affected.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Litigation</U>. There is no action, suit, claim, investigation, litigation, legal, administrative, arbitration or other proceeding
pending against the Buyer or, to the knowledge of the Buyer, threatened against the Buyer, nor is the Buyer subject to or bound by any
outstanding orders, judgments, injunctions, awards or decrees of any Governmental Body, which questions the validity of this Agreement
or any of the transactions contemplated hereby or any action taken or to be taken pursuant hereto or which seeks to prohibit, enjoin or
otherwise challenge any of the transactions contemplated hereby.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Registration</U>. The Shares purchased by the Buyer pursuant to this Agreement are being acquired for investment purposes
only and not with a view to any public distribution thereof in violation of any securities laws, and the Buyer shall not offer to sell
or otherwise dispose of the Shares so acquired by it in violation of any of the registration requirements of the Securities Act. The Buyer
acknowledges that it is able to fend for itself, can bear the economic risk of its investment in the Shares, and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in all of the Shares.
The Buyer understands that, when delivered to the Buyer at the Closing, none of the Shares will be registered pursuant to the Securities
Act and that all of the Shares will constitute &quot;restricted securities&quot; under the federal securities laws of the United States.
Each certificate for Shares shall bear the following legend:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0.5in 0pt 1in; font-size: 10pt; text-align: justify">&quot;THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &quot;ACT&quot;), OR ANY STATE SECURITIES OR BLUE SKY LAWS, AND MAY NOT BE SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
COMPLIANCE WITH SUCH STATE LAWS OR (II) AN APPLICABLE EXEMPTION THEREFROM AND AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH
REGISTRATION IS NOT REQUIRED.&quot;</P>

<P STYLE="margin: 0pt 0.5in 0pt 1in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Investigation</U>. The Buyer has had the opportunity to conduct to its own satisfaction independent investigation,
review and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of the
Company and, in making the determination to proceed with the transactions contemplated hereby, has relied solely on the results of its
own independent investigation and the representations and warranties of the Seller set forth in Article II hereof and the other information
provided by the Seller.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 4.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Brokers or Finders</U>. No broker or finder has been engaged by the Buyer in connection with the transactions contemplated
in this Agreement, and no commission, finder's fees or other similar compensation or remuneration is payable to any person as a result
of the Buyer's actions in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated
herein.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V<BR>
COVENANTS</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 5.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Business Pending Closing</U>. The Buyer and the Seller agree that between the date of the execution of this Agreement
and the Closing Date, (i) the Seller shall, or shall cause the Company to, conduct the business and maintain and preserve the assets of
the Company in the ordinary course of business; (ii) the Buyer and the Seller shall use their reasonable efforts to cause all of the representations
and warranties in Article II, Article III and Article IV hereof, as applicable to such Party, the Pre-delivery Contracts or the Vessel,
to continue to be true and correct; (iii) the Seller shall ensure that the Company does not issue any equity, incur any debt, or enter
into any other Contract, without the Buyer's prior written approval; and (iv) the Seller shall ensure that the Company shall not cause
or, to the extent reasonably within its control, permit any Liens to attach to the Vessel.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 5.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Assurances</U>. The Seller shall execute, acknowledge and deliver or cause to be executed, acknowledged and delivered
to the Buyer such certificates, assignments or other instruments of ownership, transfer, assignment and conveyance, in form and substance
reasonably satisfactory to Buyer, as shall be necessary to vest in the Buyer all of the right, title and interest in and to the Shares
undertaken to be sold to the Buyer by the Seller pursuant to this Agreement, free and clear of all Liens, debts, dues and duties of whatsoever
nature, and any other document reasonably requested by the Buyer in connection with this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 5.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Filings</U>. As promptly as practicable after the execution of this Agreement, each Party shall, in cooperation
with the other, file any reports or notifications that may be required to be filed by it under applicable law, if any.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 5.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Consents</U>. After the Closing Date, the Seller shall obtain any consents or approvals or assist in any filings reasonably
required in connection with the transactions contemplated hereby that are requested by Buyer and that have not been previously obtained
or made.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 5.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Public Announcements</U>. Neither Party shall, without the prior approval of the other Party, issue, or permit any of its partners,
stockholders, directors, officers, employees, members, managers, agents to issue, any press release or other public announcement with
respect to this Agreement or the transactions contemplated hereby, except as may be required by law, Governmental Body or stock market
regulations to which the relevant Party is accountable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VI<BR>
CONDITIONS TO CLOSING</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 6.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Obligations of Seller</U>. At the Closing, the obligation of the<U>&nbsp;</U>Seller to sell the Shares to the
Buyer is subject to the fulfillment at the Closing of the following conditions:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accuracy of Buyer Representations and Warranties; Compliance</U>. The representations and warranties of the Buyer contained
in Article IV of this Agreement shall be true and correct in all material respects at and as of the Closing Date as though then made,
and Buyer shall have performed and complied in all material respects with all conditions and agreements required by this Agreement to
be performed and complied with by it on or prior to the Closing Date.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Investment</U>. On the Closing Date, the purchase and sale of the Shares shall be permitted by the laws and regulations
of each relevant jurisdiction.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Actions Pending</U>. There shall be no suit, action, investigation, inquiry or other proceeding by any Governmental Body
or other person or entity pending or threatened in writing that challenges, or has the effect of interfering with, the validity or legality
of the transactions contemplated in this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 6.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Obligations of Buyer</U>. The obligation of the Buyer to purchase the Shares from the Seller is subject to the
fulfillment at the Closing of the following conditions:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accuracy of Seller Representations and Warranties; Compliance</U>. The representations and warranties of the Seller contained
in Article II of this Agreement shall be true and correct in all material respects at and as of the Closing Date as though then made,
and the Seller shall have performed and complied in all material respects, with all conditions and agreements required by this Agreement
to be performed and complied with by it on or prior to the Closing Date.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Investment</U>. On the Closing Date, the purchase and sale of the Shares shall be permitted by the laws and regulations
of each relevant jurisdiction.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Actions Pending</U>. There shall be no suit, action, investigation, inquiry or other proceeding by any Governmental Body
or other person or entity pending or threatened in writing that challenges, or has the effect of interfering with, the validity or legality
of the transactions contemplated in this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change</U>. Between the date of the execution of this Agreement and the Closing Date, there shall not have
been any material adverse change in the condition, financial or otherwise, or the business affairs or assets, of the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VII<BR>
MISCELLANEOUS</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>. This Agreement may be terminated at any time prior to the Closing Date:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by the mutual written agreement of the Seller and the Buyer;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by the Buyer if any of the conditions set forth in Section 6.1 hereof shall have become incapable of fulfillment, by reason other
than the Buyer's negligent or willful failure to perform or observe in any material respect any of the covenants or agreements set forth
herein to be performed or observed by the Buyer, and such conditions shall not have been waived by the Buyer;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by the Seller if any of the conditions set forth in Section 6.2 hereof shall have become incapable of fulfillment, by reason other
than the Seller's negligent or willful failure to perform or observe in any material respect any of the covenants or agreements set forth
herein to be performed or observed by the Seller, and such conditions shall not have been waived by the Seller; or</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by either Party by written notice thereof to the other Party, if the Closing contemplated hereby shall not have been consummated
on or before the Cancellation Date;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0in">provided that any Installments paid prior to
termination will be refunded to the Buyer.</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Further Liability</U>. Subject to Section 7.4, if this Agreement is terminated in accordance with Section 7.1 hereof, (i)
neither Party shall have any further obligation or liability under this Agreement, other than by reason of a breach or default by a Party
hereunder; and (ii) any monies, instruments or documents of any Party held in escrow or transferred to the other Party in connection with
the transactions contemplated herein with respect to which the Closing shall not have occurred shall be immediately returned to such Party,
which for the avoidance of doubt, shall include the Deposit, the Parabellvm Consideration and any installments paid to the Seller. For
the further avoidance of doubt, any such termination shall not have any effect whatsoever on any transactions contemplated herein with
respect to which the Closing has occurred.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. Each Party shall indemnify, defend and hold harmless the other Party, its managers, directors, officers,
members, partners, shareholders, employees, attorneys, accountants, agents and representatives and their successors and assigns from and
against all liabilities, losses, damages or expenses (including, without limitation, reasonable attorney's fees and disbursements) based
upon or arising out of (i) any inaccuracy or breach of any representation or warranty of such indemnifying Party herein, and (ii) any
breach of any covenant or agreement of such indemnifying Party herein.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>. The representations, warranties, covenants and agreements of each of the Parties under this Agreement shall survive
the Closing. Furthermore, Section 7.2 and Section 7.3 hereof shall survive the termination of this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. Each of the Parties agrees to pay its own expenses incident to this Agreement and the performance of its obligations
hereunder, except as provided in Section 7.3.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>. This Agreement shall be binding on and inure to the benefit of the Parties hereto and their respective successors
and permitted assigns, <I>provided, however, </I>that a party may not assign this Agreement without the prior written consent of the other
party.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Any notice, request, instruction or other document to be given hereunder by any Party to the other shall be in
writing and delivered by hand or by a courier service or shall be sent by electronic mail to the address for such Party set forth below:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">If to the Seller:</TD>
    <TD STYLE="width: 60%">
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">c/o Top Ships Inc.<BR>
    20 Iouliou Kaisara Str, 19002</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Paiania, Athens-Greece<BR>
    Attention: Alexandros Tsirikos<BR>
    Email: atsirikos@topships.org</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">If to the Buyer:</TD>
    <TD>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">c/o Rubico Inc.<BR>
    20 Iouliou Kaisara Str, 19002</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Paiania, Athens-Greece<BR>
    Attention: Nikolaos Papastratis<BR>
    Email: npapastratis@rubicoinc.com</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">With a copy to (which shall not constitute notice):</TD>
    <TD>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Watson Farley &amp; Williams LLP</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">120 West 45th Street</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">New York, NY 10036</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Attn: Will Vogel</P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">wvogel@wfw.com</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">or to such other place and with such other copies as either Party may designate
as to itself by written notice to the other. All such notices, requests, instructions or other documents shall be deemed to have been
delivered (i) in the case of personal delivery or delivery by courier, on the date of such delivery, (ii) in the case of delivery by electronic
mail, when receipt is acknowledged and (iii) in the case of mailing, on the third Business Day (meaning any day of the year on which national
banking institutions in the United States, Switzerland and Greece are open to the public for conducting business and are not required
or authorized to close) after the posting thereof. Whenever any notice is required to be given by law or this Agreement, a written waiver
thereof signed by the Party entitled to such notice, whether before or after the time stated at which such notice is required to be given,
shall be deemed equivalent to the giving of such notice.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement; Amendments and Waivers</U>. This Agreement constitutes the entire agreement between the Parties pertaining
to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written,
of the Parties. No supplement, modification, amendment or waiver of this Agreement shall be binding unless executed in writing by each
Party to the Agreement. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. Headings contained in this Agreement are inserted only as a matter of convenience and in no way define, limit
or extend the scope or intent of this Agreement or any provision hereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.10<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Assurances</U>. From and after the Closing, upon the request of a Party, the other Party will execute and deliver such
instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully
the intent and purposes of this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Choice of Law</U>. This Agreement shall be construed and interpreted, and the rights of the Parties determined, in accordance
with the laws of the State of New York, without regard to principles of conflicts of law.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.12<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Jurisdiction</U>. Each of the Seller and the Buyer (i) irrevocably submits to the co-exclusive jurisdiction of the United States
District Court sitting in the Southern District of New York and the courts of the State of New York located in New York County for the
purposes of any suit, action or proceeding arising out of or relating to this Agreement and (ii) waives, and agrees not to assert in any
such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action
or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceedings in improper.&nbsp; Each of the
Seller and the Buyer consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such Party at
the address set forth in Section 7.7 and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing in this Section 7.12 shall affect or limit any right to serve process in any other manner permitted by law.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF JURY TRIAL</U>. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREIN.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. In addition to any remedies either Party may have in law, each Party shall be entitled to apply to any court of
competent jurisdiction (without posting bond or other security) to enjoin any actual or threatened breach or default under this Agreement
and shall also be entitled to seek specific performance of this Agreement. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to any Party at law or in equity or otherwise.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.15<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability of Provisions</U>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof or affecting the validity or enforceability of such provision in any other jurisdiction.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiary Rights</U>. No provisions of this Agreement are intended, nor will be interpreted, to provide or
create any third party beneficiary rights or other rights of any kind in any client, customer, affiliate, stockholder, member, or partner
of any Party hereto or any other person or entity unless specifically provided otherwise herein, and, except as so provided, all provisions
hereof will be personal solely between the Parties hereto.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">Section 7.17<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, and all such counterparts shall be deemed an original,
shall be construed together and shall constitute one and the same instrument. Portable document format (PDF) signatures shall be treated
as original signatures for all purposes hereunder.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the date first written above.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>BUYER:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%; text-align: justify">/s/ Nikolaos Papastratis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Nikolaos Papastratis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CFO, Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>SELLER</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Alexandros Tsirikos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Alexandros Tsirikos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CFO, Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Schedule A</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Newbuilding Contract</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Schedule B</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Bank Accounts</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Schedule C</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B><U>Statement of Designations of the Series E Perpetual
Convertible Preferred shares</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; color: #343434"><B><A NAME="a_003"></A>&nbsp;Exhibit 99.3</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434"><B>CERTIFICATE OF DESIGNATION OF RIGHTS, PREFERENCES AND
PRIVILEGES OF SERIES E</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434"><B>PERPETUAL CONVERTIBLE PREFERRED SHARES</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #1F1F1F"><B>OF</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #1F1F1F">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434"><B>RUBICO INC.</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; color: #343434">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The undersigned, <FONT STYLE="color: #1F1F1F">Kalliopi Ornithopoulou does
hereby </FONT>certify:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">1. <FONT STYLE="color: #1F1F1F">That </FONT>she is the duly elected and
acting Chief Executive Officer and President of <FONT STYLE="color: #1F1F1F">Rubico Inc.</FONT><FONT STYLE="color: #505050">, </FONT>a
<FONT STYLE="color: #1F1F1F">Marshall Islands </FONT>corporation (the <FONT STYLE="color: #505050">&#8220;</FONT><U>Company</U><FONT STYLE="color: #505050">&#8221;</FONT>).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">2. That pursuant <FONT STYLE="color: #1F1F1F">to </FONT>the authority conferred
by <FONT STYLE="color: #1F1F1F">the </FONT>Company&#8217;s Amended <FONT STYLE="color: #1F1F1F">and Restated</FONT> Article<FONT STYLE="color: #505050">s
</FONT>of Incorporation<FONT STYLE="color: #505050">, </FONT>as amended, <FONT STYLE="color: #1F1F1F">the </FONT>Company&#8217;s <FONT STYLE="color: #1F1F1F">Board
</FONT>of <FONT STYLE="color: #1F1F1F">Directors </FONT>(the &#8220;<U>Board</U>&#8221;) on [&#9679;]<FONT STYLE="color: #505050">, </FONT>2026
adopted the <FONT STYLE="color: #1F1F1F">following resolution designating </FONT>and <FONT STYLE="color: #1F1F1F">prescribing the </FONT>relative
<FONT STYLE="color: #1F1F1F">rights</FONT><FONT STYLE="color: #606060">,</FONT> preferences and limitations of the Company&#8217;s Series
<FONT STYLE="color: #1F1F1F">E Perpetual </FONT>Convertible <FONT STYLE="color: #1F1F1F">Preferred </FONT>Shares:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>RESOLVED<FONT STYLE="color: #505050">, </FONT></B><FONT STYLE="color: #1F1F1F">that
</FONT>pursuant to the authority vested in the Board by the Amended <FONT STYLE="color: #1F1F1F">and Restated </FONT>Articles of <FONT STYLE="color: #1F1F1F">Incorporation,
</FONT>as amended, the Board does hereby establish <FONT STYLE="color: #1F1F1F">a </FONT>series of <FONT STYLE="color: #1F1F1F">preferred
</FONT>stock, par value $0.01 per share<FONT STYLE="color: #505050">, </FONT>and <FONT STYLE="color: #1F1F1F">the </FONT>designation and
certain <FONT STYLE="color: #1F1F1F">powers</FONT><FONT STYLE="color: #606060">, </FONT>preferences and other special <FONT STYLE="color: #1F1F1F">rights
of </FONT>the shares <FONT STYLE="color: #1F1F1F">of </FONT>such series<FONT STYLE="color: #606060">, </FONT>and certain qualifications,
<FONT STYLE="color: #1F1F1F">limitations </FONT>and <FONT STYLE="color: #1F1F1F">restrictions </FONT>thereon<FONT STYLE="color: #606060">,
</FONT>are hereby fixed as follows:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Designation and <FONT STYLE="color: #1F1F1F">Amount</FONT></U><FONT STYLE="color: #1F1F1F">.
The </FONT>shares of such series shall be <FONT STYLE="color: #1F1F1F">designated </FONT>as <FONT STYLE="color: #1F1F1F">&#8220;<U>Series
E Perpetual </U></FONT><U>Convertible Preferred Shares</U>&#8221;. The Series E <FONT STYLE="color: #1F1F1F">Perpetual </FONT>Convertible
<FONT STYLE="color: #1F1F1F">Preferred </FONT>Shares shall have a <FONT STYLE="color: #1F1F1F">par </FONT>value of $0.01 <FONT STYLE="color: #1F1F1F">per
</FONT>share, and <FONT STYLE="color: #1F1F1F">the number </FONT>of shares constituting such series shall consist of [&#9679;] shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Issuance</U>. <FONT STYLE="color: #1F1F1F">The
</FONT>Series E <FONT STYLE="color: #1F1F1F">Perpetual </FONT>Convertible Preferred Shares are to be issued to <FONT STYLE="color: #1F1F1F">Top
Ships</FONT> Inc. (<FONT STYLE="color: #505050">&#8220;</FONT><FONT STYLE="color: #1F1F1F"><U>Top Ships</U></FONT>&#8221;) pursuant to
<FONT STYLE="color: #1F1F1F">the </FONT>Share Purchase Agreement<FONT STYLE="color: #606060">, </FONT><FONT STYLE="color: #1F1F1F">dated
</FONT>as of December 31<FONT STYLE="color: #505050">, </FONT>2025 between Top Ships and the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Dividends <FONT STYLE="color: #1F1F1F">and
</FONT>Distributions</U>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(a) Subject <FONT STYLE="color: #505050">t</FONT>o <FONT STYLE="color: #1F1F1F">the
prior </FONT>and superior <FONT STYLE="color: #1F1F1F">right </FONT>of <FONT STYLE="color: #1F1F1F">the holders </FONT>of any shares of
any series of <FONT STYLE="color: #1F1F1F">preferred </FONT>stock <FONT STYLE="color: #1F1F1F">ranking prior </FONT>and superior <FONT STYLE="color: #1F1F1F">to
the </FONT>Series E <FONT STYLE="color: #1F1F1F">Perpetual</FONT> Convertible Preferred Shares with respect to <FONT STYLE="color: #1F1F1F">dividends,
</FONT>the holders of Series E <FONT STYLE="color: #1F1F1F">Perpetual</FONT> Convertible <FONT STYLE="color: #1F1F1F">Preferred </FONT>Shares
shall be entitled <FONT STYLE="color: #1F1F1F">to receive </FONT>out <FONT STYLE="color: #1F1F1F">of </FONT>funds legally available for
<FONT STYLE="color: #1F1F1F">the</FONT> purpose, semi-annual dividends <FONT STYLE="color: #1F1F1F">payable in </FONT>cash on the last
<FONT STYLE="color: #1F1F1F">day </FONT>of June and December <FONT STYLE="color: #1F1F1F">in </FONT>each year (each such <FONT STYLE="color: #1F1F1F">date
</FONT>being <FONT STYLE="color: #1F1F1F">referred to herein </FONT>as <FONT STYLE="color: #1F1F1F">a </FONT>&#8220;<U>Semi Annual Dividend
<FONT STYLE="color: #1F1F1F">Payment Date</FONT></U><FONT STYLE="color: #606060">&#8221;</FONT>)<FONT STYLE="color: #606060">,</FONT>
commencing on <FONT STYLE="color: #1F1F1F">the </FONT>first <FONT STYLE="color: #1F1F1F">Semi </FONT>Annual <FONT STYLE="color: #1F1F1F">Dividend
Payment Date in </FONT>an amount per share (rounded to the nearest cent) equal to fifteen <FONT STYLE="color: #1F1F1F">percent </FONT>(15%)
<FONT STYLE="color: #1F1F1F">per </FONT>year <FONT STYLE="color: #1F1F1F">of </FONT>the <FONT STYLE="color: #1F1F1F">Liquidation </FONT>Amount
(as defined below) of the then outstanding Series E <FONT STYLE="color: #1F1F1F">Perpetual </FONT>Convertible Preferred Shares (computed
on <FONT STYLE="color: #1F1F1F">the </FONT>basis <FONT STYLE="color: #1F1F1F">of </FONT>a 365<FONT STYLE="color: #505050">-</FONT><FONT STYLE="color: #1F1F1F">day</FONT>
year and the actual days elapsed).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b) Accrued <FONT STYLE="color: #1F1F1F">but unpaid dividends
</FONT>shall bear <FONT STYLE="color: #1F1F1F">interest </FONT>at fifteen <FONT STYLE="color: #1F1F1F">percent (15%). Dividends </FONT>paid
on the Series E <FONT STYLE="color: #1F1F1F">Perpetual </FONT>Convertible <FONT STYLE="color: #1F1F1F">Preferred </FONT>Shares in an amount
less than the total <FONT STYLE="color: #1F1F1F">amount </FONT>of such dividends at <FONT STYLE="color: #1F1F1F">the time </FONT>accrued
and payable on <FONT STYLE="color: #1F1F1F">such </FONT>shares shall be allocated pro rata on a share-by-share basis among all such shares
a<FONT STYLE="color: #505050">t </FONT><FONT STYLE="color: #1F1F1F">the </FONT>time outstanding<FONT STYLE="color: #505050">. </FONT><FONT STYLE="color: #1F1F1F">The
Board may </FONT>fix a <FONT STYLE="color: #1F1F1F">record </FONT>date for the determination of holders of Series E <FONT STYLE="color: #1F1F1F">Perpetual</FONT>
<FONT STYLE="color: #212121">Convertible Preferred </FONT><FONT STYLE="color: #363636">Shares entitled to receive </FONT><FONT STYLE="color: #212121">payment
</FONT><FONT STYLE="color: #363636">of a </FONT><FONT STYLE="color: #212121">dividend </FONT><FONT STYLE="color: #363636">or </FONT><FONT STYLE="color: #212121">distribution
declared </FONT><FONT STYLE="color: #363636">thereon, which </FONT><FONT STYLE="color: #212121">record date </FONT><FONT STYLE="color: #363636">shall
</FONT><FONT STYLE="color: #212121">be no more </FONT><FONT STYLE="color: #363636">than </FONT><FONT STYLE="color: #212121">30 days prior
</FONT><FONT STYLE="color: #363636">to the date </FONT><FONT STYLE="color: #212121">fixed </FONT><FONT STYLE="color: #363636">for </FONT><FONT STYLE="color: #212121">the
payment </FONT><FONT STYLE="color: #363636">thereof.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(c) </FONT><FONT STYLE="color: #212121">Dividends
</FONT><FONT STYLE="color: #363636">will </FONT><FONT STYLE="color: #212121">not </FONT><FONT STYLE="color: #363636">be payable in cash,
</FONT><FONT STYLE="color: #212121">if </FONT><FONT STYLE="color: #363636">such </FONT><FONT STYLE="color: #212121">payment </FONT><FONT STYLE="color: #363636">violates
</FONT><FONT STYLE="color: #212121">any provision </FONT><FONT STYLE="color: #363636">of any senior secured facility </FONT><FONT STYLE="color: #212121">that
the </FONT><FONT STYLE="color: #363636">Company </FONT><FONT STYLE="color: #212121">has entered </FONT><FONT STYLE="color: #363636">(or
as the case </FONT><FONT STYLE="color: #212121">may </FONT><FONT STYLE="color: #363636">be) will enter </FONT><FONT STYLE="color: #212121">into</FONT><FONT STYLE="color: #5D5D5D">,
</FONT><FONT STYLE="color: #363636">or has </FONT><FONT STYLE="color: #212121">provided </FONT><FONT STYLE="color: #363636">(or </FONT><FONT STYLE="color: #212121">as
the </FONT><FONT STYLE="color: #363636">case </FONT><FONT STYLE="color: #212121">may be) </FONT><FONT STYLE="color: #363636">will provide
a guarantee for, for as long </FONT><FONT STYLE="color: #212121">as</FONT> <FONT STYLE="color: #363636">said provisions remain </FONT><FONT STYLE="color: #212121">in
</FONT><FONT STYLE="color: #363636">effect.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #363636">Section 4. <U>Voting </U></FONT><U><FONT STYLE="color: #212121">Rights</FONT></U><FONT STYLE="color: #212121">.
The holders </FONT><FONT STYLE="color: #363636">of Series E </FONT><FONT STYLE="color: #212121">Perpetual </FONT><FONT STYLE="color: #363636">Convertible
</FONT><FONT STYLE="color: #212121">Preferred </FONT><FONT STYLE="color: #363636">Shares shall </FONT><FONT STYLE="color: #212121">have
</FONT><FONT STYLE="color: #363636">the following voting rights:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(a) Each Series </FONT><FONT STYLE="color: #212121">E
Perpetual </FONT><FONT STYLE="color: #363636">Convertible Preferred Share shall entitle</FONT> <FONT STYLE="color: #212121">the holder
</FONT><FONT STYLE="color: #363636">thereof to the voting power one </FONT><FONT STYLE="color: #212121">thousand </FONT><FONT STYLE="color: #363636">(1,000)
common shares of the Company</FONT><FONT STYLE="color: #5D5D5D">, </FONT><FONT STYLE="color: #363636">par value $0.01 </FONT><FONT STYLE="color: #212121">per
</FONT><FONT STYLE="color: #363636">shares </FONT><FONT STYLE="color: #212121">(the &#8220;<U>Common </U></FONT><U><FONT STYLE="color: #363636">Shares</FONT></U><FONT STYLE="color: #363636">&#8221;).</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(b) </FONT><FONT STYLE="color: #212121">Except
</FONT><FONT STYLE="color: #363636">as </FONT><FONT STYLE="color: #212121">otherwi</FONT><FONT STYLE="color: #4B4B4B">se </FONT><FONT STYLE="color: #212121">provided
herein </FONT><FONT STYLE="color: #363636">or </FONT><FONT STYLE="color: #212121">by law</FONT><FONT STYLE="color: #5D5D5D">, </FONT><FONT STYLE="color: #363636">the
</FONT><FONT STYLE="color: #212121">holders </FONT><FONT STYLE="color: #363636">of Series </FONT><FONT STYLE="color: #212121">E </FONT><FONT STYLE="color: #363636">Perpetual
Convertible </FONT><FONT STYLE="color: #212121">Preferred </FONT><FONT STYLE="color: #363636">Shares and </FONT><FONT STYLE="color: #4B4B4B">t</FONT><FONT STYLE="color: #212121">he
</FONT><FONT STYLE="color: #363636">holders of Common Shares shall vote </FONT><FONT STYLE="color: #212121">together </FONT><FONT STYLE="color: #363636">as
one </FONT><FONT STYLE="color: #212121">class </FONT><FONT STYLE="color: #363636">on all matters submitted to </FONT><FONT STYLE="color: #212121">a
vote </FONT><FONT STYLE="color: #363636">of </FONT><FONT STYLE="color: #4B4B4B">stock</FONT><FONT STYLE="color: #212121">holders </FONT><FONT STYLE="color: #363636">of
the Company.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(c) Except as </FONT><FONT STYLE="color: #212121">required
by law, holders </FONT><FONT STYLE="color: #363636">of Series </FONT><FONT STYLE="color: #4B4B4B">E </FONT><FONT STYLE="color: #212121">Perpetual
</FONT><FONT STYLE="color: #363636">Convertible</FONT> <FONT STYLE="color: #212121">Preferred </FONT><FONT STYLE="color: #363636">Shares
shall have no special voting </FONT><FONT STYLE="color: #212121">rights </FONT><FONT STYLE="color: #363636">and </FONT><FONT STYLE="color: #4B4B4B">the</FONT><FONT STYLE="color: #212121">ir
</FONT><FONT STYLE="color: #363636">consent shall not </FONT><FONT STYLE="color: #212121">be required </FONT><FONT STYLE="color: #363636">(except</FONT>
<FONT STYLE="color: #4B4B4B">to </FONT><FONT STYLE="color: #363636">the extent </FONT><FONT STYLE="color: #212121">they </FONT><FONT STYLE="color: #363636">are
entitled to vote with </FONT><FONT STYLE="color: #212121">holders </FONT><FONT STYLE="color: #363636">of Common Shares as set forth herein)
for taking </FONT><FONT STYLE="color: #212121">any </FONT><FONT STYLE="color: #363636">corporate action.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #363636">Section 5. </FONT><FONT STYLE="color: #212121"><U>Reserved</U>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #212121">Section </FONT><FONT STYLE="color: #363636">6.
</FONT><FONT STYLE="color: #212121"><U>Reacquired </U></FONT><U><FONT STYLE="color: #363636">Shares</FONT></U><FONT STYLE="color: #363636">.
Any Series E </FONT><FONT STYLE="color: #212121">Perpetual </FONT><FONT STYLE="color: #363636">Convertible Preferred Shares converted
pursuant to Section 9 hereof, or </FONT><FONT STYLE="color: #212121">purchased </FONT><FONT STYLE="color: #363636">or </FONT><FONT STYLE="color: #212121">otherwise
acquired by </FONT><FONT STYLE="color: #4B4B4B">the </FONT><FONT STYLE="color: #363636">Company </FONT><FONT STYLE="color: #212121">in
</FONT><FONT STYLE="color: #363636">any </FONT><FONT STYLE="color: #212121">manner </FONT><FONT STYLE="color: #363636">whatsoever shall
</FONT><FONT STYLE="color: #212121">be </FONT><FONT STYLE="color: #363636">retired and canceled </FONT><FONT STYLE="color: #212121">promptly
</FONT><FONT STYLE="color: #363636">after </FONT><FONT STYLE="color: #212121">the acquisition </FONT><FONT STYLE="color: #363636">thereof
and </FONT><FONT STYLE="color: #212121">may </FONT><FONT STYLE="color: #363636">not </FONT><FONT STYLE="color: #212121">be reissued.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #363636">Section </FONT><FONT STYLE="color: #212121">7.
<U>Liquidation, Dissolution or Winding Up</U>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(a) Upon </FONT><FONT STYLE="color: #212121">any
liquidation, dissolution </FONT><FONT STYLE="color: #363636">or winding up of the Company,</FONT> <FONT STYLE="color: #212121">including
the merger, </FONT><FONT STYLE="color: #363636">consolidation or </FONT><FONT STYLE="color: #212121">reorganization </FONT><FONT STYLE="color: #363636">of
the </FONT><FONT STYLE="color: #212121">Company into </FONT><FONT STYLE="color: #363636">or with </FONT><FONT STYLE="color: #212121">another
</FONT><FONT STYLE="color: #363636">entity</FONT> <FONT STYLE="color: #4B4B4B">thro</FONT><FONT STYLE="color: #212121">ugh </FONT><FONT STYLE="color: #363636">one
</FONT><FONT STYLE="color: #212121">or </FONT><FONT STYLE="color: #363636">a series of related transactions, or the sale, </FONT><FONT STYLE="color: #4B4B4B">t</FONT><FONT STYLE="color: #212121">ransfer
</FONT><FONT STYLE="color: #363636">or lease </FONT><FONT STYLE="color: #212121">of </FONT><FONT STYLE="color: #363636">all or substantially</FONT>
<FONT STYLE="color: #212121">all </FONT><FONT STYLE="color: #363636">of the assets of </FONT><FONT STYLE="color: #212121">the </FONT><FONT STYLE="color: #363636">Company</FONT><FONT STYLE="color: #5D5D5D">,
</FONT><FONT STYLE="color: #363636">whether voluntary or involuntary, except any sale of all, </FONT><FONT STYLE="color: #212121">or</FONT>
<FONT STYLE="color: #4B4B4B">s</FONT><FONT STYLE="color: #212121">ubstantially all, </FONT><FONT STYLE="color: #363636">of the </FONT><FONT STYLE="color: #212121">maritime
</FONT><FONT STYLE="color: #363636">vessels of </FONT><FONT STYLE="color: #212121">the </FONT><FONT STYLE="color: #363636">Company </FONT><FONT STYLE="color: #212121">in
which </FONT><FONT STYLE="color: #363636">the proceeds of such sales </FONT><FONT STYLE="color: #212121">ar</FONT><FONT STYLE="color: #4B4B4B">e
</FONT><FONT STYLE="color: #212121">used </FONT><FONT STYLE="color: #363636">to acquire </FONT><FONT STYLE="color: #212121">other </FONT><FONT STYLE="color: #363636">maritime
vessels (collectively</FONT><FONT STYLE="color: #5D5D5D">, </FONT><FONT STYLE="color: #363636">a </FONT><FONT STYLE="color: #4B4B4B">&#8220;<U>L</U></FONT><U><FONT STYLE="color: #212121">iquidati</FONT><FONT STYLE="color: #4B4B4B">o</FONT><FONT STYLE="color: #212121">n</FONT></U><FONT STYLE="color: #212121">&#8221;</FONT><FONT STYLE="color: #4B4B4B">),
</FONT><FONT STYLE="color: #212121">the holders </FONT><FONT STYLE="color: #363636">of Series E Perpetual Convertible </FONT><FONT STYLE="color: #212121">Preferred
</FONT><FONT STYLE="color: #363636">Shares shall be entitled to receive </FONT><FONT STYLE="color: #4B4B4B">t</FONT><FONT STYLE="color: #212121">he
net asset</FONT><FONT STYLE="color: #4B4B4B">s </FONT><FONT STYLE="color: #363636">of the Company <I>pari </I></FONT><I><FONT STYLE="color: #212121">passu</FONT></I>
<FONT STYLE="color: #363636">with the Common Shares.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #363636">Section </FONT><FONT STYLE="color: #212121">8.
<U>Redemption</U></FONT><FONT STYLE="color: #4B4B4B">.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #363636">(a) </FONT><FONT STYLE="color: #212121">The
Company </FONT><FONT STYLE="color: #363636">at its </FONT><FONT STYLE="color: #212121">op</FONT><FONT STYLE="color: #4B4B4B">t</FONT><FONT STYLE="color: #212121">ion
</FONT><FONT STYLE="color: #363636">shall have </FONT><FONT STYLE="color: #212121">the righ</FONT><FONT STYLE="color: #4B4B4B">t </FONT><FONT STYLE="color: #363636">to
redeem </FONT><FONT STYLE="color: #212121">(unless </FONT><FONT STYLE="color: #363636">otherwise prevented by law), </FONT><FONT STYLE="color: #212121">a
</FONT><FONT STYLE="color: #363636">portion or all of the outstanding Series E Perpetual Convertible</FONT> <FONT STYLE="color: #212121">Preferred
</FONT><FONT STYLE="color: #363636">Shares. The </FONT><FONT STYLE="color: #212121">Company </FONT><FONT STYLE="color: #4B4B4B">sh</FONT><FONT STYLE="color: #212121">all
</FONT><FONT STYLE="color: #363636">pay an amount equal </FONT><FONT STYLE="color: #212121">to one </FONT><FONT STYLE="color: #363636">thousand
</FONT><FONT STYLE="color: #212121">dollars </FONT><FONT STYLE="color: #363636">($1</FONT><FONT STYLE="color: #5D5D5D">,</FONT><FONT STYLE="color: #363636">000)
</FONT><FONT STYLE="color: #212121">per</FONT> <FONT STYLE="color: #363636">share </FONT><FONT STYLE="color: #212121">of </FONT><FONT STYLE="color: #363636">Series
E </FONT><FONT STYLE="color: #212121">Perpetual </FONT><FONT STYLE="color: #363636">Convertible </FONT><FONT STYLE="color: #212121">Preferred
</FONT><FONT STYLE="color: #363636">Shares (</FONT><FONT STYLE="color: #212121">the &#8220;</FONT><FONT STYLE="color: #363636"><U>Liquidation
</U></FONT><U><FONT STYLE="color: #212121">Amount</FONT></U><FONT STYLE="color: #212121">&#8221;), plus </FONT><FONT STYLE="color: #363636">a</FONT>
<FONT STYLE="color: #212121">redemption premium </FONT><FONT STYLE="color: #363636">equal to fifteen </FONT><FONT STYLE="color: #212121">percent
</FONT><FONT STYLE="color: #363636">(15%) of the Liquidation </FONT><FONT STYLE="color: #212121">Amount </FONT><FONT STYLE="color: #363636">being
</FONT><FONT STYLE="color: #212121">redeemed</FONT> <FONT STYLE="color: #363636">if that </FONT><FONT STYLE="color: #212121">redemption
</FONT><FONT STYLE="color: #363636">takes </FONT><FONT STYLE="color: #212121">place up </FONT><FONT STYLE="color: #363636">to </FONT><FONT STYLE="color: #212121">and
</FONT><FONT STYLE="color: #363636">including </FONT>[&#9679;] <FONT STYLE="color: #363636">and twenty </FONT><FONT STYLE="color: #212121">percen</FONT><FONT STYLE="color: #4B4B4B">t
</FONT><FONT STYLE="color: #363636">(20%) </FONT><FONT STYLE="color: #212121">of</FONT> <FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #151515">Liquidation
</FONT><FONT STYLE="color: #282828">Amount being </FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">edeemed </FONT><FONT STYLE="color: #282828">if
that redemption takes place after </FONT>[&#9679;]<FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #282828">plus </FONT><FONT STYLE="color: #383838">an
amount equa</FONT><FONT STYLE="color: #151515">l </FONT><FONT STYLE="color: #282828">to any </FONT><FONT STYLE="color: #383838">accrue</FONT><FONT STYLE="color: #151515">d
</FONT><FONT STYLE="color: #282828">and unpaid dividends on </FONT><FONT STYLE="color: #383838">such </FONT><FONT STYLE="color: #282828">Series
E Perpetual </FONT><FONT STYLE="color: #383838">Co</FONT><FONT STYLE="color: #151515">nv</FONT><FONT STYLE="color: #383838">e</FONT><FONT STYLE="color: #151515">rtibl</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #282828">Preferred Shares </FONT><FONT STYLE="color: #383838">(collect</FONT><FONT STYLE="color: #151515">ive</FONT><FONT STYLE="color: #383838">ly
</FONT><FONT STYLE="color: #151515">re</FONT><FONT STYLE="color: #383838">ferred to </FONT><FONT STYLE="color: #282828">as </FONT><FONT STYLE="color: #383838">the
&#8220;<U>Redemption </U></FONT><U><FONT STYLE="color: #282828">Amount</FONT></U><FONT STYLE="color: #282828">&#8221;). </FONT><FONT STYLE="color: #151515">In
</FONT><FONT STYLE="color: #282828">order to </FONT><FONT STYLE="color: #151515">make </FONT><FONT STYLE="color: #282828">a </FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">edemption,
</FONT><FONT STYLE="color: #282828">the </FONT><FONT STYLE="color: #383838">Company shall </FONT><FONT STYLE="color: #282828">first provide
one </FONT><FONT STYLE="color: #383838">(1) business </FONT><FONT STYLE="color: #282828">day advance </FONT><FONT STYLE="color: #383838">written
</FONT><FONT STYLE="color: #282828">notice to the holders </FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #282828">its
intention to make a redemption </FONT><FONT STYLE="color: #383838">(</FONT><FONT STYLE="color: #151515">th</FONT><FONT STYLE="color: #383838">e
&#8220;<U>Redempt</U></FONT><U><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #151515">n
</FONT><FONT STYLE="color: #383838">Not</FONT><FONT STYLE="color: #151515">ic</FONT><FONT STYLE="color: #383838">e</FONT></U><FONT STYLE="color: #383838">&#8221;)
setting fort</FONT><FONT STYLE="color: #151515">h </FONT><FONT STYLE="color: #383838">the amount </FONT><FONT STYLE="color: #151515">it
</FONT><FONT STYLE="color: #383838">desires to </FONT><FONT STYLE="color: #282828">redeem</FONT><FONT STYLE="color: #030303">. </FONT><FONT STYLE="color: #383838">After
recei</FONT><FONT STYLE="color: #151515">p</FONT><FONT STYLE="color: #383838">t </FONT><FONT STYLE="color: #282828">of the Redemption
Notice </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #151515">h</FONT><FONT STYLE="color: #383838">olders s</FONT><FONT STYLE="color: #151515">hall
hav</FONT><FONT STYLE="color: #383838">e the </FONT><FONT STYLE="color: #282828">right </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #282828">elect
</FONT><FONT STYLE="color: #151515">to </FONT><FONT STYLE="color: #383838">convert all </FONT><FONT STYLE="color: #282828">or any portion
of </FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">ts Se</FONT><FONT STYLE="color: #151515">ri</FONT><FONT STYLE="color: #383838">es
E </FONT><FONT STYLE="color: #151515">Perpet</FONT><FONT STYLE="color: #383838">ua</FONT><FONT STYLE="color: #151515">l </FONT><FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares, subjec</FONT><FONT STYLE="color: #151515">t
</FONT><FONT STYLE="color: #383838">to the </FONT><FONT STYLE="color: #282828">limitations set forth herein. </FONT><FONT STYLE="color: #383838">Upo</FONT><FONT STYLE="color: #151515">n
</FONT><FONT STYLE="color: #282828">the </FONT><FONT STYLE="color: #383838">expi</FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">at</FONT><FONT STYLE="color: #151515">ion
</FONT><FONT STYLE="color: #282828">of the one </FONT><FONT STYLE="color: #383838">(</FONT><FONT STYLE="color: #151515">1</FONT><FONT STYLE="color: #383838">)
business </FONT><FONT STYLE="color: #282828">day </FONT><FONT STYLE="color: #151515">p</FONT><FONT STYLE="color: #383838">eriod, the </FONT><FONT STYLE="color: #282828">Company
</FONT><FONT STYLE="color: #383838">sha</FONT><FONT STYLE="color: #151515">ll </FONT><FONT STYLE="color: #282828">deliver </FONT><FONT STYLE="color: #383838">to
each </FONT><FONT STYLE="color: #151515">h</FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">der
</FONT><FONT STYLE="color: #282828">the Redemption </FONT><FONT STYLE="color: #383838">Amo</FONT><FONT STYLE="color: #151515">unt </FONT><FONT STYLE="color: #282828">with
respect </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #282828">the </FONT><FONT STYLE="color: #383838">amount </FONT><FONT STYLE="color: #282828">redeemed
after </FONT><FONT STYLE="color: #383838">g</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">v</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">ng
</FONT><FONT STYLE="color: #282828">effect to conversions effected during the notice period.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #383838">(b) </FONT><FONT STYLE="color: #151515">The
</FONT><FONT STYLE="color: #282828">Series E Perpetual </FONT><FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #151515">le
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares shall </FONT><FONT STYLE="color: #282828">not
</FONT><FONT STYLE="color: #383838">be subject to redemption </FONT><FONT STYLE="color: #282828">in </FONT><FONT STYLE="color: #383838">cash
at </FONT><FONT STYLE="color: #282828">the option </FONT><FONT STYLE="color: #383838">of the </FONT><FONT STYLE="color: #151515">h</FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #151515">ld</FONT><FONT STYLE="color: #383838">ers
</FONT><FONT STYLE="color: #282828">thereof </FONT><FONT STYLE="color: #151515">under </FONT><FONT STYLE="color: #383838">any c</FONT><FONT STYLE="color: #151515">ircum</FONT><FONT STYLE="color: #383838">stances.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #383838">Section </FONT><FONT STYLE="color: #282828">9.
<U>Conversion</U>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #383838">(a) </FONT><FONT STYLE="color: #282828">Each
Series E Perpetual Convertible Preferred Share </FONT><FONT STYLE="color: #383838">shall </FONT><FONT STYLE="color: #282828">be</FONT>
<FONT STYLE="color: #383838">convertible, at </FONT><FONT STYLE="color: #282828">any </FONT><FONT STYLE="color: #151515">tim</FONT><FONT STYLE="color: #383838">e
and fro</FONT><FONT STYLE="color: #151515">m </FONT><FONT STYLE="color: #282828">time </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #282828">time,
</FONT><FONT STYLE="color: #383838">at </FONT><FONT STYLE="color: #282828">the </FONT><FONT STYLE="color: #383838">option of the ho</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">der,
</FONT><FONT STYLE="color: #282828">by providing written</FONT> <FONT STYLE="color: #151515">no</FONT><FONT STYLE="color: #383838">tice
of </FONT><FONT STYLE="color: #282828">conversion </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #282828">the Company</FONT><FONT STYLE="color: #606060">,
</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">nto such numbe</FONT><FONT STYLE="color: #151515">r </FONT><FONT STYLE="color: #383838">of
</FONT><FONT STYLE="color: #282828">fully </FONT><FONT STYLE="color: #383838">pa</FONT><FONT STYLE="color: #151515">id </FONT><FONT STYLE="color: #383838">and
</FONT><FONT STYLE="color: #282828">non-assessable </FONT><FONT STYLE="color: #383838">Common </FONT><FONT STYLE="color: #282828">Shares
determined by dividing the Liquidation </FONT><FONT STYLE="color: #383838">Amount of </FONT><FONT STYLE="color: #282828">each Series </FONT><FONT STYLE="color: #383838">E</FONT>
<FONT STYLE="color: #282828">Perpetual </FONT><FONT STYLE="color: #383838">Convert</FONT><FONT STYLE="color: #151515">ibl</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Share p</FONT><FONT STYLE="color: #151515">lu</FONT><FONT STYLE="color: #383838">s
</FONT><FONT STYLE="color: #282828">an </FONT><FONT STYLE="color: #383838">amount equal </FONT><FONT STYLE="color: #282828">to any accrued
and </FONT><FONT STYLE="color: #383838">unpaid </FONT><FONT STYLE="color: #282828">dividends</FONT> <FONT STYLE="color: #383838">on such
Ser</FONT><FONT STYLE="color: #151515">ie</FONT><FONT STYLE="color: #383838">s E </FONT><FONT STYLE="color: #282828">Perpetual </FONT><FONT STYLE="color: #383838">Convert</FONT><FONT STYLE="color: #151515">ibl</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares (in </FONT><FONT STYLE="color: #282828">total,
</FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #4F4F4F">&#8220;</FONT><FONT STYLE="color: #282828"><U>Conversion Amount</U></FONT><FONT STYLE="color: #4F4F4F">&#8221;)
</FONT><FONT STYLE="color: #282828">by </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #282828">then </FONT><FONT STYLE="color: #383838">applicable
</FONT><FONT STYLE="color: #282828">Conversion </FONT><FONT STYLE="color: #151515">Pri</FONT><FONT STYLE="color: #383838">ce (as </FONT><FONT STYLE="color: #282828">hereinafter
below).</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #282828">For </FONT><FONT STYLE="color: #151515">th</FONT><FONT STYLE="color: #383838">e
purposes hereof, the </FONT><FONT STYLE="color: #282828">term </FONT><FONT STYLE="color: #383838">&#8220;<U>Conversio</U></FONT><U><FONT STYLE="color: #151515">n
</FONT><FONT STYLE="color: #282828">Price</FONT></U><FONT STYLE="color: #282828">&#8221; </FONT><FONT STYLE="color: #151515">in </FONT><FONT STYLE="color: #383838">respect
of </FONT><FONT STYLE="color: #282828">each </FONT><FONT STYLE="color: #383838">conversion </FONT><FONT STYLE="color: #282828">shall </FONT><FONT STYLE="color: #383838">mean
</FONT><FONT STYLE="color: #282828">the lesser </FONT><FONT STYLE="color: #383838">of (i) $</FONT>[&#9679;] <FONT STYLE="color: #383838">(the
&#8220;<U>Fixed Conversation Price</U>&#8221;), (ii)</FONT> <FONT STYLE="color: #282828">80% </FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #282828">the
lowest daily </FONT><FONT STYLE="color: #383838">vo</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">ume weig</FONT><FONT STYLE="color: #151515">h</FONT><FONT STYLE="color: #383838">ted
</FONT><FONT STYLE="color: #282828">average price </FONT><FONT STYLE="color: #383838">of the Company&#8217;s Common </FONT><FONT STYLE="color: #282828">Shares
</FONT><FONT STYLE="color: #383838">(as </FONT><FONT STYLE="color: #282828">reported by Bloomberg) over the twenty </FONT><FONT STYLE="color: #383838">(20)
</FONT><FONT STYLE="color: #282828">consecutive Trading Days </FONT><FONT STYLE="color: #383838">(as </FONT><FONT STYLE="color: #282828">defined
below) expiring </FONT><FONT STYLE="color: #383838">on </FONT><FONT STYLE="color: #282828">the </FONT><FONT STYLE="color: #383838">Trading
</FONT><FONT STYLE="color: #151515">Da</FONT><FONT STYLE="color: #383838">y </FONT><FONT STYLE="color: #282828">immediately prior to the
</FONT><FONT STYLE="color: #383838">date of delivery </FONT><FONT STYLE="color: #282828">of </FONT><FONT STYLE="color: #383838">such Conversion
</FONT><FONT STYLE="color: #282828">Notice </FONT><FONT STYLE="color: #383838">(as </FONT><FONT STYLE="color: #282828">defined below)</FONT><FONT STYLE="color: #606060">,
</FONT><FONT STYLE="color: #383838">(</FONT><FONT STYLE="color: #151515">iii</FONT><FONT STYLE="color: #383838">) the convers</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">on
</FONT><FONT STYLE="color: #282828">price </FONT><FONT STYLE="color: #383838">or </FONT><FONT STYLE="color: #282828">exercise </FONT><FONT STYLE="color: #383838">price
</FONT><FONT STYLE="color: #282828">per </FONT><FONT STYLE="color: #383838">share of </FONT><FONT STYLE="color: #282828">any </FONT><FONT STYLE="color: #383838">of
the </FONT><FONT STYLE="color: #282828">Company&#8217;s </FONT><FONT STYLE="color: #383838">then outstanding convertible s</FONT><FONT STYLE="color: #151515">har</FONT><FONT STYLE="color: #383838">es
or </FONT><FONT STYLE="color: #282828">warrants, </FONT><FONT STYLE="color: #383838">(</FONT><FONT STYLE="color: #151515">iv) </FONT><FONT STYLE="color: #383838">the
</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">owest </FONT><FONT STYLE="color: #282828">issuance </FONT><FONT STYLE="color: #383838">price
</FONT><FONT STYLE="color: #282828">of </FONT><FONT STYLE="color: #383838">t</FONT><FONT STYLE="color: #151515">he </FONT><FONT STYLE="color: #383838">Company&#8217;s
common sha</FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">es </FONT><FONT STYLE="color: #151515">in </FONT><FONT STYLE="color: #383838">any
</FONT><FONT STYLE="color: #282828">transaction from </FONT><FONT STYLE="color: #151515">th</FONT><FONT STYLE="color: #383838">e date
of </FONT><FONT STYLE="color: #151515">t</FONT><FONT STYLE="color: #383838">he </FONT><FONT STYLE="color: #282828">issuance the Series
E Perpetual Preferred </FONT><FONT STYLE="color: #383838">Shares </FONT><FONT STYLE="color: #282828">onwards</FONT><FONT STYLE="color: #4F4F4F">,
</FONT><FONT STYLE="color: #282828">but in any </FONT><FONT STYLE="color: #383838">case </FONT><FONT STYLE="color: #282828">not </FONT><FONT STYLE="color: #151515">le</FONT><FONT STYLE="color: #383838">ss
</FONT><FONT STYLE="color: #282828">than $0.60 </FONT><FONT STYLE="color: #383838">(the &#8220;<U>F</U></FONT><U><FONT STYLE="color: #151515">loor
</FONT><FONT STYLE="color: #282828">Price</FONT></U><FONT STYLE="color: #606060">&#8221;</FONT><FONT STYLE="color: #383838">). &#8220;Trading
</FONT><FONT STYLE="color: #151515">D</FONT><FONT STYLE="color: #383838">ay&#8221; </FONT><FONT STYLE="color: #282828">means </FONT><FONT STYLE="color: #383838">any
day </FONT><FONT STYLE="color: #282828">on which </FONT><FONT STYLE="color: #151515">th</FONT><FONT STYLE="color: #383838">e </FONT><FONT STYLE="color: #282828">principal
United States </FONT><FONT STYLE="color: #383838">securities </FONT><FONT STYLE="color: #282828">exchange </FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #151515">r
</FONT><FONT STYLE="color: #282828">trading </FONT><FONT STYLE="color: #383838">market where the Common Shares </FONT><FONT STYLE="color: #151515">is
</FONT><FONT STYLE="color: #383838">then listed or t</FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">aded is open
for business</FONT><FONT STYLE="color: #151515">.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #383838">(b) </FONT><FONT STYLE="color: #282828">Before
</FONT><FONT STYLE="color: #383838">any </FONT><FONT STYLE="color: #282828">holder </FONT><FONT STYLE="color: #383838">of Series E </FONT><FONT STYLE="color: #282828">Perpetual
</FONT><FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">e </FONT><FONT STYLE="color: #282828">Preferred</FONT>
<FONT STYLE="color: #383838">Shares shall </FONT><FONT STYLE="color: #282828">be </FONT><FONT STYLE="color: #383838">ent</FONT><FONT STYLE="color: #151515">itl</FONT><FONT STYLE="color: #383838">ed
to convert the same into </FONT><FONT STYLE="color: #282828">Common </FONT><FONT STYLE="color: #383838">Shares </FONT><FONT STYLE="color: #282828">pursuant
</FONT><FONT STYLE="color: #151515">to </FONT><FONT STYLE="color: #383838">Section 9(a)</FONT> <FONT STYLE="color: #151515">h</FONT><FONT STYLE="color: #383838">ereof,
such bo</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">der shall give written </FONT><FONT STYLE="color: #151515">n</FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #151515">t</FONT><FONT STYLE="color: #383838">ice
</FONT><FONT STYLE="color: #282828">to </FONT><FONT STYLE="color: #383838">the Compa</FONT><FONT STYLE="color: #151515">n</FONT><FONT STYLE="color: #383838">y
at </FONT><FONT STYLE="color: #282828">its </FONT><FONT STYLE="color: #383838">principa</FONT><FONT STYLE="color: #151515">l </FONT><FONT STYLE="color: #282828">corporate
office of</FONT> <FONT STYLE="color: #151515">th</FONT><FONT STYLE="color: #383838">e election </FONT><FONT STYLE="color: #282828">to
</FONT><FONT STYLE="color: #383838">convert Series E </FONT><FONT STYLE="color: #282828">Perpetual Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares,
the number of Se</FONT><FONT STYLE="color: #151515">ri</FONT><FONT STYLE="color: #383838">es </FONT><FONT STYLE="color: #282828">E Perpetual
</FONT><FONT STYLE="color: #383838">Convert</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">ble </FONT><FONT STYLE="color: #282828">Preferred
Shares to </FONT><FONT STYLE="color: #383838">be </FONT><FONT STYLE="color: #282828">converted, the number of Series E Perpetual </FONT><FONT STYLE="color: #383838">Convertible
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares owned subsequent </FONT><FONT STYLE="color: #282828">to
the </FONT><FONT STYLE="color: #383838">conversion at </FONT><FONT STYLE="color: #282828">issue</FONT><FONT STYLE="color: #4F4F4F">, </FONT><FONT STYLE="color: #383838">and
the name </FONT><FONT STYLE="color: #282828">in which </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #282828">certificate
</FONT><FONT STYLE="color: #383838">for Com</FONT><FONT STYLE="color: #151515">m</FONT><FONT STYLE="color: #383838">on Shares </FONT><FONT STYLE="color: #282828">are
</FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #282828">be </FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">ssued
(each</FONT><FONT STYLE="color: #606060">, </FONT><FONT STYLE="color: #383838">a</FONT> <FONT STYLE="color: #4F4F4F">&#8220;<U>Co</U></FONT><U><FONT STYLE="color: #282828">nversion
</FONT><FONT STYLE="color: #383838">Notice</FONT></U><FONT STYLE="color: #383838">&#8221;). </FONT><FONT STYLE="color: #282828">No ink-original
Conversion </FONT><FONT STYLE="color: #383838">Not</FONT><FONT STYLE="color: #151515">i</FONT><FONT STYLE="color: #383838">ce shall </FONT><FONT STYLE="color: #282828">be
required</FONT><FONT STYLE="color: #4F4F4F">, </FONT><FONT STYLE="color: #282828">nor </FONT><FONT STYLE="color: #383838">sha</FONT><FONT STYLE="color: #151515">ll
</FONT><FONT STYLE="color: #282828">any medallion </FONT><FONT STYLE="color: #383838">guarantee (or other type </FONT><FONT STYLE="color: #282828">of
</FONT><FONT STYLE="color: #383838">guarantee </FONT><FONT STYLE="color: #282828">or </FONT><FONT STYLE="color: #151515">not</FONT><FONT STYLE="color: #383838">arization)
</FONT><FONT STYLE="color: #282828">of any </FONT><FONT STYLE="color: #383838">Co</FONT><FONT STYLE="color: #151515">nv</FONT><FONT STYLE="color: #383838">ers</FONT><FONT STYLE="color: #151515">io</FONT><FONT STYLE="color: #383838">n
Notice form</FONT> <FONT STYLE="color: #282828">be required. </FONT><FONT STYLE="color: #383838">The calc</FONT><FONT STYLE="color: #151515">ula</FONT><FONT STYLE="color: #383838">t</FONT><FONT STYLE="color: #151515">ion</FONT><FONT STYLE="color: #383838">s
</FONT><FONT STYLE="color: #282828">and </FONT><FONT STYLE="color: #383838">ent</FONT><FONT STYLE="color: #151515">ri</FONT><FONT STYLE="color: #383838">es
set </FONT><FONT STYLE="color: #282828">forth </FONT><FONT STYLE="color: #383838">in the Convers</FONT><FONT STYLE="color: #151515">ion
</FONT><FONT STYLE="color: #282828">Notice </FONT><FONT STYLE="color: #383838">shall control </FONT><FONT STYLE="color: #282828">in </FONT><FONT STYLE="color: #383838">the
absence </FONT><FONT STYLE="color: #282828">of manifest o</FONT><FONT STYLE="color: #4F4F4F">r </FONT><FONT STYLE="color: #282828">mathematical
</FONT><FONT STYLE="color: #383838">error. </FONT><FONT STYLE="color: #282828">To </FONT><FONT STYLE="color: #383838">effect </FONT><FONT STYLE="color: #282828">conversions
of </FONT><FONT STYLE="color: #383838">Series </FONT><FONT STYLE="color: #282828">E Perpetual</FONT> <FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #151515">l</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares</FONT><FONT STYLE="color: #606060">, </FONT><FONT STYLE="color: #383838">a
</FONT><FONT STYLE="color: #282828">bolder </FONT><FONT STYLE="color: #383838">sha</FONT><FONT STYLE="color: #151515">ll </FONT><FONT STYLE="color: #282828">not
</FONT><FONT STYLE="color: #383838">be </FONT><FONT STYLE="color: #282828">required to </FONT><FONT STYLE="color: #383838">surrender the
certificate(s)</FONT> <FONT STYLE="color: #282828">representing </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #282828">Series
E Perpetual </FONT><FONT STYLE="color: #383838">Convertible </FONT><FONT STYLE="color: #282828">Preferred </FONT><FONT STYLE="color: #383838">Shares
</FONT><FONT STYLE="color: #282828">to the </FONT><FONT STYLE="color: #383838">Corpo</FONT><FONT STYLE="color: #151515">r</FONT><FONT STYLE="color: #383838">at</FONT><FONT STYLE="color: #151515">ion</FONT>
<FONT STYLE="color: #1A1A1A">unless all </FONT><FONT STYLE="color: #313131">of the Series </FONT><FONT STYLE="color: #1A1A1A">E </FONT><FONT STYLE="color: #313131">Perpetual
Convertible </FONT><FONT STYLE="color: #1A1A1A">Preferred </FONT><FONT STYLE="color: #313131">Shares represented thereby are so converted,
in which case </FONT><FONT STYLE="color: #424242">such </FONT><FONT STYLE="color: #313131">holder </FONT><FONT STYLE="color: #424242">sha</FONT><FONT STYLE="color: #1A1A1A">ll
deliver the </FONT><FONT STYLE="color: #313131">certificate </FONT><FONT STYLE="color: #1A1A1A">represe</FONT><FONT STYLE="color: #424242">nt</FONT><FONT STYLE="color: #1A1A1A">i</FONT><FONT STYLE="color: #424242">ng
</FONT><FONT STYLE="color: #313131">such Series </FONT><FONT STYLE="color: #1A1A1A">E Perpe</FONT><FONT STYLE="color: #424242">tua</FONT><FONT STYLE="color: #1A1A1A">l
</FONT><FONT STYLE="color: #313131">Convertible Preferred </FONT><FONT STYLE="color: #424242">Shares </FONT><FONT STYLE="color: #1A1A1A">promptly
</FONT><FONT STYLE="color: #313131">following the completion of the conversion at issue.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #424242">(c) </FONT><FONT STYLE="color: #313131">Series
</FONT><FONT STYLE="color: #1A1A1A">E Perpetual </FONT><FONT STYLE="color: #313131">Convertible </FONT><FONT STYLE="color: #1A1A1A">Preferred
</FONT><FONT STYLE="color: #424242">Shares</FONT> <FONT STYLE="color: #313131">converted into Common Shares or </FONT><FONT STYLE="color: #1A1A1A">r</FONT><FONT STYLE="color: #424242">edeemed
</FONT><FONT STYLE="color: #1A1A1A">in </FONT><FONT STYLE="color: #313131">accordance with the </FONT><FONT STYLE="color: #1A1A1A">term</FONT><FONT STYLE="color: #424242">s
</FONT><FONT STYLE="color: #313131">hereof shall be canceled and shall not be </FONT><FONT STYLE="color: #1A1A1A">r</FONT><FONT STYLE="color: #424242">eiss</FONT><FONT STYLE="color: #1A1A1A">ued.
The </FONT><FONT STYLE="color: #313131">Company shall, as </FONT><FONT STYLE="color: #424242">soo</FONT><FONT STYLE="color: #1A1A1A">n
</FONT><FONT STYLE="color: #313131">as practicable after delivery of </FONT><FONT STYLE="color: #1A1A1A">the </FONT><FONT STYLE="color: #313131">Conversion
Notice and </FONT><FONT STYLE="color: #1A1A1A">in </FONT><FONT STYLE="color: #313131">any event within </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">hree
</FONT><FONT STYLE="color: #313131">(3) business days thereafter (the &#8220;<U>Share </U></FONT><U><FONT STYLE="color: #1A1A1A">D</FONT><FONT STYLE="color: #424242">e</FONT><FONT STYLE="color: #1A1A1A">liv</FONT><FONT STYLE="color: #424242">ery
</FONT><FONT STYLE="color: #1A1A1A">Date</FONT></U><FONT STYLE="color: #424242">&#8221;)</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #1A1A1A">i</FONT><FONT STYLE="color: #424242">ss</FONT><FONT STYLE="color: #1A1A1A">ue
</FONT><FONT STYLE="color: #313131">and deliver </FONT><FONT STYLE="color: #424242">o</FONT><FONT STYLE="color: #1A1A1A">r </FONT><FONT STYLE="color: #313131">cause
to </FONT><FONT STYLE="color: #1A1A1A">be </FONT><FONT STYLE="color: #313131">delivered to such </FONT><FONT STYLE="color: #1A1A1A">hold</FONT><FONT STYLE="color: #424242">er
of </FONT><FONT STYLE="color: #313131">Series </FONT><FONT STYLE="color: #424242">E </FONT><FONT STYLE="color: #1A1A1A">Perpetual </FONT><FONT STYLE="color: #313131">Convertible
Preferred Shares, or to </FONT><FONT STYLE="color: #1A1A1A">the </FONT><FONT STYLE="color: #313131">nominee or </FONT><FONT STYLE="color: #1A1A1A">n</FONT><FONT STYLE="color: #424242">o</FONT><FONT STYLE="color: #1A1A1A">mine</FONT><FONT STYLE="color: #424242">es
</FONT><FONT STYLE="color: #313131">thereof, a certificate or certificates representing the </FONT><FONT STYLE="color: #1A1A1A">number
</FONT><FONT STYLE="color: #313131">of validly </FONT><FONT STYLE="color: #1A1A1A">issued</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #313131">fully
paid and non-assessable Common Shares to which such holder </FONT><FONT STYLE="color: #424242">sha</FONT><FONT STYLE="color: #1A1A1A">ll
be </FONT><FONT STYLE="color: #313131">entitled as aforesaid. Conversion under this Section 9 shall be deemed to have been made</FONT>
<FONT STYLE="color: #1A1A1A">immediately </FONT><FONT STYLE="color: #313131">upon delivery of </FONT><FONT STYLE="color: #424242">the
</FONT><FONT STYLE="color: #313131">Conversion Notice and in either case the Person </FONT><FONT STYLE="color: #424242">entit</FONT><FONT STYLE="color: #1A1A1A">led
</FONT><FONT STYLE="color: #313131">to receive the Common </FONT><FONT STYLE="color: #424242">Sh</FONT><FONT STYLE="color: #1A1A1A">ares
</FONT><FONT STYLE="color: #313131">issuable </FONT><FONT STYLE="color: #424242">upon </FONT><FONT STYLE="color: #313131">such conversion
shall be treated for all</FONT> <FONT STYLE="color: #1A1A1A">purpo</FONT><FONT STYLE="color: #424242">ses </FONT><FONT STYLE="color: #313131">as
the record holder of </FONT><FONT STYLE="color: #424242">such </FONT><FONT STYLE="color: #313131">Common </FONT><FONT STYLE="color: #424242">Shares
</FONT><FONT STYLE="color: #313131">as of such date (such date</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #313131">the</FONT>
<FONT STYLE="color: #424242">&#8220;<U>Co</U></FONT><U><FONT STYLE="color: #1A1A1A">nv</FONT><FONT STYLE="color: #424242">e</FONT><FONT STYLE="color: #1A1A1A">r</FONT><FONT STYLE="color: #424242">sio</FONT><FONT STYLE="color: #1A1A1A">n
</FONT><FONT STYLE="color: #313131">Date</FONT></U><FONT STYLE="color: #313131">&#8221;). If, </FONT><FONT STYLE="color: #424242">in </FONT><FONT STYLE="color: #313131">the
case of any conversion </FONT><FONT STYLE="color: #424242">of </FONT><FONT STYLE="color: #1A1A1A">the </FONT><FONT STYLE="color: #424242">Se</FONT><FONT STYLE="color: #1A1A1A">rie</FONT><FONT STYLE="color: #424242">s
</FONT><FONT STYLE="color: #1A1A1A">E </FONT><FONT STYLE="color: #313131">Perpetual Convertible Preferred Shares, such Common Shares are
</FONT><FONT STYLE="color: #1A1A1A">not </FONT><FONT STYLE="color: #313131">delivered </FONT><FONT STYLE="color: #424242">to </FONT><FONT STYLE="color: #313131">or
as </FONT><FONT STYLE="color: #1A1A1A">dir</FONT><FONT STYLE="color: #424242">ected </FONT><FONT STYLE="color: #313131">by the applicable
holder by </FONT><FONT STYLE="color: #424242">the </FONT><FONT STYLE="color: #313131">Share Delivery </FONT><FONT STYLE="color: #1A1A1A">Date,
</FONT><FONT STYLE="color: #313131">the holder shall </FONT><FONT STYLE="color: #424242">be </FONT><FONT STYLE="color: #313131">entitled
to </FONT><FONT STYLE="color: #424242">elect </FONT><FONT STYLE="color: #313131">by written</FONT> <FONT STYLE="color: #1A1A1A">no</FONT><FONT STYLE="color: #424242">tice
</FONT><FONT STYLE="color: #313131">to the Company at any </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">ime
</FONT><FONT STYLE="color: #313131">on or before its receipt of such Common Shares</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #313131">to</FONT>
<FONT STYLE="color: #1A1A1A">r</FONT><FONT STYLE="color: #424242">escind suc</FONT><FONT STYLE="color: #1A1A1A">h </FONT><FONT STYLE="color: #313131">conversion,
</FONT><FONT STYLE="color: #1A1A1A">in </FONT><FONT STYLE="color: #313131">which event the Company shall promptly </FONT><FONT STYLE="color: #1A1A1A">return
</FONT><FONT STYLE="color: #313131">to the </FONT><FONT STYLE="color: #1A1A1A">hold</FONT><FONT STYLE="color: #424242">e</FONT><FONT STYLE="color: #1A1A1A">r
</FONT><FONT STYLE="color: #313131">any original Series E </FONT><FONT STYLE="color: #1A1A1A">P</FONT><FONT STYLE="color: #424242">erpetua</FONT><FONT STYLE="color: #1A1A1A">l
</FONT><FONT STYLE="color: #313131">Convertible Preferred </FONT><FONT STYLE="color: #424242">Share </FONT><FONT STYLE="color: #313131">certificate
delivered to the Company. The Company&#8217;s obligation </FONT><FONT STYLE="color: #424242">to </FONT><FONT STYLE="color: #1A1A1A">issue
</FONT><FONT STYLE="color: #313131">and deliver </FONT><FONT STYLE="color: #424242">the </FONT><FONT STYLE="color: #313131">Common Shares
</FONT><FONT STYLE="color: #424242">upon </FONT><FONT STYLE="color: #313131">conversion of Series E Perpetual Convertible Preferred Share
in accordance with the terms hereof are absolute and unconditional, </FONT><FONT STYLE="color: #424242">irrespect</FONT><FONT STYLE="color: #1A1A1A">ive
</FONT><FONT STYLE="color: #313131">of any action or </FONT><FONT STYLE="color: #1A1A1A">inac</FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">ion
</FONT><FONT STYLE="color: #313131">by a </FONT><FONT STYLE="color: #1A1A1A">holder </FONT><FONT STYLE="color: #424242">to </FONT><FONT STYLE="color: #313131">enforce
</FONT><FONT STYLE="color: #424242">the </FONT><FONT STYLE="color: #313131">same, any waiver or consent with respect to any provision
hereof, </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">he </FONT><FONT STYLE="color: #313131">recovery of any
judgment against any Person or any action to </FONT><FONT STYLE="color: #424242">enforce </FONT><FONT STYLE="color: #313131">the same</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #313131">or any setoff, </FONT><FONT STYLE="color: #424242">cou</FONT><FONT STYLE="color: #1A1A1A">nterclai</FONT><FONT STYLE="color: #424242">m,
</FONT><FONT STYLE="color: #313131">recoupment, limitation or</FONT> <FONT STYLE="color: #1A1A1A">t</FONT><FONT STYLE="color: #424242">e</FONT><FONT STYLE="color: #1A1A1A">rmination</FONT><FONT STYLE="color: #424242">,
</FONT><FONT STYLE="color: #313131">or any breach or alleged breach by such </FONT><FONT STYLE="color: #1A1A1A">bolder </FONT><FONT STYLE="color: #313131">or
any other Person of any obligation to the Company or any violation or alleged violation of law by such holder or any other person</FONT><FONT STYLE="color: #5B5B5B">,</FONT>
<FONT STYLE="color: #313131">and irrespective of </FONT><FONT STYLE="color: #424242">any other </FONT><FONT STYLE="color: #313131">circumstance
which might otherwise limit such obligation of the Company to such Holder </FONT><FONT STYLE="color: #1A1A1A">in </FONT><FONT STYLE="color: #424242">connection
</FONT><FONT STYLE="color: #313131">with the issuance of such Common Shares. </FONT><FONT STYLE="color: #1A1A1A">In the </FONT><FONT STYLE="color: #313131">event
a </FONT><FONT STYLE="color: #1A1A1A">Hold</FONT><FONT STYLE="color: #424242">er shall e</FONT><FONT STYLE="color: #1A1A1A">lect </FONT><FONT STYLE="color: #313131">to
convert any or all of the shares of its Series E Perpetual Convertible Preferred Shares</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #1A1A1A">the
</FONT><FONT STYLE="color: #313131">Company may not </FONT><FONT STYLE="color: #1A1A1A">refu</FONT><FONT STYLE="color: #424242">se </FONT><FONT STYLE="color: #313131">conversion
</FONT><FONT STYLE="color: #1A1A1A">based </FONT><FONT STYLE="color: #313131">on any claim </FONT><FONT STYLE="color: #1A1A1A">tha</FONT><FONT STYLE="color: #424242">t
s</FONT><FONT STYLE="color: #1A1A1A">uch </FONT><FONT STYLE="color: #313131">holder or anyone associated or affiliated with </FONT><FONT STYLE="color: #424242">suc</FONT><FONT STYLE="color: #1A1A1A">h
h</FONT><FONT STYLE="color: #424242">ol</FONT><FONT STYLE="color: #1A1A1A">der </FONT><FONT STYLE="color: #313131">has been engaged in
any violation of law, agreement or for any other reason, unless an </FONT><FONT STYLE="color: #1A1A1A">injunction </FONT><FONT STYLE="color: #313131">from
a court</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #313131">on notice to holder, restraining and/or enjoining conversion
of all or part of the Series </FONT><FONT STYLE="color: #424242">E </FONT><FONT STYLE="color: #313131">Perpetual Convertible Preferred
Shares of such holder shall have been </FONT><FONT STYLE="color: #424242">sought </FONT><FONT STYLE="color: #313131">and obtained, and
the Company posts a surety </FONT><FONT STYLE="color: #1A1A1A">bond </FONT><FONT STYLE="color: #313131">for the </FONT><FONT STYLE="color: #1A1A1A">benefit
</FONT><FONT STYLE="color: #313131">of </FONT><FONT STYLE="color: #424242">s</FONT><FONT STYLE="color: #1A1A1A">uch </FONT><FONT STYLE="color: #313131">holder
in </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">he </FONT><FONT STYLE="color: #313131">amount of </FONT><FONT STYLE="color: #424242">150%
</FONT><FONT STYLE="color: #313131">of the </FONT><FONT STYLE="color: #1A1A1A">Liquidation </FONT><FONT STYLE="color: #313131">Value of
Series E Perpetual Convertible Preferred Shares which </FONT><FONT STYLE="color: #424242">is s</FONT><FONT STYLE="color: #1A1A1A">ubj</FONT><FONT STYLE="color: #424242">ect
</FONT><FONT STYLE="color: #313131">to </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">h</FONT><FONT STYLE="color: #424242">e
</FONT><FONT STYLE="color: #313131">injunction</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #313131">which </FONT><FONT STYLE="color: #1A1A1A">bond</FONT>
<FONT STYLE="color: #313131">shall </FONT><FONT STYLE="color: #1A1A1A">r</FONT><FONT STYLE="color: #424242">emain </FONT><FONT STYLE="color: #313131">in
effect </FONT><FONT STYLE="color: #424242">unti</FONT><FONT STYLE="color: #1A1A1A">l </FONT><FONT STYLE="color: #313131">the completion
of arbitration/litigation of </FONT><FONT STYLE="color: #424242">t</FONT><FONT STYLE="color: #1A1A1A">he </FONT><FONT STYLE="color: #313131">underlying
</FONT><FONT STYLE="color: #1A1A1A">disput</FONT><FONT STYLE="color: #424242">e </FONT><FONT STYLE="color: #313131">and the proceeds of
which shall be payable to such holder </FONT><FONT STYLE="color: #1A1A1A">to </FONT><FONT STYLE="color: #313131">the extent it obtains
</FONT><FONT STYLE="color: #424242">j</FONT><FONT STYLE="color: #1A1A1A">udgm</FONT><FONT STYLE="color: #424242">e</FONT><FONT STYLE="color: #1A1A1A">nt.
In the</FONT> <FONT STYLE="color: #313131">absence of such </FONT><FONT STYLE="color: #1A1A1A">injunc</FONT><FONT STYLE="color: #424242">tion,
the </FONT><FONT STYLE="color: #313131">Company </FONT><FONT STYLE="color: #424242">shall issue Common </FONT><FONT STYLE="color: #313131">Shares
and, if applicable, cash, upon a properly noticed conversion. </FONT><FONT STYLE="color: #424242">Noth</FONT><FONT STYLE="color: #1A1A1A">ing
her</FONT><FONT STYLE="color: #424242">ein s</FONT><FONT STYLE="color: #1A1A1A">hall </FONT><FONT STYLE="color: #424242">li</FONT><FONT STYLE="color: #1A1A1A">mit
</FONT><FONT STYLE="color: #313131">a </FONT><FONT STYLE="color: #1A1A1A">holder</FONT><FONT STYLE="color: #5B5B5B">&#8217;</FONT><FONT STYLE="color: #313131">s
right to pursue actual damages for the Company</FONT><FONT STYLE="color: #5B5B5B">&#8217;</FONT><FONT STYLE="color: #313131">s failure
to deliver Common Shares within </FONT><FONT STYLE="color: #1A1A1A">th</FONT><FONT STYLE="color: #424242">e </FONT><FONT STYLE="color: #1A1A1A">p</FONT><FONT STYLE="color: #424242">eriod
specifie</FONT><FONT STYLE="color: #1A1A1A">d </FONT><FONT STYLE="color: #313131">herein and such </FONT><FONT STYLE="color: #1A1A1A">holder
</FONT><FONT STYLE="color: #313131">shall have </FONT><FONT STYLE="color: #424242">the </FONT><FONT STYLE="color: #313131">right to </FONT><FONT STYLE="color: #1A1A1A">pursue
</FONT><FONT STYLE="color: #313131">all remedies available </FONT><FONT STYLE="color: #1A1A1A">to </FONT><FONT STYLE="color: #313131">it
hereunder, </FONT><FONT STYLE="color: #424242">at law </FONT><FONT STYLE="color: #313131">or in equity </FONT><FONT STYLE="color: #1A1A1A">includin</FONT><FONT STYLE="color: #424242">g,
</FONT><FONT STYLE="color: #313131">without limitation</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #313131">a decree
of specific </FONT><FONT STYLE="color: #1A1A1A">performan</FONT><FONT STYLE="color: #424242">ce</FONT> <FONT STYLE="color: #313131">and/or
injunctive relief. The exercise of any such </FONT><FONT STYLE="color: #1A1A1A">ri</FONT><FONT STYLE="color: #424242">ghts sha</FONT><FONT STYLE="color: #1A1A1A">ll
</FONT><FONT STYLE="color: #313131">not prohibit a holder from seeking</FONT> <FONT STYLE="color: #424242">to </FONT><FONT STYLE="color: #313131">enforce
damages pursuant </FONT><FONT STYLE="color: #1A1A1A">to </FONT><FONT STYLE="color: #313131">any other Section hereof or under </FONT><FONT STYLE="color: #424242">ap</FONT><FONT STYLE="color: #1A1A1A">plicab</FONT><FONT STYLE="color: #424242">le
</FONT><FONT STYLE="color: #1A1A1A">law.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #313131">(d) No fractional shares
shall </FONT><FONT STYLE="color: #1C1C1C">be </FONT><FONT STYLE="color: #313131">issued upon conversion of the Series E</FONT> <FONT STYLE="color: #1C1C1C">Perpetual
</FONT><FONT STYLE="color: #313131">Convertible Preferred Shares </FONT><FONT STYLE="color: #444444">i</FONT><FONT STYLE="color: #1C1C1C">nto
</FONT><FONT STYLE="color: #313131">Common Shares and the </FONT><FONT STYLE="color: #1C1C1C">number </FONT><FONT STYLE="color: #313131">of
Common </FONT><FONT STYLE="color: #444444">S</FONT><FONT STYLE="color: #1C1C1C">hares </FONT><FONT STYLE="color: #313131">to be </FONT><FONT STYLE="color: #1C1C1C">is</FONT><FONT STYLE="color: #444444">sued
</FONT><FONT STYLE="color: #313131">shall be </FONT><FONT STYLE="color: #1C1C1C">rounded down </FONT><FONT STYLE="color: #313131">to the
nearest whole share.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #313131">(e) In the event the Company
should at any </FONT><FONT STYLE="color: #444444">time </FONT><FONT STYLE="color: #313131">or from </FONT><FONT STYLE="color: #1C1C1C">time
to </FONT><FONT STYLE="color: #313131">time fix a record date for the effectuation of a split or subdivision of the outstanding Common
Shares or </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">determination of holders of Common Shares entitled
to </FONT><FONT STYLE="color: #1C1C1C">re</FONT><FONT STYLE="color: #313131">ceive </FONT><FONT STYLE="color: #444444">a </FONT><FONT STYLE="color: #313131">dividend
or other distribution payable </FONT><FONT STYLE="color: #1C1C1C">in additional </FONT><FONT STYLE="color: #444444">Commo</FONT><FONT STYLE="color: #1C1C1C">n
</FONT><FONT STYLE="color: #313131">Shares or Common Share equivalents without payment of </FONT><FONT STYLE="color: #444444">any co</FONT><FONT STYLE="color: #1C1C1C">nsideration
by </FONT><FONT STYLE="color: #313131">such holder for </FONT><FONT STYLE="color: #1C1C1C">th</FONT><FONT STYLE="color: #444444">e </FONT><FONT STYLE="color: #313131">additional
Common Shares</FONT> <FONT STYLE="color: #1C1C1C">or </FONT><FONT STYLE="color: #313131">the Common Share equivalents (including </FONT><FONT STYLE="color: #1C1C1C">the
</FONT><FONT STYLE="color: #313131">additional Common Shares issuable </FONT><FONT STYLE="color: #1C1C1C">upon </FONT><FONT STYLE="color: #444444">conve</FONT><FONT STYLE="color: #1C1C1C">r</FONT><FONT STYLE="color: #444444">s</FONT><FONT STYLE="color: #1C1C1C">ion
</FONT><FONT STYLE="color: #313131">or exercise thereof), </FONT><FONT STYLE="color: #444444">then, </FONT><FONT STYLE="color: #313131">as
of such </FONT><FONT STYLE="color: #1C1C1C">record </FONT><FONT STYLE="color: #313131">date (or the date of </FONT><FONT STYLE="color: #444444">such
</FONT><FONT STYLE="color: #313131">dividend distribution, split or subdivision if </FONT><FONT STYLE="color: #444444">no </FONT><FONT STYLE="color: #313131">record
date is fixed), the Fixed Conversion Price and Floor </FONT><FONT STYLE="color: #1C1C1C">Price </FONT><FONT STYLE="color: #313131">of
the Series </FONT><FONT STYLE="color: #444444">E </FONT><FONT STYLE="color: #313131">Perpetual Convertible </FONT><FONT STYLE="color: #1C1C1C">Preferred
</FONT><FONT STYLE="color: #313131">Shares shall be appropriately decreased </FONT><FONT STYLE="color: #444444">so </FONT><FONT STYLE="color: #313131">that
the </FONT><FONT STYLE="color: #1C1C1C">number </FONT><FONT STYLE="color: #313131">of Common </FONT><FONT STYLE="color: #444444">S</FONT><FONT STYLE="color: #1C1C1C">hares
</FONT><FONT STYLE="color: #313131">issuable upon conversion of </FONT><FONT STYLE="color: #444444">eac</FONT><FONT STYLE="color: #1C1C1C">h
</FONT><FONT STYLE="color: #313131">Series </FONT><FONT STYLE="color: #1C1C1C">E Perp</FONT><FONT STYLE="color: #444444">et</FONT><FONT STYLE="color: #1C1C1C">ual
</FONT><FONT STYLE="color: #313131">Convertible Preferred Share shall be </FONT><FONT STYLE="color: #1C1C1C">increased in </FONT><FONT STYLE="color: #313131">proportion
</FONT><FONT STYLE="color: #1C1C1C">to </FONT><FONT STYLE="color: #313131">such increase </FONT><FONT STYLE="color: #1C1C1C">in </FONT><FONT STYLE="color: #313131">the
aggregate of Common Shares outstanding and issuable with </FONT><FONT STYLE="color: #1C1C1C">respec</FONT><FONT STYLE="color: #444444">t
</FONT><FONT STYLE="color: #313131">to such Common Share </FONT><FONT STYLE="color: #444444">equ</FONT><FONT STYLE="color: #1C1C1C">ivalents</FONT><FONT STYLE="color: #444444">.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #313131">(f) </FONT><FONT STYLE="color: #1C1C1C">If
</FONT><FONT STYLE="color: #313131">the number of Common Shares outstanding at any time after </FONT><FONT STYLE="color: #1C1C1C">i</FONT><FONT STYLE="color: #444444">s
dec</FONT><FONT STYLE="color: #1C1C1C">reased by </FONT><FONT STYLE="color: #313131">a combination of </FONT><FONT STYLE="color: #1C1C1C">the
</FONT><FONT STYLE="color: #313131">outstanding Common </FONT><FONT STYLE="color: #444444">Shares </FONT><FONT STYLE="color: #313131">(by
reverse </FONT><FONT STYLE="color: #444444">s</FONT><FONT STYLE="color: #1C1C1C">tock </FONT><FONT STYLE="color: #313131">split or otherwise),
then, following </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">record date of </FONT><FONT STYLE="color: #444444">s</FONT><FONT STYLE="color: #1C1C1C">uch
</FONT><FONT STYLE="color: #313131">combination, the Conversion Price for </FONT><FONT STYLE="color: #1C1C1C">th</FONT><FONT STYLE="color: #444444">e</FONT>
<FONT STYLE="color: #313131">Series </FONT><FONT STYLE="color: #444444">E </FONT><FONT STYLE="color: #1C1C1C">Perpetual </FONT><FONT STYLE="color: #313131">Convertible
</FONT><FONT STYLE="color: #1C1C1C">Pr</FONT><FONT STYLE="color: #444444">efer</FONT><FONT STYLE="color: #1C1C1C">red </FONT><FONT STYLE="color: #313131">Shares
shall be appropriately increased </FONT><FONT STYLE="color: #444444">so </FONT><FONT STYLE="color: #313131">that the</FONT> <FONT STYLE="color: #1C1C1C">number
</FONT><FONT STYLE="color: #313131">of Common Shares </FONT><FONT STYLE="color: #1C1C1C">issuabl</FONT><FONT STYLE="color: #444444">e
</FONT><FONT STYLE="color: #313131">on conversion of each share of each series shall be decreased in proportion </FONT><FONT STYLE="color: #1C1C1C">to
</FONT><FONT STYLE="color: #313131">such decrease in outstanding </FONT><FONT STYLE="color: #444444">shares</FONT><FONT STYLE="color: #1C1C1C">.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #313131">(g) <U>Adjustments for </U></FONT><U><FONT STYLE="color: #1C1C1C">Distribu</FONT><FONT STYLE="color: #444444">t</FONT><FONT STYLE="color: #1C1C1C">ion</FONT></U><FONT STYLE="color: #1C1C1C">.
</FONT><FONT STYLE="color: #313131">In addition </FONT><FONT STYLE="color: #1C1C1C">to </FONT><FONT STYLE="color: #313131">any other adjustments</FONT>
<FONT STYLE="color: #1C1C1C">pursu</FONT><FONT STYLE="color: #444444">ant </FONT><FONT STYLE="color: #1C1C1C">to </FONT><FONT STYLE="color: #444444">the
</FONT><FONT STYLE="color: #313131">terms hereof, </FONT><FONT STYLE="color: #1C1C1C">in th</FONT><FONT STYLE="color: #444444">e event
</FONT><FONT STYLE="color: #313131">the Company shall declare a distribution payable </FONT><FONT STYLE="color: #1C1C1C">in</FONT> <FONT STYLE="color: #313131">Common
</FONT><FONT STYLE="color: #444444">Shares, </FONT><FONT STYLE="color: #313131">Common Share equivalents or other securities of </FONT><FONT STYLE="color: #444444">the
</FONT><FONT STYLE="color: #313131">Company, or </FONT><FONT STYLE="color: #1C1C1C">any</FONT> <FONT STYLE="color: #313131">subsidiary,
evidences of </FONT><FONT STYLE="color: #1C1C1C">indebtednes</FONT><FONT STYLE="color: #444444">s </FONT><FONT STYLE="color: #1C1C1C">issu</FONT><FONT STYLE="color: #444444">ed
</FONT><FONT STYLE="color: #313131">by the Company, or any </FONT><FONT STYLE="color: #444444">subsid</FONT><FONT STYLE="color: #1C1C1C">iary</FONT><FONT STYLE="color: #646464">,
</FONT><FONT STYLE="color: #313131">assets (or rights to acquire assets), or options, rights or other </FONT><FONT STYLE="color: #1C1C1C">prop</FONT><FONT STYLE="color: #444444">erty
</FONT><FONT STYLE="color: #313131">to the </FONT><FONT STYLE="color: #444444">hol</FONT><FONT STYLE="color: #1C1C1C">ders </FONT><FONT STYLE="color: #313131">of
Common Shares, in each case whether </FONT><FONT STYLE="color: #1C1C1C">by </FONT><FONT STYLE="color: #313131">way of </FONT><FONT STYLE="color: #1C1C1C">return
</FONT><FONT STYLE="color: #313131">of capital or otherwise </FONT><FONT STYLE="color: #444444">(</FONT><FONT STYLE="color: #1C1C1C">includin</FONT><FONT STYLE="color: #444444">g</FONT><FONT STYLE="color: #1C1C1C">,
without </FONT><FONT STYLE="color: #444444">li</FONT><FONT STYLE="color: #1C1C1C">mi</FONT><FONT STYLE="color: #444444">tat</FONT><FONT STYLE="color: #1C1C1C">ion</FONT><FONT STYLE="color: #444444">,
</FONT><FONT STYLE="color: #313131">any distribution of cash, </FONT><FONT STYLE="color: #444444">stock </FONT><FONT STYLE="color: #313131">or
other securities, </FONT><FONT STYLE="color: #444444">property </FONT><FONT STYLE="color: #1C1C1C">or </FONT><FONT STYLE="color: #313131">options
by way of a dividend, </FONT><FONT STYLE="color: #444444">spin </FONT><FONT STYLE="color: #313131">off,</FONT> <FONT STYLE="color: #1C1C1C">r</FONT><FONT STYLE="color: #444444">eclass</FONT><FONT STYLE="color: #1C1C1C">ification,
</FONT><FONT STYLE="color: #313131">corporate </FONT><FONT STYLE="color: #1C1C1C">r</FONT><FONT STYLE="color: #444444">earrangemen</FONT><FONT STYLE="color: #1C1C1C">t,
</FONT><FONT STYLE="color: #313131">scheme of arrangement or other </FONT><FONT STYLE="color: #444444">similar t</FONT><FONT STYLE="color: #1C1C1C">ransaction)</FONT>
<FONT STYLE="color: #313131">(each</FONT><FONT STYLE="color: #646464">, </FONT><FONT STYLE="color: #1C1C1C">a </FONT><FONT STYLE="color: #444444">&#8220;<U>Distribut</U></FONT><U><FONT STYLE="color: #1C1C1C">io</FONT><FONT STYLE="color: #444444">n</FONT></U><FONT STYLE="color: #646464">&#8221;</FONT><FONT STYLE="color: #313131">),
then, in </FONT><FONT STYLE="color: #444444">each s</FONT><FONT STYLE="color: #1C1C1C">uch </FONT><FONT STYLE="color: #313131">case the
holders of the Series E Perpetual Convertible Preferred Shares shall be entitled to a proportionate share of any such Distribution as
though </FONT><FONT STYLE="color: #444444">they</FONT> <FONT STYLE="color: #313131">were </FONT><FONT STYLE="color: #1C1C1C">the </FONT><FONT STYLE="color: #313131">holders
of the number of Common </FONT><FONT STYLE="color: #444444">Shares </FONT><FONT STYLE="color: #313131">of the Company </FONT><FONT STYLE="color: #1C1C1C">in</FONT><FONT STYLE="color: #444444">to
</FONT><FONT STYLE="color: #313131">which their Series E </FONT><FONT STYLE="color: #1C1C1C">Perpe</FONT><FONT STYLE="color: #444444">tua</FONT><FONT STYLE="color: #1C1C1C">l
</FONT><FONT STYLE="color: #313131">Convertible Preferred Shares are convertible as of the record date fixed for </FONT><FONT STYLE="color: #444444">the
</FONT><FONT STYLE="color: #313131">determination </FONT><FONT STYLE="color: #444444">of the </FONT><FONT STYLE="color: #1C1C1C">holders
</FONT><FONT STYLE="color: #313131">of Common Shares of </FONT><FONT STYLE="color: #1C1C1C">the </FONT><FONT STYLE="color: #313131">Company
entitled </FONT><FONT STYLE="color: #1C1C1C">t</FONT><FONT STYLE="color: #444444">o </FONT><FONT STYLE="color: #313131">receive such Distribution.
Notwithstanding </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">foregoing, </FONT><FONT STYLE="color: #1C1C1C">this
</FONT><FONT STYLE="color: #313131">Section 9(g) shall </FONT><FONT STYLE="color: #1C1C1C">no</FONT><FONT STYLE="color: #444444">t </FONT><FONT STYLE="color: #313131">apply
in </FONT><FONT STYLE="color: #1C1C1C">re</FONT><FONT STYLE="color: #444444">spect </FONT><FONT STYLE="color: #313131">of</FONT> <FONT STYLE="color: #1C1C1C">the
issuanc</FONT><FONT STYLE="color: #444444">e </FONT><FONT STYLE="color: #313131">of Common Shares or standard options to purchase Common
Shares to</FONT> <FONT STYLE="color: #1C1C1C">director</FONT><FONT STYLE="color: #444444">s</FONT><FONT STYLE="color: #646464">, </FONT><FONT STYLE="color: #313131">officers
or employees of </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">Company in their capacity as such.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #313131">(h) <U>Adjustments for </U></FONT><U><FONT STYLE="color: #1C1C1C">Recapi</FONT><FONT STYLE="color: #444444">tal</FONT><FONT STYLE="color: #1C1C1C">izati</FONT><FONT STYLE="color: #444444">o</FONT><FONT STYLE="color: #1C1C1C">n</FONT></U><FONT STYLE="color: #1C1C1C">.
</FONT><FONT STYLE="color: #313131">If at any time or from time </FONT><FONT STYLE="color: #444444">to </FONT><FONT STYLE="color: #313131">time
</FONT><FONT STYLE="color: #1C1C1C">ther</FONT><FONT STYLE="color: #444444">e</FONT> <FONT STYLE="color: #313131">shall </FONT><FONT STYLE="color: #1C1C1C">be
</FONT><FONT STYLE="color: #313131">a recapitalization of the Common Shares </FONT><FONT STYLE="color: #444444">(ot</FONT><FONT STYLE="color: #1C1C1C">her
</FONT><FONT STYLE="color: #313131">than a </FONT><FONT STYLE="color: #444444">s</FONT><FONT STYLE="color: #1C1C1C">ubdivi</FONT><FONT STYLE="color: #444444">sion,
</FONT><FONT STYLE="color: #313131">combination or merger or </FONT><FONT STYLE="color: #444444">sale </FONT><FONT STYLE="color: #313131">of
assets transaction </FONT><FONT STYLE="color: #1C1C1C">provided </FONT><FONT STYLE="color: #313131">for elsewhere), </FONT><FONT STYLE="color: #1C1C1C">provision
</FONT><FONT STYLE="color: #313131">shall be made </FONT><FONT STYLE="color: #444444">so </FONT><FONT STYLE="color: #313131">that the
holders of the Series </FONT><FONT STYLE="color: #444444">E </FONT><FONT STYLE="color: #1C1C1C">Perpetual </FONT><FONT STYLE="color: #313131">Convertible
</FONT><FONT STYLE="color: #1C1C1C">Preferred </FONT><FONT STYLE="color: #444444">Shares s</FONT><FONT STYLE="color: #1C1C1C">hall </FONT><FONT STYLE="color: #444444">t</FONT><FONT STYLE="color: #1C1C1C">hereafter
</FONT><FONT STYLE="color: #313131">be </FONT><FONT STYLE="color: #444444">ent</FONT><FONT STYLE="color: #1C1C1C">itled </FONT><FONT STYLE="color: #313131">to</FONT>
<FONT STYLE="color: #1C1C1C">r</FONT><FONT STYLE="color: #444444">eceive </FONT><FONT STYLE="color: #1C1C1C">upon </FONT><FONT STYLE="color: #313131">conversion
of </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">Series </FONT><FONT STYLE="color: #1C1C1C">E Perpetual
</FONT><FONT STYLE="color: #313131">Convertible </FONT><FONT STYLE="color: #1C1C1C">Preferred </FONT><FONT STYLE="color: #313131">Shares
</FONT><FONT STYLE="color: #444444">th</FONT><FONT STYLE="color: #1C1C1C">e number </FONT><FONT STYLE="color: #313131">of shares of stock
or other securities or property of </FONT><FONT STYLE="color: #444444">the </FONT><FONT STYLE="color: #313131">Company or otherwise, </FONT><FONT STYLE="color: #1C1C1C">to
</FONT><FONT STYLE="color: #313131">which a </FONT><FONT STYLE="color: #1C1C1C">holder of</FONT> <FONT STYLE="color: #444444">Com</FONT><FONT STYLE="color: #1C1C1C">mon
</FONT><FONT STYLE="color: #313131">Shares deliverable upon conversion would have been entitled on </FONT><FONT STYLE="color: #444444">suc</FONT><FONT STYLE="color: #1C1C1C">h
</FONT><FONT STYLE="color: #313131">recapitalization.</FONT> <FONT STYLE="color: #1C1C1C">In </FONT><FONT STYLE="color: #313131">any such
case, appropriate adjustment </FONT><FONT STYLE="color: #444444">sha</FONT><FONT STYLE="color: #1C1C1C">ll b</FONT><FONT STYLE="color: #444444">e
</FONT><FONT STYLE="color: #313131">made in the application of the provisions of this</FONT> <FONT STYLE="color: #383838">Section w</FONT><FONT STYLE="color: #181818">ith
r</FONT><FONT STYLE="color: #383838">espect to the </FONT><FONT STYLE="color: #2A2A2A">rights of </FONT><FONT STYLE="color: #383838">the
</FONT><FONT STYLE="color: #2A2A2A">holders </FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #2A2A2A">the </FONT><FONT STYLE="color: #383838">Series
</FONT><FONT STYLE="color: #2A2A2A">E Perpetual </FONT><FONT STYLE="color: #383838">Convertible </FONT><FONT STYLE="color: #2A2A2A">Preferred
</FONT><FONT STYLE="color: #383838">Shares after </FONT><FONT STYLE="color: #181818">th</FONT><FONT STYLE="color: #383838">e </FONT><FONT STYLE="color: #2A2A2A">recapitalization
to the </FONT><FONT STYLE="color: #383838">en</FONT><FONT STYLE="color: #181818">d </FONT><FONT STYLE="color: #383838">tha</FONT><FONT STYLE="color: #181818">t
</FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #2A2A2A">provisions of </FONT><FONT STYLE="color: #383838">t</FONT><FONT STYLE="color: #181818">hi</FONT><FONT STYLE="color: #383838">s
Section (</FONT><FONT STYLE="color: #181818">inc</FONT><FONT STYLE="color: #383838">luding, </FONT><FONT STYLE="color: #2A2A2A">without
</FONT><FONT STYLE="color: #181818">limitati</FONT><FONT STYLE="color: #383838">on, provisions </FONT><FONT STYLE="color: #2A2A2A">for
adjustments of </FONT><FONT STYLE="color: #383838">the Fixed Conversion Price and the number of </FONT><FONT STYLE="color: #2A2A2A">Common
Shares issuable </FONT><FONT STYLE="color: #181818">upo</FONT><FONT STYLE="color: #383838">n </FONT><FONT STYLE="color: #2A2A2A">conversion
</FONT><FONT STYLE="color: #383838">of the Series </FONT><FONT STYLE="color: #2A2A2A">E Perpetual Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares)
sha</FONT><FONT STYLE="color: #181818">ll </FONT><FONT STYLE="color: #2A2A2A">be </FONT><FONT STYLE="color: #383838">applicab</FONT><FONT STYLE="color: #181818">le
</FONT><FONT STYLE="color: #2A2A2A">after that event </FONT><FONT STYLE="color: #383838">as nearly </FONT><FONT STYLE="color: #2A2A2A">equivalent
as may </FONT><FONT STYLE="color: #383838">be </FONT><FONT STYLE="color: #2A2A2A">practicable.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #383838">(i) </FONT><FONT STYLE="color: #2A2A2A">Notice
of Record </FONT><FONT STYLE="color: #181818">T</FONT><FONT STYLE="color: #383838">aki</FONT><FONT STYLE="color: #181818">ng. </FONT><FONT STYLE="color: #2A2A2A">In
</FONT><FONT STYLE="color: #383838">the eve</FONT><FONT STYLE="color: #181818">nt </FONT><FONT STYLE="color: #2A2A2A">of any taking by
</FONT><FONT STYLE="color: #383838">the Company </FONT><FONT STYLE="color: #2A2A2A">of a</FONT> <FONT STYLE="color: #383838">record </FONT><FONT STYLE="color: #2A2A2A">of
the holders </FONT><FONT STYLE="color: #383838">of any </FONT><FONT STYLE="color: #2A2A2A">class </FONT><FONT STYLE="color: #383838">of
securit</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">es for the </FONT><FONT STYLE="color: #2A2A2A">purpose
of determining the holders thereof who </FONT><FONT STYLE="color: #383838">are entitled </FONT><FONT STYLE="color: #2A2A2A">to receive
any dividend </FONT><FONT STYLE="color: #383838">(other </FONT><FONT STYLE="color: #2A2A2A">than a cash </FONT><FONT STYLE="color: #383838">div</FONT><FONT STYLE="color: #181818">id</FONT><FONT STYLE="color: #383838">e</FONT><FONT STYLE="color: #181818">nd)
</FONT><FONT STYLE="color: #383838">or o</FONT><FONT STYLE="color: #181818">th</FONT><FONT STYLE="color: #383838">er d</FONT><FONT STYLE="color: #181818">istrib</FONT><FONT STYLE="color: #383838">ution</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #2A2A2A">any right </FONT><FONT STYLE="color: #383838">to subsc</FONT><FONT STYLE="color: #181818">ri</FONT><FONT STYLE="color: #383838">be
</FONT><FONT STYLE="color: #2A2A2A">for, purchase or </FONT><FONT STYLE="color: #383838">otherwise acqu</FONT><FONT STYLE="color: #181818">ir</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">any </FONT><FONT STYLE="color: #383838">shares </FONT><FONT STYLE="color: #2A2A2A">of stock of </FONT><FONT STYLE="color: #383838">any
</FONT><FONT STYLE="color: #2A2A2A">class </FONT><FONT STYLE="color: #383838">or any other sec</FONT><FONT STYLE="color: #181818">uriti</FONT><FONT STYLE="color: #383838">es
</FONT><FONT STYLE="color: #2A2A2A">or property</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #383838">or to </FONT><FONT STYLE="color: #2A2A2A">receive
</FONT><FONT STYLE="color: #383838">any o</FONT><FONT STYLE="color: #181818">ther </FONT><FONT STYLE="color: #2A2A2A">right, </FONT><FONT STYLE="color: #383838">the
</FONT><FONT STYLE="color: #2A2A2A">Company </FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">all
mail to each </FONT><FONT STYLE="color: #2A2A2A">holder </FONT><FONT STYLE="color: #383838">of</FONT> <FONT STYLE="color: #2A2A2A">Series
E Perpetual Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares, at </FONT><FONT STYLE="color: #2A2A2A">least </FONT><FONT STYLE="color: #383838">twenty
(20) </FONT><FONT STYLE="color: #2A2A2A">days </FONT><FONT STYLE="color: #383838">p</FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">io</FONT><FONT STYLE="color: #181818">r
</FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #2A2A2A">date</FONT> <FONT STYLE="color: #383838">spec</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">fied
</FONT><FONT STYLE="color: #2A2A2A">therein, a </FONT><FONT STYLE="color: #383838">not</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ce
specifying </FONT><FONT STYLE="color: #181818">the </FONT><FONT STYLE="color: #2A2A2A">date on </FONT><FONT STYLE="color: #383838">whic</FONT><FONT STYLE="color: #181818">h
</FONT><FONT STYLE="color: #2A2A2A">any </FONT><FONT STYLE="color: #383838">such </FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">ecord
is </FONT><FONT STYLE="color: #181818">to </FONT><FONT STYLE="color: #2A2A2A">be </FONT><FONT STYLE="color: #383838">take</FONT><FONT STYLE="color: #181818">n
</FONT><FONT STYLE="color: #383838">fo</FONT><FONT STYLE="color: #181818">r </FONT><FONT STYLE="color: #383838">the</FONT> <FONT STYLE="color: #2A2A2A">purpose
</FONT><FONT STYLE="color: #383838">of s</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">ch </FONT><FONT STYLE="color: #2A2A2A">dividend,
</FONT><FONT STYLE="color: #383838">d</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">str</FONT><FONT STYLE="color: #181818">ibuti</FONT><FONT STYLE="color: #383838">o</FONT><FONT STYLE="color: #181818">n
</FONT><FONT STYLE="color: #2A2A2A">or right, and the </FONT><FONT STYLE="color: #383838">amount a</FONT><FONT STYLE="color: #181818">nd
</FONT><FONT STYLE="color: #383838">characte</FONT><FONT STYLE="color: #181818">r </FONT><FONT STYLE="color: #2A2A2A">of </FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">ch
d</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">vide</FONT><FONT STYLE="color: #181818">nd</FONT><FONT STYLE="color: #383838">,
distri</FONT><FONT STYLE="color: #181818">bution </FONT><FONT STYLE="color: #383838">or </FONT><FONT STYLE="color: #2A2A2A">right.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #383838">(j) </FONT><FONT STYLE="color: #2A2A2A">The
Company </FONT><FONT STYLE="color: #383838">shall at all </FONT><FONT STYLE="color: #2A2A2A">times </FONT><FONT STYLE="color: #181818">re</FONT><FONT STYLE="color: #383838">serve
</FONT><FONT STYLE="color: #2A2A2A">and </FONT><FONT STYLE="color: #383838">keep avai</FONT><FONT STYLE="color: #181818">la</FONT><FONT STYLE="color: #383838">b</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">out of </FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ts aut</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">orized
but </FONT><FONT STYLE="color: #2A2A2A">unissued Common </FONT><FONT STYLE="color: #383838">Shares</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #383838">solely for effecting </FONT><FONT STYLE="color: #2A2A2A">the </FONT><FONT STYLE="color: #383838">conversion
of the s</FONT><FONT STYLE="color: #181818">hare</FONT> <FONT STYLE="color: #383838">so </FONT><FONT STYLE="color: #2A2A2A">the </FONT><FONT STYLE="color: #383838">Series
</FONT><FONT STYLE="color: #181818">E </FONT><FONT STYLE="color: #2A2A2A">Perpetual </FONT><FONT STYLE="color: #383838">Conver</FONT><FONT STYLE="color: #181818">t</FONT><FONT STYLE="color: #383838">ib</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">Preferred Shares, </FONT><FONT STYLE="color: #383838">200% </FONT><FONT STYLE="color: #2A2A2A">of
the number </FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #2A2A2A">Common Shares </FONT><FONT STYLE="color: #383838">as
sha</FONT><FONT STYLE="color: #181818">ll </FONT><FONT STYLE="color: #383838">from time </FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">ti</FONT><FONT STYLE="color: #181818">m</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">be </FONT><FONT STYLE="color: #383838">suffic</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ent
to effect conversion of all </FONT><FONT STYLE="color: #2A2A2A">outstanding </FONT><FONT STYLE="color: #383838">Ser</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">es
E </FONT><FONT STYLE="color: #181818">P</FONT><FONT STYLE="color: #383838">erpe</FONT><FONT STYLE="color: #181818">tu</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #181818">l
</FONT><FONT STYLE="color: #383838">Convert</FONT><FONT STYLE="color: #181818">ibl</FONT><FONT STYLE="color: #383838">e </FONT><FONT STYLE="color: #2A2A2A">Preferred
</FONT><FONT STYLE="color: #383838">Shares (t</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">e &#8220;<U>Requ</U></FONT><U><FONT STYLE="color: #181818">ired
</FONT><FONT STYLE="color: #2A2A2A">Reserve Amount</FONT></U><FONT STYLE="color: #2A2A2A">&#8221;); </FONT><FONT STYLE="color: #383838">and
</FONT><FONT STYLE="color: #2A2A2A">if </FONT><FONT STYLE="color: #383838">at </FONT><FONT STYLE="color: #2A2A2A">any time </FONT><FONT STYLE="color: #181818">th</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">number </FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #2A2A2A">authorized but </FONT><FONT STYLE="color: #383838">unissued
Common Shares </FONT><FONT STYLE="color: #2A2A2A">s</FONT><FONT STYLE="color: #383838">ha</FONT><FONT STYLE="color: #181818">ll n</FONT><FONT STYLE="color: #383838">ot
</FONT><FONT STYLE="color: #2A2A2A">be sufficient to enable </FONT><FONT STYLE="color: #383838">the Co</FONT><FONT STYLE="color: #181818">m</FONT><FONT STYLE="color: #383838">pany
</FONT><FONT STYLE="color: #181818">to </FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">a</FONT><FONT STYLE="color: #383838">tisfy
its o</FONT><FONT STYLE="color: #181818">bli</FONT><FONT STYLE="color: #383838">gatio</FONT><FONT STYLE="color: #181818">n </FONT><FONT STYLE="color: #2A2A2A">to
</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">ave ava</FONT><FONT STYLE="color: #181818">ilabl</FONT><FONT STYLE="color: #383838">e
for issuance upon conversio</FONT><FONT STYLE="color: #181818">n </FONT><FONT STYLE="color: #383838">of the </FONT><FONT STYLE="color: #2A2A2A">Series
</FONT><FONT STYLE="color: #383838">E </FONT><FONT STYLE="color: #2A2A2A">Perpetual Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares
at </FONT><FONT STYLE="color: #181818">le</FONT><FONT STYLE="color: #383838">ast </FONT><FONT STYLE="color: #2A2A2A">a number of </FONT><FONT STYLE="color: #383838">Co</FONT><FONT STYLE="color: #181818">mmon
</FONT><FONT STYLE="color: #383838">Shares equal </FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #181818">R</FONT><FONT STYLE="color: #383838">equ</FONT><FONT STYLE="color: #181818">ir</FONT><FONT STYLE="color: #383838">ed
</FONT><FONT STYLE="color: #2A2A2A">Reserve Amount, </FONT><FONT STYLE="color: #383838">the</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #383838">in addition to such other </FONT><FONT STYLE="color: #2A2A2A">remedies </FONT><FONT STYLE="color: #383838">as
s</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #181818">ll </FONT><FONT STYLE="color: #383838">be
ava</FONT><FONT STYLE="color: #181818">ilable </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #2A2A2A">the holder </FONT><FONT STYLE="color: #383838">of
such Series E </FONT><FONT STYLE="color: #2A2A2A">Perpetual Convertible </FONT><FONT STYLE="color: #181818">Pr</FONT><FONT STYLE="color: #383838">efe</FONT><FONT STYLE="color: #181818">rred
</FONT><FONT STYLE="color: #383838">Shares, the Corporatio</FONT><FONT STYLE="color: #181818">n</FONT> <FONT STYLE="color: #2A2A2A">will
</FONT><FONT STYLE="color: #383838">i</FONT><FONT STYLE="color: #181818">mm</FONT><FONT STYLE="color: #383838">ediate</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">y
take all s</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">c</FONT><FONT STYLE="color: #181818">h </FONT><FONT STYLE="color: #383838">corpo</FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">ate
action </FONT><FONT STYLE="color: #2A2A2A">as may</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #181818">in </FONT><FONT STYLE="color: #383838">the
</FONT><FONT STYLE="color: #2A2A2A">opinion of </FONT><FONT STYLE="color: #181818">it</FONT><FONT STYLE="color: #383838">s cou</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">sel,
</FONT><FONT STYLE="color: #2A2A2A">be</FONT> <FONT STYLE="color: #383838">necessary </FONT><FONT STYLE="color: #2A2A2A">to increase its
</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #181818">uthori</FONT><FONT STYLE="color: #383838">zed </FONT><FONT STYLE="color: #181818">bu</FONT><FONT STYLE="color: #383838">t
un</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ss</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">ed
Commo</FONT><FONT STYLE="color: #181818">n </FONT><FONT STYLE="color: #383838">Shares to suc</FONT><FONT STYLE="color: #181818">h num</FONT><FONT STYLE="color: #383838">ber
</FONT><FONT STYLE="color: #2A2A2A">of</FONT> <FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">ares
as shall be s</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">fficient </FONT><FONT STYLE="color: #2A2A2A">for
</FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">c</FONT><FONT STYLE="color: #181818">h
pu</FONT><FONT STYLE="color: #383838">rposes, </FONT><FONT STYLE="color: #2A2A2A">including, </FONT><FONT STYLE="color: #383838">wit</FONT><FONT STYLE="color: #181818">hout
</FONT><FONT STYLE="color: #2A2A2A">limitation, using </FONT><FONT STYLE="color: #181818">it</FONT><FONT STYLE="color: #383838">s </FONT><FONT STYLE="color: #2A2A2A">best
</FONT><FONT STYLE="color: #383838">efforts</FONT> <FONT STYLE="color: #2A2A2A">to obtain the </FONT><FONT STYLE="color: #383838">requ</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">site
stockholde</FONT><FONT STYLE="color: #181818">r </FONT><FONT STYLE="color: #383838">approval </FONT><FONT STYLE="color: #2A2A2A">of any
</FONT><FONT STYLE="color: #383838">necessary ame</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">dment </FONT><FONT STYLE="color: #181818">t</FONT><FONT STYLE="color: #383838">o
these </FONT><FONT STYLE="color: #2A2A2A">provisions </FONT><FONT STYLE="color: #383838">as soon as </FONT><FONT STYLE="color: #181818">p</FONT><FONT STYLE="color: #383838">ossible</FONT><FONT STYLE="color: #181818">.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #383838">Sect</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">on
10</FONT><FONT STYLE="color: #181818">. </FONT><FONT STYLE="color: #383838"><U>L</U></FONT><U><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">mita</FONT><FONT STYLE="color: #181818">t</FONT><FONT STYLE="color: #383838">ions
of Co</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">version</FONT></U><FONT STYLE="color: #181818">. </FONT><FONT STYLE="color: #2A2A2A">Holders
of </FONT><FONT STYLE="color: #383838">Series E </FONT><FONT STYLE="color: #181818">Perp</FONT><FONT STYLE="color: #383838">etua</FONT><FONT STYLE="color: #181818">l
</FONT><FONT STYLE="color: #2A2A2A">Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares </FONT><FONT STYLE="color: #2A2A2A">shall
</FONT><FONT STYLE="color: #383838">be entit</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">ed to convert the
</FONT><FONT STYLE="color: #2A2A2A">Series </FONT><FONT STYLE="color: #383838">E </FONT><FONT STYLE="color: #2A2A2A">Perpetual </FONT><FONT STYLE="color: #383838">Co</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">vert</FONT><FONT STYLE="color: #181818">ibl</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #181818">Pr</FONT><FONT STYLE="color: #383838">eferred </FONT><FONT STYLE="color: #2A2A2A">Shares </FONT><FONT STYLE="color: #383838">i</FONT><FONT STYLE="color: #181818">n
</FONT><FONT STYLE="color: #383838">full</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">egardless
of </FONT><FONT STYLE="color: #2A2A2A">the beneficial ownership percentage of </FONT><FONT STYLE="color: #383838">the ho</FONT><FONT STYLE="color: #181818">ld</FONT><FONT STYLE="color: #383838">er
after g</FONT><FONT STYLE="color: #181818">ivin</FONT><FONT STYLE="color: #383838">g effect </FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">uch
</FONT><FONT STYLE="color: #2A2A2A">conversion.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #383838">Sect</FONT><FONT STYLE="color: #181818">ion
</FONT><FONT STYLE="color: #383838">1</FONT><FONT STYLE="color: #181818">1. </FONT><FONT STYLE="color: #2A2A2A"><U>Ranking</U>. All of
the </FONT><FONT STYLE="color: #383838">Series E </FONT><FONT STYLE="color: #181818">P</FONT><FONT STYLE="color: #383838">er</FONT><FONT STYLE="color: #181818">pe</FONT><FONT STYLE="color: #383838">tua</FONT><FONT STYLE="color: #181818">l
</FONT><FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">e Preferred Shares
s</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">all ran</FONT><FONT STYLE="color: #181818">k </FONT><FONT STYLE="color: #383838"><I>pari
passu </I></FONT><FONT STYLE="color: #2A2A2A">with all </FONT><FONT STYLE="color: #383838">classes </FONT><FONT STYLE="color: #2A2A2A">of
Common </FONT><FONT STYLE="color: #383838">Shares.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #383838">Sectio</FONT><FONT STYLE="color: #181818">n
</FONT><FONT STYLE="color: #2A2A2A">12. </FONT><FONT STYLE="color: #383838"><U>Amendment</U>. </FONT><FONT STYLE="color: #2A2A2A">The
</FONT><FONT STYLE="color: #383838">Amende</FONT><FONT STYLE="color: #181818">d </FONT><FONT STYLE="color: #2A2A2A">and Restated Articles
</FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #181818">In</FONT><FONT STYLE="color: #383838">corporation of t</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">e
Company</FONT><FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #2A2A2A">as </FONT><FONT STYLE="color: #383838">amended, s</FONT><FONT STYLE="color: #181818">hall
</FONT><FONT STYLE="color: #2A2A2A">not </FONT><FONT STYLE="color: #383838">be furt</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">er
amended </FONT><FONT STYLE="color: #181818">in </FONT><FONT STYLE="color: #2A2A2A">any </FONT><FONT STYLE="color: #181818">m</FONT><FONT STYLE="color: #383838">an</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">er
</FONT><FONT STYLE="color: #2A2A2A">which would materially </FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">ter
o</FONT><FONT STYLE="color: #181818">r </FONT><FONT STYLE="color: #383838">change the </FONT><FONT STYLE="color: #2A2A2A">powers</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #2A2A2A">preference or </FONT><FONT STYLE="color: #383838">spec</FONT><FONT STYLE="color: #181818">ial </FONT><FONT STYLE="color: #2A2A2A">rights
</FONT><FONT STYLE="color: #383838">of the Series </FONT><FONT STYLE="color: #2A2A2A">E </FONT><FONT STYLE="color: #383838">Perpet</FONT><FONT STYLE="color: #181818">u</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #181818">l
</FONT><FONT STYLE="color: #383838">Co</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">vert</FONT><FONT STYLE="color: #181818">ibl</FONT><FONT STYLE="color: #383838">e
</FONT><FONT STYLE="color: #2A2A2A">Preferred </FONT><FONT STYLE="color: #383838">Shares </FONT><FONT STYLE="color: #2A2A2A">so </FONT><FONT STYLE="color: #383838">as
</FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">affect them </FONT><FONT STYLE="color: #2A2A2A">adversely without
the </FONT><FONT STYLE="color: #383838">affi</FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">mat</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ve
vote </FONT><FONT STYLE="color: #2A2A2A">of the </FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">olders </FONT><FONT STYLE="color: #2A2A2A">of
a </FONT><FONT STYLE="color: #383838">majority </FONT><FONT STYLE="color: #181818">of </FONT><FONT STYLE="color: #383838">the </FONT><FONT STYLE="color: #2A2A2A">outstanding
</FONT><FONT STYLE="color: #383838">Se</FONT><FONT STYLE="color: #181818">ries </FONT><FONT STYLE="color: #383838">E Perpetua</FONT><FONT STYLE="color: #181818">l
</FONT><FONT STYLE="color: #2A2A2A">Convertible Preferred </FONT><FONT STYLE="color: #383838">Shares, voting sepa</FONT><FONT STYLE="color: #181818">rat</FONT><FONT STYLE="color: #383838">e</FONT><FONT STYLE="color: #181818">ly
</FONT><FONT STYLE="color: #2A2A2A">as </FONT><FONT STYLE="color: #383838">a </FONT><FONT STYLE="color: #2A2A2A">class.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #383838">Sect</FONT><FONT STYLE="color: #181818">io</FONT><FONT STYLE="color: #383838">n
</FONT><FONT STYLE="color: #181818">13</FONT><FONT STYLE="color: #383838">. </FONT><FONT STYLE="color: #181818"><U>Fr</U></FONT><U><FONT STYLE="color: #383838">act</FONT><FONT STYLE="color: #181818">io</FONT><FONT STYLE="color: #383838">nal
</FONT><FONT STYLE="color: #2A2A2A">Shares</FONT></U><FONT STYLE="color: #2A2A2A">. Series </FONT><FONT STYLE="color: #383838">E </FONT><FONT STYLE="color: #2A2A2A">Perpetual
</FONT><FONT STYLE="color: #383838">Convertib</FONT><FONT STYLE="color: #181818">l</FONT><FONT STYLE="color: #383838">e </FONT><FONT STYLE="color: #181818">Pre</FONT><FONT STYLE="color: #383838">fe</FONT><FONT STYLE="color: #181818">rr</FONT><FONT STYLE="color: #383838">ed
Shares </FONT><FONT STYLE="color: #181818">m</FONT><FONT STYLE="color: #383838">ay </FONT><FONT STYLE="color: #2A2A2A">be </FONT><FONT STYLE="color: #181818">is</FONT><FONT STYLE="color: #383838">sued
</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">n fractions of </FONT><FONT STYLE="color: #2A2A2A">a </FONT><FONT STYLE="color: #383838">s</FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">are
wh</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">ch shall entitle the hol</FONT><FONT STYLE="color: #181818">d</FONT><FONT STYLE="color: #383838">er,
</FONT><FONT STYLE="color: #181818">in </FONT><FONT STYLE="color: #383838">p</FONT><FONT STYLE="color: #181818">r</FONT><FONT STYLE="color: #383838">oportio</FONT><FONT STYLE="color: #181818">n
</FONT><FONT STYLE="color: #383838">to such holder&#8217;s fractio</FONT><FONT STYLE="color: #181818">nal </FONT><FONT STYLE="color: #383838">shares,
</FONT><FONT STYLE="color: #2A2A2A">to </FONT><FONT STYLE="color: #383838">exercise </FONT><FONT STYLE="color: #2A2A2A">voting rights</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #2A2A2A">receive </FONT><FONT STYLE="color: #383838">dividends, par</FONT><FONT STYLE="color: #181818">ti</FONT><FONT STYLE="color: #383838">cipate
i</FONT><FONT STYLE="color: #181818">n </FONT><FONT STYLE="color: #383838">d</FONT><FONT STYLE="color: #181818">ist</FONT><FONT STYLE="color: #383838">r</FONT><FONT STYLE="color: #181818">ib</FONT><FONT STYLE="color: #383838">ut</FONT><FONT STYLE="color: #181818">io</FONT><FONT STYLE="color: #383838">ns
</FONT><FONT STYLE="color: #2A2A2A">and </FONT><FONT STYLE="color: #383838">to </FONT><FONT STYLE="color: #181818">h</FONT><FONT STYLE="color: #383838">ave
the </FONT><FONT STYLE="color: #181818">be</FONT><FONT STYLE="color: #383838">nefit of all </FONT><FONT STYLE="color: #2A2A2A">other rights
</FONT><FONT STYLE="color: #383838">of </FONT><FONT STYLE="color: #2A2A2A">holders of </FONT><FONT STYLE="color: #383838">Ser</FONT><FONT STYLE="color: #181818">i</FONT><FONT STYLE="color: #383838">es
</FONT><FONT STYLE="color: #2A2A2A">E </FONT><FONT STYLE="color: #181818">P</FONT><FONT STYLE="color: #383838">e</FONT><FONT STYLE="color: #181818">rp</FONT><FONT STYLE="color: #383838">etual
Co</FONT><FONT STYLE="color: #181818">n</FONT><FONT STYLE="color: #383838">verti</FONT><FONT STYLE="color: #181818">b</FONT><FONT STYLE="color: #383838">le
</FONT><FONT STYLE="color: #2A2A2A">Preferred </FONT><FONT STYLE="color: #383838">S</FONT><FONT STYLE="color: #181818">hares</FONT><FONT STYLE="color: #383838">.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Section <FONT STYLE="color: #232323">1</FONT><FONT STYLE="color: #131313">4</FONT>.
<U>Transfer of <FONT STYLE="color: #232323">Series </FONT><FONT STYLE="color: #464646">E </FONT><FONT STYLE="color: #232323">Perpetual
</FONT>Convertible <FONT STYLE="color: #232323">Preferred </FONT>Shares</U><FONT STYLE="color: #131313">. </FONT><FONT STYLE="color: #232323">A
holder may transfer </FONT>some or <FONT STYLE="color: #232323">all </FONT>of <FONT STYLE="color: #232323">its </FONT>Series <FONT STYLE="color: #232323">E
Perpetual </FONT>Co<FONT STYLE="color: #131313">nv</FONT>ertible Preferred Shares wit<FONT STYLE="color: #131313">h</FONT>o<FONT STYLE="color: #131313">ut
</FONT>the co<FONT STYLE="color: #131313">n</FONT>sent <FONT STYLE="color: #232323">of </FONT>the Co<FONT STYLE="color: #131313">mp</FONT>any.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Sectio<FONT STYLE="color: #131313">n </FONT><FONT STYLE="color: #464646">15.
</FONT><FONT STYLE="color: #232323"><U>Register</U>. </FONT>The Company sha<FONT STYLE="color: #131313">ll </FONT><FONT STYLE="color: #232323">maintain
</FONT>at <FONT STYLE="color: #131313">it</FONT>s principa<FONT STYLE="color: #131313">l </FONT>executive offices <FONT STYLE="color: #232323">(</FONT>or
suc<FONT STYLE="color: #131313">h </FONT>o<FONT STYLE="color: #131313">th</FONT>er office or agency of <FONT STYLE="color: #232323">the
</FONT>Company <FONT STYLE="color: #232323">as </FONT>it <FONT STYLE="color: #232323">may de</FONT><FONT STYLE="color: #464646">signate
</FONT><FONT STYLE="color: #232323">by notice </FONT>to <FONT STYLE="color: #464646">the </FONT>holders), a register for <FONT STYLE="color: #232323">the
</FONT>Series <FONT STYLE="color: #232323">E </FONT>Perpetual Convertib<FONT STYLE="color: #131313">l</FONT>e <FONT STYLE="color: #232323">Preferred
</FONT>S<FONT STYLE="color: #131313">hares</FONT><FONT STYLE="color: #5D5D5D">, </FONT>in <FONT STYLE="color: #232323">which </FONT>the
Company shal<FONT STYLE="color: #131313">l </FONT><FONT STYLE="color: #232323">record the </FONT>name<FONT STYLE="color: #5D5D5D">, </FONT>address
and facsim<FONT STYLE="color: #131313">i</FONT>le <FONT STYLE="color: #232323">number </FONT>of <FONT STYLE="color: #232323">the per</FONT><FONT STYLE="color: #464646">sons
</FONT><FONT STYLE="color: #131313">i</FONT>n whose <FONT STYLE="color: #232323">name </FONT>the Series <FONT STYLE="color: #232323">E
Perpetual </FONT>Convert<FONT STYLE="color: #131313">i</FONT>ble Preferred Shares have <FONT STYLE="color: #232323">been </FONT>issued<FONT STYLE="color: #5D5D5D">,
</FONT>as well as <FONT STYLE="color: #232323">the name and </FONT>address of each <FONT STYLE="color: #464646">t</FONT><FONT STYLE="color: #232323">ransferee</FONT><FONT STYLE="color: #464646">.
</FONT>The Company <FONT STYLE="color: #232323">may </FONT><FONT STYLE="color: #464646">trea</FONT><FONT STYLE="color: #232323">t </FONT>the
<FONT STYLE="color: #232323">person </FONT>in whose name any Series <FONT STYLE="color: #464646">E </FONT>Perpetual Convertib<FONT STYLE="color: #131313">l</FONT>e
<FONT STYLE="color: #232323">Preferred </FONT>Shares is <FONT STYLE="color: #232323">registered </FONT>on <FONT STYLE="color: #232323">the
</FONT>register as t<FONT STYLE="color: #131313">h</FONT><FONT STYLE="color: #464646">e </FONT>owner and holder thereof for all purposes<FONT STYLE="color: #5D5D5D">,
</FONT><FONT STYLE="color: #232323">notwithstanding any </FONT>notice to <FONT STYLE="color: #464646">the </FONT>contrary<FONT STYLE="color: #5D5D5D">,
</FONT><FONT STYLE="color: #232323">but </FONT>in all eve<FONT STYLE="color: #131313">nt</FONT><FONT STYLE="color: #464646">s </FONT><FONT STYLE="color: #232323">recogni</FONT><FONT STYLE="color: #464646">zi</FONT><FONT STYLE="color: #232323">ng
</FONT>a<FONT STYLE="color: #131313">n</FONT>y proper<FONT STYLE="color: #131313">l</FONT>y <FONT STYLE="color: #232323">made </FONT>transfers.
There s<FONT STYLE="color: #131313">h</FONT>all <FONT STYLE="color: #232323">b</FONT><FONT STYLE="color: #464646">e </FONT><FONT STYLE="color: #232323">no
</FONT>registration <FONT STYLE="color: #232323">requirements </FONT>for <FONT STYLE="color: #232323">the underlyin</FONT><FONT STYLE="color: #464646">g
</FONT>Common Shares after <FONT STYLE="color: #232323">the </FONT>conversion of Ser<FONT STYLE="color: #131313">i</FONT>es <FONT STYLE="color: #464646">E
</FONT><FONT STYLE="color: #232323">Perpetual </FONT>Convertible Preferred Shares. <FONT STYLE="color: #232323">Upon </FONT>the conversion
of the Series <FONT STYLE="color: #464646">E </FONT><FONT STYLE="color: #232323">Perpetual </FONT>Convertible Preferred Shares <FONT STYLE="color: #464646">t</FONT><FONT STYLE="color: #232323">o
</FONT>Commo<FONT STYLE="color: #131313">n </FONT>Shares, <FONT STYLE="color: #232323">the </FONT>Common Shares shall consist of <FONT STYLE="color: #232323">re</FONT><FONT STYLE="color: #464646">st</FONT><FONT STYLE="color: #232323">ricted
</FONT>shares <FONT STYLE="color: #232323">and may be </FONT>traded only after <FONT STYLE="color: #464646">six (6) </FONT>months from
<FONT STYLE="color: #131313">i</FONT>ts issuance <FONT STYLE="color: #232323">in </FONT>accordance with <FONT STYLE="color: #232323">Rule
</FONT><FONT STYLE="color: #131313">1</FONT>44 <FONT STYLE="color: #232323">und</FONT><FONT STYLE="color: #464646">er </FONT>the Sec<FONT STYLE="color: #131313">uri</FONT><FONT STYLE="color: #464646">ties
</FONT><FONT STYLE="color: #232323">Act </FONT>of <FONT STYLE="color: #232323">1933</FONT><FONT STYLE="color: #464646">.</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #232323">RE</FONT><FONT STYLE="color: #464646">SOLVED</FONT>
FURTHER, that the <FONT STYLE="color: #232323">President </FONT>o<FONT STYLE="color: #131313">r </FONT>any Vice <FONT STYLE="color: #232323">President
</FONT>and <FONT STYLE="color: #232323">the </FONT>Secretary or <FONT STYLE="color: #232323">any </FONT>Assistant Secretary of this Company
<FONT STYLE="color: #232323">be</FONT><FONT STYLE="color: #5D5D5D">, </FONT>and they hereby <FONT STYLE="color: #232323">are</FONT><FONT STYLE="color: #5D5D5D">,
</FONT>authorized <FONT STYLE="color: #232323">and </FONT>directed to <FONT STYLE="color: #232323">prepar</FONT><FONT STYLE="color: #464646">e
</FONT>and file a Ce<FONT STYLE="color: #131313">rt</FONT>ificate of <FONT STYLE="color: #232323">Designation </FONT>of <FONT STYLE="color: #232323">R</FONT><FONT STYLE="color: #464646">igh</FONT><FONT STYLE="color: #232323">ts</FONT><FONT STYLE="color: #464646">,
</FONT><FONT STYLE="color: #232323">Preferences </FONT>and Privileges <FONT STYLE="color: #131313">i</FONT>n accordance with <FONT STYLE="color: #232323">th</FONT><FONT STYLE="color: #464646">e
</FONT><FONT STYLE="color: #232323">foregoing resolu</FONT><FONT STYLE="color: #464646">tio</FONT><FONT STYLE="color: #232323">n </FONT>and
the prov<FONT STYLE="color: #131313">i</FONT>sions of Marshall <FONT STYLE="color: #131313">Islands</FONT> <FONT STYLE="color: #232323">law
</FONT>and to take such actions as <FONT STYLE="color: #464646">they </FONT><FONT STYLE="color: #232323">may deem </FONT>necessary or
appropriate to carry out the intent of <FONT STYLE="color: #464646">t</FONT><FONT STYLE="color: #232323">h</FONT><FONT STYLE="color: #464646">e
</FONT>foregoing <FONT STYLE="color: #232323">re</FONT><FONT STYLE="color: #464646">so</FONT><FONT STYLE="color: #131313">l</FONT>ution.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><I>REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #3B3B3B">We further declare under
penalty of perjury that the </FONT><FONT STYLE="color: #262626">matters </FONT><FONT STYLE="color: #3B3B3B">set forth in the foregoing
Certificate of Designation are true and correct of our own knowledge.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #3B3B3B">Executed in Athens</FONT><FONT STYLE="color: #5B5B5B">,
</FONT><FONT STYLE="color: #3B3B3B">Greece on </FONT>[&#9679;]<FONT STYLE="color: #5B5B5B">, </FONT><FONT STYLE="color: #3B3B3B">2026.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1F1F1F">Kalliopi Ornithopoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer/President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>FORM OF CONVERSION NOTICE</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>TO: RUBICO INC.</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The undersigned hereby irrevocably elects to convert Series E Perpetual
Convertible Preferred Shares into Common Shares of <B>RUBICO INC., </B>according to the conditions stated therein, as of the date written
below.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Date of Conversion:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Number of Preferred Shares to be Converted:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Conversion Amount (Liquidation Amount to be converted plus accrued and unpaid dividends):</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Conversion Price:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Number of Common Shares to be issued:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Number of Preferred Shares Remaining Unconverted:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please issue the Common Shares in the following name and to the following address:</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Issue to:</B></FONT></TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Account Number:</B></FONT></TD>
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